Hello,
I am considering buying a property advertised for $45,000 in a rural town of Queensland.
I rang the local council to get a valuation. They told me the property is valued at $990.00 (yes, under $1,000).
As I am new to this, I am unsure how this could be.
Any tips for new players?
Thanks in advance…….Go have a look. The land is probably falling down towards a cliff. Or your next door to the new mine being developed. Or your 3000kms from Brisbane.
Yack, you had ta go and tell everyone….
Apart from being a bit on the low side, is it safe to say that the land value given by the council is close to accurate?
I ask because there is a block of land that I like but think the vendors want an unrealistic price (asking 140k) considering the council said it was valued at 77k and it would cost an extra 25k to dig under the road and connect the sewer. I personally like the size and location of the land but can’t be bothered getting ripped off. Was sceptical about both the council’s valuation and the vendor’s asking price with nothing similar either on the market or sold recently to compare it to. The agents don’t even seem to want to bother talking about this block.
Any thoughts?
SonjaI know this is a tad off topic – this is a little ironic – a country located property aged 50yrs will val at $10k land value, and $130k improvements – the same aged property in city will val at $130k land value, $10k improvements!!!
Hmmmmm, amazing how the ‘market price’ is explained for valuation purposes – if the country improvements were effectively depreciated, the val could easily come in a negative!!!!
Just an old observation rekindled by a ucv sub $1k. Goodness, somethings just won’t change.
cheers
brahms
If you don’t ask, the answer is no!!
Ah yes the Valuer Generals valuations…..I remember them well. I used to work for them many moons ago.
If the improved value is $45,000, don’t be worried about an unimproved ratable value of $990. The VG’s are super conservative 99% of the time because they don’t like continuous court cases. Your land is probably worth $3000, with the cottage $42,000= total value $45,000.
You pay rates on the council figure. The lower the better. It has nothing to do with market value.1HotValuer,
You explained this very well. Well Done.
PK
Thanks everyone for your comments.
It’s good to hear from people with experience.I feel better now.
Zulu.
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