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Valuation Questions

Discussion in 'The Buying & Selling Process' started by Realist35, 10th Jan, 2017.

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  1. Beano

    Beano Well-Known Member

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    Yes the commercial property information is pretty hard to obtain ...what i see is what is reported in the newspaper
    For the tenanted (leasehold) land sales prices I know suspect out of all the PC investors I would be lucky to get a dozen PC who own lessors interest (please prove me wrong )
    While reported sales I suspect out of all the PC investors there will be less than 100 sales known to them (excluding valuers database of course )...yes for people like me I still need to spend $5k to obtain comparative sales
     
  2. dabbler

    dabbler Well-Known Member

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    I thought you were going to say brick always looks just like a brick outhouse....lol

    I think those that have been in QLD for a long time will be fond of timber highsets. I do not mind them, as long as you do the maintenance whitecat :)
     
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  3. Agent30yrs.

    Agent30yrs. Well-Known Member

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    They do and it makes sense. Just as every house has its own quirks, every transaction/negotiation has its own story
     
  4. Angel

    Angel Well-Known Member

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    @Whitecat I agree too . I thought that the basic wooden houses that don't have any character features are a dime a dozen.

    The OP here isn't going to be raising or sliding his very first Reno though.:)
     
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  5. Whitecat

    Whitecat Well-Known Member

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    Not now but he doesn't want to cut off his options later.
     
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  6. tobe

    tobe Well-Known Member Premium Member

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    1. Yes. It's more about postcode/suburb than square metres.
    2. No nothing to do with average growth. Comparable means comparable in time. No allowance made for recent sales that weren't as recent.
    3. the valuer would only use properties with the same number of bedrooms in their comparables.
    4.
    5.
    6. They might use a comparable without a lug or a carport instead. This might be one factor why they deem it superior, or inferior. There's no percentage of value to these sorts of things.
    7. Residential valuers can't value for future use, so having more land to potentially subdivide won't necessarily add more value. That said bigger blocks are more likely to have higher sale prices so their comparables might be higher than smaller ones.
     
  7. Carl Smith

    Carl Smith Member

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    I call BS .... :)
    I don't recall the last time i called a real estate agent for a market comparison. I stick to my 4 years uni training and do it properly.

    But alas, yes i know they do cal REAs.
     
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  8. Shady

    Shady Well-Known Member

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    LOL I had another three call today ;)
     
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  9. dabbler

    dabbler Well-Known Member

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    I know one sent for me called an agent on a place a few doors away to ask why it had sold for so much......err....um, ok.
     
  10. Beano

    Beano Well-Known Member

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    I would take into account "Harper's rule (London) " {4 3 2 1 or 9 8 7 6 Australian rule} and the layout suitability to the buyers.
    Commercial property application
     
  11. Roshy

    Roshy Active Member

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    Hi all,

    I recently purchased a property. I think I have purchased it at a reasonable price if I compared it to 5 comparables that were sold in the last month. The potential issue is that the market had significantly moved in the last 2 months, and if you compared the price I paid to all other properties that were sold after 2 months, it looks like I overpaid.

    Given that I want to borrow 90%, is there a real risk that the bank will value my property lower than the price I offered because they take into account other comparables that were sold after 2 months?
    -Would they put more weight on properties that were sold within 1 month?
    -Do they only consider properties that have settled?
    -What is their process?

    I'll be speaking to a broker but I wanted to get an understanding first.

    Cheers
     
  12. dabbler

    dabbler Well-Known Member

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    Only settled comparable
     
  13. Carl Smith

    Carl Smith Member

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  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    If u are I'm real trouble some lenders will rely just on contract for many transactions

    Ta

    Rolf
     
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  15. Roshy

    Roshy Active Member

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    Just spoken to my broker and he said it shouldn't be an issue but if does fall short there are options.

    Out of curiosity which lenders accept just the contract price?

    Cheers
     
  16. tobe

    tobe Well-Known Member Premium Member

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    Lots, but it depends on lvr, location, if the price fits the median, it's an arms length estate agent contract etc etc.