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What's the best way to work out the value of your IP

Discussion in 'General Property Chat' started by Seal, 29th Apr, 2016.

  1. Seal

    Seal Well-Known Member

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    Ive got a 3, 2, 2 townhouse in crest street, mount Gravatt east' with great views. Trying to work out the best way to see if it has moved in value much.

    The stats on re or domain etc are ok, but hard to get specifics since it's a townhouse, and not a unit, nor a house.

    And the month average on stats are picking up the figure for the one year period ending at that month (according to @See Change ). @Bran not sure if you would know as you seem to know this area?

    Moreover there haven't been lots of sales of these townhouses in MGE to compare sales.

    Any help?
     
  2. Bran

    Bran Well-Known Member

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    Hi Seal

    I'm not familiar with townhouses there. As you say, there aren't too many. Hopefully this is a good thing as people get pushed out to MGE.

    What's the value in knowing its value? If you don't need the equity released, then it doesn't really matter - if you do, then a broker can do some valuer shopping for you.

    If you are thinking of selling, give some local agents a call. I've had a fair bit to do with Joe Leong at Ray White HP. He (and any others) would give you an appraisal which you can take with a little bit of salt.
     
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  3. GreenGoblin

    GreenGoblin Well-Known Member

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    Some of the brokers on this forum have access to Residex reports, which provide an estimated value for a property, as well as other useful info on rentals, suburb and city growth. I ask my broker for this info when I want an updated valuation on my IPs - I'd start by checking if your broker offers this service.

    Some of the brokers on this forum might offer to help you with this; I won't dob my broker in to save him possibly being inundated with requests for Residex reports :)

    If there's a better way of getting a more accurate valuation I'm keen to find out about it too.

    When you do find out, hope you're pleasantly surprised with the increase, Seal!
     
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  4. Hodor

    Hodor Well-Known Member

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    There are only two values that matter.

    - The bank valuation for refinancing
    - The price someone will actually pay if you sell

    So why do you want to know the value?
     
  5. ross100

    ross100 Well-Known Member

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    how about "onthehouse". how accurate is it.
     
  6. hash_investor

    hash_investor Well-Known Member

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    Engage an RE to gather some offers and then cancel the sale ?
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Put the 10 balls with numbers 0-9 into a bucket.

    Draw out 6 numbers. There's your value.

    It may not be scientific or repeatable but it's more fun than a valuation or an agent's appraisal.
     
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  8. Hodor

    Hodor Well-Known Member

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    May give you a number, the REA has a vested interest to give a quote that will condition you for a sale. No need to engage them however, REA's will give a verbal appraisal without you needing to sign anything. Guess it is as good as any of the other methods mentioned. It may be nice to get an idea of what your property is worth, but what can you actually do with that idea? Nothing tangible, come up with some ideas maybe.

    What someone will actually sign at and what the bank will value at (and hence lend on) are the only figures that matter.
     
  9. hash_investor

    hash_investor Well-Known Member

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    its very easy to get an electronic valuation. my broker does that all the time
     
  10. wylie

    wylie Moderator Staff Member

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    Can you go back to the agent you bought through and ask his/her opinion of what it is worth now?

    As others have said, it depends on why you need to know.
     
  11. Seal

    Seal Well-Known Member

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    Reason for finding out, is to see how much equity we have in it.
    thanks for the responses.:)
     
  12. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Definitely get your broker to do a desktop Val.
    Its what the bank thinks it worth what's important.
     
  13. euro73

    euro73 Well-Known Member Business Member

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    Just get a valuation done. Just off the top of my head ; ANZ, NAB, CBA, ING, Suncorp, AMP and Macquarie allow brokers to order them free of charge...
     
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  14. MTR

    MTR Well-Known Member Premium Member

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    not good
     
  15. MTR

    MTR Well-Known Member Premium Member

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    and if you don't like the numbers just keep repeating....I am sure it eventually work in your favour;)
     
  16. Scott No Mates

    Scott No Mates Well-Known Member

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  17. Aether

    Aether Active Member

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    I'm not sure how they calculate their appraisals, but they couldn't even get the number of rooms in my property right.
     
  18. Azazel

    Azazel Well-Known Member

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    Speak to a broker, they should be able to get a valuation.
    If you want to go with a specific lender or your current lender, narrows it down a lot.
     
    Seal likes this.