More val funnies thread 236

[Rolf Latham]

Got a logan area val back today - all on the money and fine

notable comments........................ look like cut and paste from 18 mths ago

ta
rolf


Level of Market Activity: Thinly traded /weak

RECENT MARKET DIRECTION (PRICE) RISK COMMENTS:
The property market is slow with reduced buyer demand and sales volumes throughout South East Queensland. The limited demand in the
property market at present has put downward pressure on sale prices and as a result the property market has softened over the past 6-12
months.
MARKET VOLATILITY RISK COMMENTS:
The real estate market and property values within the location of the subject property have been impacted over the past 10 years by noticeable movement and changing market cycles. Our Risk Rating adopted within the Valuation reflects the current Market Volatility within the price sector
and location.

 

[Brady]

Had similar in Adelaide NE suburb that pretty much anything with dev potential is flying out the window... pretty much whole suburb is on 600sqm+ blocks which can be developed.

Comments were that market is slow but showing signs of improving...

That was the case 12 months ago, its moved they should be able to see that by the prices people are paying.


Just like with your valuation, I'm sure that the price paid in Logan is better then the price paid 18months ago when the comments were partly valid.

 

[Colin Rice]

I did a desktop through ANZ and then escalated to a full val.

Pretty sure they changed the date on the last val done a year ago as the val was the same as original purchase price and it also came back the next day!

It was in QLD though

 

[Brady]

Had the good old LAND + BUILD doesnt' = value

- Construction shortfall. Land purchased $215k valuer deemed fair value... cant get land under this for the size in the area. Build $233k fully established (a/c, floor and all) valuer notes fair price paid for level of work completed. OEV $448k. Valuation $420k due to over capitalisation. So how does one build new house in this suburb? That's what I asked the valuer.

Having a look at the construction costs, think they can do better personally...

Have contacted the clients and builder about it, hopefully builder will take some of their 'fat' out of it to make it work. Otherwise clients only option is to go elsewhere.

 

[Rolf Latham]

Had the good old LAND + BUILD doesnt' = value

- Construction shortfall. .

very common and reasonable when the resales of the same stick are 30 to 50 k lower than land and build.

fact of life in much of SE qld and outer Melb

ta
rolf

 

[Brady]

very common and reasonable when the resales of the same stick are 30 to 50 k lower than land and build.

fact of life in much of SE qld and outer Melb

ta
rolf

Yes its fun with a bit of infill sometimes...

Fortunately the whole street has been redone with new houses either built or being built.

Unfortunately none have sold so no comparable sales to hang my hat on.