They changed the whole COV thing about a month ago.
Is it too early for me to Reval? [Clarkson, Perth]
- Thread starter Jake D
- Start date
They changed the whole COV thing about a month ago.
I can't wait to reval Gwelup. I'll be booked in the day after handover 
Reval should release security (Westminster triplex) and uncross the properties eek:)
Reval should release security (Westminster triplex) and uncross the properties eek:)Re-val
as others said, it really depends on property, purchase price and comparison sales in area.
I revalued a property exactly after a week of settlement date:
Purchase price: $231K
Valuation(after reno): $245K
in contrast:
I signed a contract for a property purchase in perth and valuation came short by $10k off contract of sale price. we provided 3 latest sales higher than our contract price, but valuer doesn't want to change valuation, so i am up for $10k shortfall payment.
as others said, it really depends on property, purchase price and comparison sales in area.
I revalued a property exactly after a week of settlement date:
Purchase price: $231K
Valuation(after reno): $245K
in contrast:
I signed a contract for a property purchase in perth and valuation came short by $10k off contract of sale price. we provided 3 latest sales higher than our contract price, but valuer doesn't want to change valuation, so i am up for $10k shortfall payment.
In a fast moving market valuations can be quite tricky as they have to be on settled sales which could be sales that were more than 2mths ago.
+1
We told valuer to look at RE and ring some local estate agent where house few blocks away was sold for more than $15K of what we are paying.
But as you said, it has to settle to be considered.
So, I pulled the trigger and had everyone's favourite broker order me a val through CBA/Valex.
Valuer came through my place last night and mentioned he did the initial val when we bought at the start of the year.
He also said something along the lines of the area "taking off" since then.
Val turned up this morning with $450k on it. Up from our purchase price of $418k in Feb. So that's pretty sweet.
I see his reasoning and agree with his comparable sales. It would have been really nice to squeeze it up to $460k to make my plans a little easier/cheaper though. If he'd gotten creative we totally could have got there, too.
There was a very comparable house on a smaller block sold just barely around the corner for $470k that he didn't consider, while considering houses further away.
There was also one that he did consider which sold for $499k. He called it "overall superior," despite it being on a busy thoroughfare road with two buses running past it, while I am on a short quiet street.
Not complaining, just dreaming. still a decent result.
Valuer came through my place last night and mentioned he did the initial val when we bought at the start of the year.
He also said something along the lines of the area "taking off" since then.
Val turned up this morning with $450k on it. Up from our purchase price of $418k in Feb. So that's pretty sweet.
I see his reasoning and agree with his comparable sales. It would have been really nice to squeeze it up to $460k to make my plans a little easier/cheaper though. If he'd gotten creative we totally could have got there, too.
There was a very comparable house on a smaller block sold just barely around the corner for $470k that he didn't consider, while considering houses further away.
There was also one that he did consider which sold for $499k. He called it "overall superior," despite it being on a busy thoroughfare road with two buses running past it, while I am on a short quiet street.
Not complaining, just dreaming. still a decent result.
