House prices are a popular topic of conversation around dinner tables and barbeques across the nation.
But house prices in Sydney and Melbourne aren’t really a good indicator of what your house in Brisbane suburbia might be worth.
So how do you find out the true value of a property?
One option is to arrange for a professional property valuation to be done.
A valuation is also helpful for both buyers and sellers because it provides a clear indication of the market value of a property, which could help buyers reduce the risk of overpaying. A valuation also helps sellers understand the weaknesses of their property, so they know where to make renovations to add value.
But the most common reason people arrange for a property valuation to be completed is because many lenders require one to be done before determining whether a borrower should take out a loan.
A valuer will visit the property, inspect the inside and outside, evaluate the land, assess the shape, aspect and size of the land as well as its development and zoning potential. A property valuer will also measure the size of the building and note the number and type of rooms, the age and condition of the property, the layout and design, and any unique characteristics that could impact the value.
Another option is to do some research yourself.
You can learn about the area by talking to agents, looking at recent property sales and attending auctions. Looking up recent transactions in the area involving similar properties will give you a good indication of sale prices.
It may also be a good idea to consider the area immediately around the property (i.e. does it face a busy road? Does the area have lots of criminal activity?).
The property market can change quickly, so it’s important to look at the most recent RP data.
RP data (rich property data) is a subscription product that gives you access to 20 years' worth of property data collected by property research company CoreLogic.
RP data will give you extensive information about the property you’re planning on buying or selling, such as the estimated price range for a property, recent sales prices for similar properties in the area, details of nearby properties that are on the market, information on the suburb’s performance and a suburb profile.
You can download a free property report containing the most recent RP data from loans.com.au which contains all the information you need about a specific property including its estimated value, previous sales history, and details about the suburb.
You can expect to find the following in your free property report from loans.com.au:
median sales price in the area
properties sold in the area
estimated property value
Download your free property report below. If you have any questions, you can call us on 13 10 90.
Tags: property value
If you’re thinking about buying or selling, a property report is an invaluable tool that could help you make a more informed decision.
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