Property Valuations

Hello Somersofters,

We're looking to access some equity in our existing IP's and was wondering where we currently stand with their current market value. I've been doing some searches on the forums and interested in getting an independant valuation prior to talking to the banks or a mortgage broker.

A couple of quick questions:
  1. Can anyone comment on any independant valuers they've used?
  2. We're currently financed with the ANZ. Does anyone know what valuers they use on their panel?
  3. How accurate are the online valuations from things like myrpdata, property monitors, house price guide etc?
  4. Any indication on costs for a valuation?
  5. Any other info would be appreciated

Thanks in advance!
 
If you tell me the post code i will tell you who Anz will accept.

Also your Broker can order a valuation on behalf of Anz and you will find out the valuation figure prior to ever submitting the deal.

Whilst Residex etc will give you a rough guide they are bit different to an actual Bank valuation.
 
A couple of quick questions:
  1. Can anyone comment on any independant valuers they've used?
  2. We're currently financed with the ANZ. Does anyone know what valuers they use on their panel?
  3. How accurate are the online valuations from things like myrpdata, property monitors, house price guide etc?
  4. Any indication on costs for a valuation?
  5. Any other info would be appreciated

Thanks in advance!

1. Just find one that knows your area and is on the panel. But remember that an individual valuer (person) will perform the valuation not a firm .. valuers are like all professions, you have the good, the average and the below average in every firm.

2. I think Charter Keck Cramer do most of ANZ's work in Melbourne.

3. If you have an average house on an average sized block in average condition they can be reasonably accurate .. but it is not a valuation.

4. Private about $400, through your broker about $220

5. Don't be beholden to ANZ if you don't get the figure you like.

cheers

RightValue
 
Through your Broker = nothing.

Yes Charter Keck Cramer do a lot of Anz work in Melbourne but remember with Anz you have 3 types of valuation and the hard part if ensuring you get the right one.
 
Excellent info on a subject I'm just starting to look into.... thanks
Does it make a difference which bank (if you know what I mean)?
cheers
 
Excellent info on a subject I'm just starting to look into.... thanks
Does it make a difference which bank (if you know what I mean)?
cheers

Different banks have different panels of valuers; otherwise it is pretty much same same.

As mentioned there are generally 3 levels/types of appraisals, depending on the LVR and other factors, they are Desktop, Drive by and Full Valuation, The first two will generally be a bit conservative and a Full valuation will generally be required for a refinance greater than 80% LVR.

cheers

RightValue
 
I dunno how valuers do it. I've been watching recent sales, virtual clones of my house (there's a lot of extremely similar houses in this area) are selling from anywhere from $160-190k and a few more for sale over $200k that haven't sold yet. There doesn't seem to be much of a pattern, the more recently updated ones are selling for much the same as ones with 50s everything and loud floral carpet. Cheapest one, unsurprisingly, was full of cracks and was on the major truck bypass.

Keep an eye on recent sales and at least you get a vague idea though, I have a suspicion that if you tell the bank "I think my house is worth X" and you're pretty accurate they pass it onto the valuer and it tips the odds of X actually being the final valuation that comes back. Worked for me last time anyway :)
 
I have a suspicion that if you tell the bank "I think my house is worth X" and you're pretty accurate they pass it onto the valuer and it tips the odds of X actually being the final valuation that comes back. Worked for me last time anyway :)

Correct .. it is up to the valuer not the bank, but if the estimate is reasonable I am usually there or very close in my valuation figure ...

If it is X plus $100k that gets passed onto the bank and the valuer .. I tend to get pissed off I want to put my dark glasses on but unfortunately I can't as I am paid to do a job right.

What I love is when I talk to the owner and ask them what they told their broker it was worth and then show them what comes through from the bank via the broker - always much higher - .. a lot of the time the owner is close to the money and I put that figure on it.

Brokers/ lending officers "playing the game" (adding 5 to 20%+ to the owners estimate) helps no one at all .. in fact sometimes they add so much to the estimate I have the wrong sales evidence with me, so it necessitates another visit .. not helpful but once again I can't penalise to poor owner for the brokers actions.

Interestingly just before new years I was working outside my area .. I took sales data based on the Owners Estimate that appeared on the job sheet .. The estimates were too low on a couple of properties by at least $100k .. it must have been the original purchase price put down by someone .. that pissed me off even more!

So in reality I generally totaly ignore the estimate of value on the job sheet for the above reasons .. but if it is pretty close to the actual value then there is a good chance of my valuation figure being within a couple of percent of the estimate or even being moved up a little to the estimate.

As an aside ..Man I can't believe how much Melbourne's north, such as Reservior, Pereston, Glenroy, Fawkner etc have increased since I used to work that area.

cheers

RightValue
 
I personally would save the money on the valuer and ask one of the local realestate agents to view the property and give a value on the current market conditions as a guide.

Your loan will still need to be subject to the bank's valuation. The bank valuer may look at it as a guide but it would be along the same lines as having your mortage broker present them with your estimate backed up with a few recent sales examples in your area taken for free off the internet (e.g. onthehouse.com.au).

Cheers,

Fourex.
 
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