re:- Valuation Report for Epping, Victoria- what do i do with it??
hi,
i've received a copy of property report from Herron TW on a property we are very keen to purchase as an investment. Its about 8 pages and the valuation is about $2k lower than the buying price. The expected rent is also $20 to $30 pw short of what some leasing agents are telling me.
and under the RISK RATING section, the comments are:
REDUCED VALUE 2-3 YEARS- 4 (4 means 'medium to high risk)
Global and Australia economic uncertainties continue to plague property markets around the world, downward pressure remains evident in many markets. Melbourne's residential property prices have, in the main, softened from 2007 and 2008 with an increased risk of further reductions over the next 2-3 year period. Although interest rates are relatively low, increasing unemployment and diminishing consumer confidence are key concerns for Government. Whilst middle and upper property markets have now adjusted back off 2008 levels, the lower market segment continues to present a greater riskas the threat of Governments' removing first home owner support could trigger a sharp fall in values.
they also mentioned about LEVEL OF MARKET ACTIVITY- STEADY TO WEAKENING and RECENT MARKET DIRECTION- STEADY TO WEAKENING.
nothing wrong with that if that's what the state of that property market. now, though i have engaged the valuer before to plunge into this potential IP, how serious should i treat this report? has anyone engaged a valuer and based their report to purchase or not purchase a property?
by the way, the suburb we are thinking of purchasing is in the housing estate Legend Hill, Epping, Victoria. Feel free to give me your thoughts about the suburb as well.
hi,
i've received a copy of property report from Herron TW on a property we are very keen to purchase as an investment. Its about 8 pages and the valuation is about $2k lower than the buying price. The expected rent is also $20 to $30 pw short of what some leasing agents are telling me.
and under the RISK RATING section, the comments are:
REDUCED VALUE 2-3 YEARS- 4 (4 means 'medium to high risk)
Global and Australia economic uncertainties continue to plague property markets around the world, downward pressure remains evident in many markets. Melbourne's residential property prices have, in the main, softened from 2007 and 2008 with an increased risk of further reductions over the next 2-3 year period. Although interest rates are relatively low, increasing unemployment and diminishing consumer confidence are key concerns for Government. Whilst middle and upper property markets have now adjusted back off 2008 levels, the lower market segment continues to present a greater riskas the threat of Governments' removing first home owner support could trigger a sharp fall in values.
they also mentioned about LEVEL OF MARKET ACTIVITY- STEADY TO WEAKENING and RECENT MARKET DIRECTION- STEADY TO WEAKENING.
nothing wrong with that if that's what the state of that property market. now, though i have engaged the valuer before to plunge into this potential IP, how serious should i treat this report? has anyone engaged a valuer and based their report to purchase or not purchase a property?
by the way, the suburb we are thinking of purchasing is in the housing estate Legend Hill, Epping, Victoria. Feel free to give me your thoughts about the suburb as well.
Last edited:
