We have decided to purchase a property and the loan has been approved by the bank too but we are still a bit unsure of the value of the property. The bank valued it at the exact loan amount. We are putting about 24% (including the First Home Grant) of the total price.
The property is about 8-10 years old and is located in a suburban CBD, very close to the train station. I have checked the median price for that area on http://www.homepriceguide.com.au and our purchase price is lower than the median price. Not sure if that makes any sense.
It's a 2 bedroom unit, 1 bathroom, 1 garage, security building with lifts and intercom. The area is about 70 sq m excluding the garage. Also, generally what is the area of a 2 bedroom unit?
I just wanted to if my buying price is a fair value. Any suggestions?
Which city are you refering to?
Also all it may take is a couple of expensive sales in the area to drive up the median price
investor Nicholas wrote:Which city are you refering to?Also all it may take is a couple of expensive sales in the area to drive up the median price
Sydney suburb
See if you can find any comparable sales in the area. Same amount of bedooms, car accomodation, any renos etc. The value should be the purchase price not loan amount.
you'll see a member here [email protected] who has kindly offered to provide a report (free) of an address you send.
The report will give you a value of the property (it averages out over various indicators).
Ask QLD007 for a property report and it will list about 40 comparable sales in the local area. Drive around and check them out doing your own roadside val.
Hydra
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