FAQ's

What does a property valuation involve?
During a property valuation a valuer must physically inspect the property, measure the land and satisfactorily identify it against the title or plan of subdivision. The appointed valuer will physically measure the house, take a description of its condition and improvements, take a photo and review a minimum of three comparable sales from which to conduct a sales analysis. This information is then used to determine the value of the property. The valuer will then prepare a written report based on his or her findings.

How long is a valuation figure ‘valid’ for?
A valuation is valid for a period of up to three months. But this can vary in a fast moving market.

What are the key factors that contribute to a property’s value?
There are many factors which contribute to a property’s value the most influential of which is the land component. The land size, location, topography, shape and aspect can, in some instances, account for up to 70% of a property’s value. The land component will also appreciate where building structures will always depreciate.

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms and the quality of fixtures and fittings, just to mention a few.

What are some of the key attributes valuers look at?
When valuing a property a qualified property valuer will consider the following:

• The land size, the aspect or views afforded by the property and the topography and layout of the block and house
• The size and layout of the building
• The location of the property in relation to schools, public transport, shops and amenities
• The architectural style of the dwelling
• The condition and state of repair of the property
• Whether the property has renovation or development potential
• The highest and best use for the property
• The number of bedrooms and bathrooms
• The size of the kitchen and bathroom(s)
• And more…

How long does a valuation take?
WBP has an average turnaround time of up to three days for a standard three-page residential valuation report. In this time, the valuer sets up a time to inspect the property, completes an internal and external inspection of the property, researches comparable sales, and compiles the report. The physical inspection of the property usually takes WBP’s valuers approximately 30 minutes for an average 150 square metre residential property using its proprietary wireless XpressVal technology.

How much does it cost?
Valuation reports vary in price depending on subject property type and the report format required. The price for a standard three-page report for an average-size residential valuation starts at approximately $500.

How does a valuers valuation differ from an estate agents assessment?
Unlike an estate agent, valuers are bound by a code of ethical conduct which ensures objectivity in the assessment of the value of a property. A valuation represents the true market value of a property with the code of conduct asserting that a valuer should be independent and have no conflict of interest with a valuation they undertake. An estate agents assessment on the other hand is only an estimation of price, it is not a professional valuation prepared by a formally qualified and adequately experienced property valuer. 

Agents have long been criticised for underhanded practices resulting from their bias towards a sale, which sometimes include overestimating the value of a property to secure the listing and simultaneously pitching the property to buyers at a prime range considered well below the value of a property to attract buyers and create interest. In 2009, changes to the Real Estate Agents Act were aimed at reducing the instances of these practices.

A valuation is a legal document which can be challenged in a court of law and for this reason must be evidenced and be reproducible if called into question.

What qualifications and memberships should a professional valuer have?
Valuer qualification requirements can vary from state to state. A current non-student membership to the Australian Property Institute indicates a valuer has completed relevant tertiary studies in their field, has completed supervised experience in the field requirements, and is meeting continuing professional development (CPD) requirements. Certified Practising Valuer (CPV) status is another qualification to look out for. A CPV accreditation indicates all the above requirements are met. 

FAQ's | Property Valuation | Valuer | House Price