Frequently Asked Questions
For Canberra valuations, a Restricted Valuation/Desktop Valuation is: “an indication of the value range that the market value of the property is likely to fall within should a Certified Property Valuer be requested to carry out a fully researched valuation assessment of the property in accordance with the Property PRO Residential Valuation and Security Assessment and the definition of market value”.
You need a Stamp Duty Property Valuation Report to determine the stamp duty payable to the State or Territory Government, when a property is transferred privately between related parties rather than on the open market. The rate of duty you will pay is linked to the value or purchase price of the property. The revenue office in each state or territory administers stamp or transfer duty and offers a calculator for assessing what it will cost on a particular property.
A capital gains tax or capital loss is the difference between what it costs you to obtain an asset versus what you received when you disposed of it. You pay tax on your capital gains. It forms part of your income tax and is not considered a separate tax, although it is generally referred to as capital gains tax (CGT).
At Northbourne valuers, we understand that divorce is never easy. There are countless issues that have to be settled, including what’s going to happen to the shared residence. There are generally two alternatives when it comes to real estate – it can be put up for sale and the proceeds divvied up, or one party can “buy out” the other. In either case, one or both parties would find it in their best interest to get a valuation of the joint real estate.
A Certified Practicing Valuer (CPV) with an Australian tertiary degree and accredited by the Australian Property Institute (API) or Australian Valuers Institute (AVI) is responsible for executing property valuations. All of our valuers at Northbourne Valuers are API and AVI registered and certified, ensuring quality and expertise with every valuation performed.
The process involves a meticulous inspection of the property, considering factors such as:
- A comprehensive overview of the property (rooms, land size, location, improvements, etc.)
- Comparable sales in the area
- The property's current condition
- Risk ratings related to market or environmental threats
- Issues discovered during the inspection or other searches
- The prevailing market trend
Defined by the Australian Property Institute (API), Market Value is: “the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing, where both parties act knowledgeably, prudently, and without compulsion.”
For more information, visit the API website.
A property valuation is a formal, legally binding report detailing a property's market value, supported by substantial sales and market data. Conversely, an appraisal is an informal estimate of a property's current value.
How can I prepare for a residential property valuation?
You should start preparing for the valuation once you've booked your inspection, at a time that works for both you and the valuer. Here are a few things to consider:
- Ensure Accessibility: Ensure all parts of the property are accessible to the valuer.
- Provide Essential Documents: Furnish the valuer with floor plans, Building/Pest Inspection reports, and other relevant documents.
- Mention Unique Features: Inform the valuer about hidden features or amenities.
- Property Presentation: Present the property in its best condition. Clean, declutter, and finish any pending renovations. A clean and well-presented house will demonstrate your properties full potential. A valuer will take notes of everything visible, so that those unfinished renovations would ideally be completed and the house presented in its best condition to get the most out of your valuation.
- Manage Pets: Ensure pets are secured during the valuer's visit.
Being prepared and understanding the process ensures that you get the most accurate valuation.
If you have any questions about the valuation process, please contact us
Time taken to complete a physical property inspection will vary depending on the layout, size, features of the property, and the documentation that has been provided. A home inspection takes about 20 minutes, while a TDS inspection takes about 30 minutes. A valuation report is generally provided within 2-3 working days o instruction and inspection.
The cost of a property valuation will vary depending on the property value and valuation purposes. A standard residential property market value valuation report is likely to cost $400 + GST.
If you're looking for an independent property valuation in Canberra, there are various options available to you. Independent valuations are essential for a range of purposes, such as determining market value of your home, assessing stamp duty, insurance purposes, rental assessments, and more. To find a reliable and certified property valuer, consider the following steps:
- Start by researching reputable companies or valuers specialising in property valuations in Canberra and Australia.
- Look for valuers with experience in providing independent valuations, especially in areas such as residential properties, family law valuations, commercial properties, rental assessments, and market valuations.
- Make sure the valuer is registered and recognised by professional organisations or industry bodies such as the Australian Property Institute (API), Australian Valuers Institute (AVI) and Certified Practising Valuers (CPV).
- Check if the valuer provides specific services, such as retrospective valuations for capital gains tax (CGT) purposes, family law property valuations, or property valuations for divorce settlements.
- Consider the valuer's expertise in different types of properties, including houses, units, land, and commercial buildings.
- Evaluate their valuation methods, such as desktop valuations, kerbside appraisals, or on-site inspections, based on your requirements and the property's characteristics.
- Ask for recommendations or reviews from friends, family, or real estate professionals who have used independent valuers in the past.
- Contact the selected valuers and request quotes or fees for the property valuation services you require.
- Once you have gathered enough information, compare the prices, responsiveness for your enquiry, experience, and reputation of different valuers to make an informed decision.
At Northbourne Valuers, we provide independent, unbiased and accurate property valuations. We provide valuations for various purposes, including buying or selling properties, understanding asset worth, legal settlements, taxation, insurance, and more.