Property is a major asset that many Australians own. As it may well be your greatest asset and largest possession, then of course you’d want to know how much it’s worth. This is especially important if you are about to place any real estate on the market, refinance, or do anything else that may need an official report of value.
This report is known as a property valuation report. There are a few ways to get a property valuation in Canberra, but the most reliable and acceptable is through an independent firm.
Before diving into independent valuations, let’s explore how you could find out your property value in other ways first.
Where can I find a property valuation?
We are well into the digital age. Any piece of information we need can be found online. This includes your home’s value. A quick property valuation search will lead to an online value calculator.
Many real estate sites and lenders have such calculators on their websites. While convenient, it is important to know that these are made using Automated Valuation Models. What this means is that the value from these online calculators is an ai-generated estimate using limited resources. Some may tell you how accurate the value may be, but others simply provide the estimated figure.
You won’t be able to tell how these estimates were determined, and what exact data or information was used without investigating for yourself. Therefore, if you truly want to know how much your property is worth or if you need a proper valuation report, you should get in touch with a valuer.
How do I find out the land value of my property in ACT?
In the ACT, your land is valued yearly. This valuation determines the unimproved value of a parcel of land. It is completed by a representative of the Commissioner for the ACT Revenue Office. It examines the land itself without paying any attention to its improvements or structures such as residential dwellings. This land value can officially be found in your notice of determination.
If you do not have this notice on hand and would like to have an idea of your land value in Canberra, there is an accessible record from the last few years. You can find this property valuation information through the public registry on the Access Canberra website. Revenue ACT themselves, state that this is intended as a guide only and not to be used as an official valuation.
Unimproved Value Vs Market Value
Valuations are conducted for different purposes and, in some cases, are used to determine different values. For most circumstances, it’s the market value. Valuers often use the direct comparison approach which examines similar properties that have been recently sold to calculate a property’s current market value.
Unimproved value is the worth of a lot of land according to its highest and best use. It is this value that Revenue ACT as well as many other states and territories will base their local rates and land taxes on.
Why would I need an independent property valuation?
If the government regularly values your property, then you may be wondering why you need an independent property valuation. Well as we mentioned above, this would be the value of your land only which may not be what you need for your situation.
Many occasions arise that demand a valuation report that includes a thorough examination of land and structures. Some examples of such include the following:
- Reporting market value for taxation purposes
- Handling a deceased estate
- Settling property in Family Law Court
- Securing a mortgage for a home or investment property
- Buying and selling property
Most often a lender, solicitor, accountant, or another agent would request a property valuation report. When they do it is important to order a professional report from a Certified Practising Valuer (CPV). They can provide you with a sworn report that is compliant with the highest industry standards.
A qualified valuer ensures that the information provided in their report is accurate, relevant, and objective. Most importantly, it would be tailored to the needs of the situation. This is the major difference between a valuation from an independent valuer and online alternatives.
Where do I get a copy of my property valuation?
If you have personally ordered a property valuation from an independent valuer, then receiving a copy of the report is a given. The instructing party automatically receives their report as soon as it has been finalised. If there is an issue or the report is taking longer than expected to be completed then contact your valuer to follow up. Depending on the valuer, their experience, resources and the needs of the report, you could receive a valuation report as quickly as a few days or it could take weeks as is the case for business valuations.
Property valuations that have been organised by your lawyer, a financial institution or perhaps another party entirely, may not be sent to you without permission. Contact the person or organisation that has requested the report. If this is inaccessible, which may be the case in some situations, then you may need to enquire for an independent property valuation report, if needed.
To learn more about how you can check on a property valuation, get in contact with the Valuations ACT team. Their experts can give you tailored guidance for your exact circumstances.
