A property valuation is a detailed report developed to ascertain a property’s market value at the date of inspection. It details key features such as property size, condition, other comparable sales and more. A property valuation is a legally binding report prepared by a Certified Practicing Valuer who has completed a university-level degree and relevant training, in addition to being accredited by the Australian Property Institute.

A property valuation is required when a property is being purchased, sold, refinanced, transferred, or for financial reporting on property assets. Valuation for the purchase and sale of a property is used to ensure that the security value of a property adequately covers the amount being loaned

A property valuation is undertaken by a Certified Practicing Valuer who has completed a university-level degree, in addition to being accredited by the Australian Property Institute.

A property valuation is a report completed after a detailed inspection is undertaken on a property. A property valuation will take into account features including;

• Property overview, description of the property – number of rooms, size
• Comparable sales
• Condition of the property
• Risk ratings that identify any market or environmental risks
• Any issues uncovered during the inspection, research or other searches conducted

The cost of a property valuation will vary depending on the property type, size, and valuation type. A standard residential property market value valuation report is likely to cost from $400 + GST.

The time it takes to complete a physical property inspection will vary depending on the layout, size, and features of a property and the documentation that has been supplied. A residential property inspection is generally completed within 30 minutes, with commercial and agribusiness requiring longer timeframes. A valuation report is generally supplied within 5 working days of instruction and supply of all required documentation.

Market Value is defined by the International Valuation Standard Council as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

A property owner might need a new valuation when looking to refinance, sell, or assess property value for financial reporting or tax purposes. Regular valuations can also assist owners in tracking property value growth and ensuring insurance coverage aligns with the property’s current value.

A property valuation is not required to complete a tax depreciation schedule. However, for investment properties, Acumentis suggests that a tax depreciation report is an essential tool to identify and outline all eligible depreciable items within the property. This report helps property investors maximise their tax deductions, ensuring they fully benefit from their investment's potential.

Property valuations help investors assess the fair market value of properties, aiding in property investment decisions. This insight supports investment property owners in making informed decisions on buying or holding investment properties based on accurate valuations rather than estimates.

Once your inspection has been booked, at a mutually convenient time for the valuer and yourself you should start to prepare for the valuation to occur. Before your property valuation, we recommend completing the following steps:

Provide access

A valuer will need access to the whole property. Where possible, to speed up the valuation process the homeowner can open side and rear gates, garages, pool fences, and internal and entry doors. An essential part of the valuation inspection process is to measure the house. So, providing full access to the property makes the valuer’s life a lot easier!

Supply relevant documentation

• Floor plans: Before the inspection provide the valuer with a copy of the property’s council-approved floor plans.
• Title/Plan of subdivision: Email or give a hard copy of the title/plan of subdivision to the valuer.
• Relevant sales evidence: Make the valuer aware of relevant properties that have transacted in the immediate location (these need to be like-for-like properties, there is no point providing the valuer with the sale of a Victorian Terrace if the subject property is a modern apartment!).

Highlight the property’s special features

While the valuer is a property expert, there are certain features at a property that are not visible. Do you have an underground water tank? Solar panels on the roof? Underfloor heating? Point these things out to the valuer. Every detail counts.

Clean, declutter, and repair

You only get one chance to make a first impression. A clean, well-presented house will show your property’s full potential. A valuer will take notes of everything visible, so those unfinished renovations would ideally be completed, and the house presented in its best condition to get the most out of your valuation.

Take COVID precautions

At Acumentis we operate within COVID safety protocols. If you would like the valuer to wear a mask during the inspection, please don’t hesitate to ask when speaking with our friendly staff to confirm the inspection time. Also, opening doors, and windows and turning on any lights where rooms are dark will facilitate a contactless inspection.

Contain pets

Please put your pets in a safe place so they don’t escape or take a nibble at the valuer’s leg!

Property valuations are often crucial in family law cases, especially in property settlement proceedings. A professional valuation provides an impartial market value assessment, ensuring that all parties receive a fair valuation for equitable division during settlements.