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Burwood property valuation questions

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Acceptance & compliance

What is a property valuation?+

A valuer's signed opinion of a property's market value on one nominated day, with the comparable sales and the reasoning set out beneath it. That day can be today or it can be a date thirty years back, and a report written to one date does not quietly answer a question about another.

What is the difference between a property valuation and an agent appraisal?+

An agent's appraisal is a free selling estimate, given while the listing is still being competed for, and unsigned. A valuation is made independently of any sale, as at a stated date, from settled sales, and the valuer who reached it puts their name to it.

Who is qualified to prepare a property valuation?+

In New South Wales, a valuer with the professional qualification and standing to have their opinion relied on. Their name and credentials appear on the report, which is exactly what allows a third party to act on it.

Timing & process

Will the ATO and an SMSF auditor accept the report?+

Yes. A valuer independent of your fund prepares and signs it, SISR 8.02B is the standard it is written to, and the comparable sales are attached rather than summarised, so an auditor can follow the figure back to its evidence.

Who signs the report?+

The valuer who reached the opinion, named with their qualification. Not the model that gathered the evidence, and not anyone signing in their place..

Is an Automated Market Assessment enough for tax purposes?+

No. It carries no signature, so there is no independent opinion in it for an auditor or a revenue office to act on. Use it for deciding. On timing: a signed desktop report normally goes the same day, and the Automated Market Assessment arrives the next business day.

How long is a property valuation valid for?+

It speaks as at its effective date and does not stay current on its own. Where the body receiving it applies a currency period, that period governs, and your adviser will know which one. A good deal of Burwood work is written to a date years back in any case, where currency is not the question.

Pricing & orders

Are the prices really fixed?+

Yes. $169 for signed desktop reports, $79 for Automated Market Assessments.

Why is the valuation different from the price a property is advertised at?+

An advertised price is a marketing position, often a range set to attract interest. A valuation reports settled evidence. The two diverge most where a property has been off the market for a long time and there is very little recent evidence about it specifically, which describes a good deal of Burwood.

How long does a property valuation take?+

A signed desktop report is usually ready the same business day, and a backdated one takes no longer than a current one. An inspected report waits on access, which on a property nobody has opened up in years can take some organising. An Automated Market Assessment arrives the next business day.

Is market value the same as the value on my council rates notice?+

No. A rates notice usually gives a land value, which is the ground with nothing standing on it, assessed for rating at a date the council set. A valuation is of the whole property at the date you need. They answer different questions and rarely agree.

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