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Determining property value

Discussion in 'General Property Chat' started by inertia, 29th Aug, 2016.

  1. inertia

    inertia Well-Known Member

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    19th Jun, 2015
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    289
    Location:
    Newcastle, NSW
    So, with my recent IP research, I have been using the NSW Valuer General site to find out land valuations... Do you perceive a strong correlation between the evaluated land value and sale prices? I guess the NSW valuer general info is from the end of the last financial year, so possibly a little out of date, but I am seeing some significant variance in land value to sale price comparisons.

    What other devices do you use to work out what you feel is a correct property value? Is it mostly on rental return? Median price trend for the LGA/suburb? Anything else?

    Cheers,
    Inertia.
     
  2. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Location:
    Perth
    Comparable sales of sold and settled properties is the best way I know.

    Also get out and about, go to home opens and network, network, network if you want to come across "bargains".
     
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  3. Agent30yrs.

    Agent30yrs. Well-Known Member

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    Location:
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    I can't comment on NSW , but in Qld if you subtract the properties satellite co-ordinates from the neighbours telephone number and divide it by the number of ants nests on the property you will get a more accurate calculation of it's value than you will from the VGA
     
  4. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    11/10 :)
     
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  5. Scott No Mates

    Scott No Mates Well-Known Member

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    NSW VG valuation is for statutoty ratings porpoises. As indicated by @30yrAgent you have to adjust the results by the root mean square of the product of the quotient of the 1st natural number between the latest val and the 2nd std deviation of the other values / the total age of the occupants of the property next door immediately to the left.
     
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  6. Agent30yrs.

    Agent30yrs. Well-Known Member

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    To The LEFT ? , THE LEFT !! OMG , I've been working on the right :'( Now everything makes sense .. ;)
     
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  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Lefties make all the difference (apparently).