This type of Valuation covers many real estate and market value requirements. Here’s a few examples:-

• A property was transferred into your Superannuation Fund and your Accountant requires a new valuation for audit purposes every 3 years.

• A property was transferred on a certain date into your Superannuation Fund and it’s not until sometime later that your Accountant requires a market value at the original transfer date for reporting purposes. In other words, a Retrospective assessment.

• A Publicly Listed Company is entering into a Joint Venture Agreement with a third party.  As security (backing) to the venture, the third party is offering various real estate parcels.  These properties are valued for the Company so as they have a definitive Asset Value to rely upon going forward.

• A Government or a larger Corporation, in complying with International Financial Reporting Standards, have various real estate and plant and equipment assets valued on structured time-frames.

• Asset Valuations can also be conducted for Deceased Estate; Capital Gains; Retrospective Assessments; Pre-Sale or Pre-Purchase purposes.

Deceased estates are part of life and it is important that the property(s) involved are assessed correctly as the valuation, in hindsight, was as at a certain point in time and one that sets any future Capital gains Tax implications for the beneficiaries/owners.

Assessments for this need cover all types of real estate from residential units to commercial and specialist or going concern property and are provided for the benefit of Executors and Beneficiaries singularly or jointly.

Often the availability of formal valuation advice assists in the finding of common ground between parties whom were previously not in agreement.

It is also common for each party to obtain their own valuation assessment with a view of the two Valuers meeting within a Without Prejudice meeting to attempt to find an agreed market value.

It is worth noting that the appointment of a Valuer is done on the basis of no bias toward one party or the other.  Whilst we find this is not always the case, we will at least provide our objective opinion based upon facts.

Insurance is a must for any property holder or someone with an interest in a property (industrial tenancy).

Valuers have the ability to provide a market based replacement cost on all freestanding residential property, small unit blocks and small commercial, retail and industrial.

Apartment complexes insurance assessments on say 20 or more units are best completed by a Quantity Surveyor.

Market valuations for First Mortgage Security, despite the urban myths, should reflect the current market value of the property as at the date of inspection.

In reality it does not matter what the purpose or requirement of a valuation, the answer is the same.  There is not a separate method for valuing residential property for banks.

However in saying that many Banks and particularly Mortgage Insurers in issuing instructions to Valuers, are seeking a current market value assessment, but within a set criteria range.  For example some request the ‘current market value’ on the basis of a 60 day selling period.

If the real estate market is weak and the average sale is taking 90 days to obtain a contract, that valuation assessment will come in lower to meet this criteria.

Our advice is to ask what criteria the Bank requests of its Valuers.

This type of advice is becoming more critical as time goes on, given changes in environmental factors such as flooding, swings in the economy along with the reality of prized pockets of real estate that are under demand, almost no matter the economy.

Like all valuation assessments, a detailed inspection forms the basis of you our client receiving Valuable and Object Advice.

Pre -purchase valuation advice is provided on all property types.

In turbulent markets it’s difficult for the property Owner to be able to really put his finger on the pulse of the real estate market at any given time.

As Registered and Professional Valuers, we provide the knowledge and experience to provide you as a lient, with meaningful, well research data upon which the valuation assessment is made.

In the world of Valuers, the answer that comes back is as good as the research put in by that Valuer during the process.

Valuable and Objective Data = Valuable and Object Advice.

A rent review and or market assessment can be done on all manner of residential, commercial, industrial and retail property.  These are market based exercises where the Valuer obtains the most recent, reliable and relevant market evidence upon which to base his judgement and final decision as to what’s a ‘fair’ market rental.

Some of the more important factors included within a rent assessment are:

• Specific accommodation factors pertaining to the subject property.
• Existing and or historical leases are consider for relevance and reliability.
• Market forces at work at the time/date of assessment.
• Vacancy factors within that market sector.

A well researched assessment provides our Client with a reliable and objective answer. 

Resumptions and compensation is a specialist Valuer area and one that an Experts industry has evolved.  Experts include Town Planners, Civil & Structural Engineers, Traffic Engineers, Hydrologists and others.

Resumption mainly arise from Local, State or Federal Government infrastructure projects or schemes, such as roads, rail, tunnels, bridges or parks.

It could be said that the majority of resumptions arise from existing road widening, particularly on existing arterial roads.

Generally there are two types of resumptions, being a full take or a part take.  The full take is where the resuming authority is purchasing the whole of the land for the project.  A part take is that only a portion of the property is required.

By far the full take is an easier exercise, as the Valuer is quantifying the whole of the property, on the basis of having no regard to the pending project.  In other words the scheme is ignored and the property is valued as if the scheme never existed.

The assessment is then done on normal valuation methodologies and a market valuation assessment is made.

The part take assessment is inherently more difficult as the majority of the property and improvements remain, but part of the front, rear or side is to become road.

In these cases the property is assessed in the Before and After scenarios.  The Before again ignores any component of the scheme and an assessment is made on an as is where is basis at the relevant date.

In the After assessment the Valuer is to assess the negative and or positive impacts of that scheme and how that will affect the Before market value.  The difference between the two Before and After market valuation assessments is the compensation.

Here’s a simple example:

Before Valuation

 

In both a full and part take situation and in addition to the compensation figure, the resuming/purchasing authority generally pays you, as property owner, your incurred legal and valuation fees; interest on the agreed amount from the date of resumption; stamp duty on the purchase of your next property to reflect the agreed value of the full take.

Various Australian States have their own legislation and therefore the add on’s in addition to the agreed compensation sum, vary.  Also it is worth noting that there is a Land Court structure in all states where these matters are heard when settlement between the parties cannot be met.  (In our experience and knowing the costs involved to go to Court, we strongly suggest that this should be the last resort).

 

A rule of thumb on resumptions:  The bigger, the more complex and the more issues the property has, the longer it will take to finalise the matter.

This sector of the real estate market is commonly handled by Body Corporate Managers on behalf of the Owners within a strata complex.

Often there are a few major insurers whom write much of this business based upon either a Valuers or Quantity Surveyors report as to the likely replacement cost.

This type of Valuation covers many real estate and market value requirements.

This type of Valuation covers many real estate and market value requirements.

This type of Valuation covers many real estate and market value requirements.

This type of Valuation covers many real estate and market value requirements.

Where two parties separate by divorce or defacto arrangement a valuation can help relieve possible disputes regarding current property values. Each party is free to ascertain their own valuation however come choose to instruct one Valuer to act on behalf of both parties.

This type of Valuation covers many real estate and market value requirements.

This type of Valuation covers many real estate and market value requirements.