Hi Everyone,
I am learning so going to ask you a basic question, not sure how to get the current property value. Baiscally i want to find out the current value of my PPoR its in Melbourne SE suburbs. Bought it last year for 285K in april. How should i proceed. Just want to see if it has grown in value. As i don't have any plans what 2 do so basically its for my information so dont want to spend money on valuation. Please advise.
look at recent similar sales close by not for sale but actual sales what suburb are you in
Hi bsgupta
It depends on whether you want the valuation to be done to find out market valuation or valuation for lending purpose.
For market value, have a look at the newspaper to see what similar properties in your area sold for. The Herald Sun has all sales data every week (on Monday or Tuesday). Alternatively, you can contact some property agents and they will do an obligation free market appraisal for your property. Get 2-3 agents and you will have a fairly good idea. You can also purchase reports from residex, rpdata etc that will give you an indication of market value. Personally, I will get couple of property agents to give market value.
Secondly, for lending purpose, the lending institution will organise a valuation from a valuer on their panel. This will cost you around $200-$300. Usually, the valuation for lending purpose is little lower than market valuation.
Hope this helps.here to learn,
i am in narre warren south
property power thanks for the info.
cheers
hi there,
what i did was get on to real estate.com and lookied up previous sales in the area and that gave me a good indication.
Hi there,
You should get in contact with few agents in the area and have the property evaluated with them usually free of charge if you know what to say! Secondly you can pay independent evaluator $300-$400 to evaluate the property.
Thirdly you can purchase Reports on your area/street and the PPOR through this website http://www.rpdata.net.au
Also searching popular website such as domain.com.au etc will give you some indication of the prices in the area but will not be accurate when comparing them to the 3 options that i given you above.
hope this helps..
cheers
Look at:
– recent sales
– put dollar amount on extras you have in your home
– read the paperThese 3 should get you your value…
http://www.realestate.com.au or http://www.domain.com.au
are reliable indicators
Thanks for all the advise.
Any more suggestions..keep them coming.
Ptialv wrote:Hi Everyone,
<snip>
Baiscally i want to find out the current value of my PPoR
<snip>
Bought it last year for 285K in april.
<snip>
i am in narre warren southWell, the REIV say that the Narre Warren median price was $260,000 in March last year and was $268,000 this September just gone. Mind you, that's the REIV… (http://data1.reiv.com.au/trendchart/)
Peter Hay from Hay Property Consultants is a little less bullish, saying:
- house prices had fallen by between 5% and 10% in the past 12 months in Melbourne's outer northern, western and eastern suburbs. Areas included the older parts of Hoppers Crossing, Wyndham Vale, Tarneit, Diggers Rest, Craigieburn, Roxburgh Park, Beaconsfield and Pakenham
– http://forum.globalhousepricecrash.com/index.php?showtopic=24636
No mention of Narre Warren, but it's in the general area of those listed outer eastern suburbs (which according to the REIV are also up by a similar amount to Narre Warren. But I agree with the other comments – the best indication is a truly comparable recent sale.
Cheers, F. [cowboy2]
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