To revalue Sydney properties the next few months!!

[virgo]

Hiya


http://www.news.com.au/money/proper...-1226131040137?newscomautrack=news-newsfeed-7

Methinks i should revalue in the next few months all my Sydney properties.....maybe a small window period eh?

 

[ssimpson2003]

Hiya


http://www.news.com.au/money/proper...-1226131040137?newscomautrack=news-newsfeed-7

Methinks i should revalue in the next few months all my Sydney properties.....maybe a small window period eh?

Will be interesting to see if this does cause a temporary spike as i think it would be bucking the confidence trend. At the very least it will have a positive effect against what would have happened otherwise. Obvoiusly cant lose by re-valing in this situation...prob just prior to xmas to allow for the lag.

 

[Marty McDonald]

Or wait until Jan so the sales are settled and can be used comparables. Exchanged contracts don't usually count.

Don't count you chickens and all that....

 

[Investor78]

Overall, I don't see this having much effect on the Sydney market but for first-home owner pre-existing properties under $600k, you might see a little bit more competition.

An interest rate cut of say 0.5 to 1% would have a greater impact because it would effect all property, not just one segment.

Virgo, can I ask why you are trying to "time" your valuations? Is this so you can get the best outcome, so you've got more equity to buy again?

 

[virgo]

To revalue

Hiya

Why i revalue?

a) always looking out for a "bargain" and ready to pounce!

b) having a fat buffer makes me happy

Are there any other reasons?

 

[JT7]

Hiya

Why i revalue?

a) always looking out for a "bargain" and ready to pounce!

b) having a fat buffer makes me happy

Are there any other reasons?

Agree.

Reval going ahead today on my Sydney property. Bird in the hand and all that! Ready to pounce!

 

[virgo]

Revalue

Hiya

Will be interested to see how your revaluation goes with the bank..pls share details if you can!

 

[jeffb5ltr]

Had the bank value our place and it went up 10k since we bought it 2.5yrs ago,

Yet had 2 real estate agents come round and both had about $120k growth.

Both real estate agents showed us sales data from previous sales in the last 2 years of similar properties (Land size & Condition), Including one next door, one 2 doors away and about 3 houses in the side street across from our house. They also said new houses were another 100k dear again.

Bank didn't care.

 

[Propertunity]

Time you give your bank and their valuer the flick, methinks.

 

[Mom]

I hope they are not that stupid. They may up-ticked volatility to medium to high. But I think if anyone is considering to sell ppty within first home buyer price, the next month or so will be the best time to offload.

 

[virgo]

Bank Valuation

Had the bank value our place and it went up 10k since we bought it 2.5yrs ago,

Yet had 2 real estate agents come round and both had about $120k growth.

Both real estate agents showed us sales data from previous sales in the last 2 years of similar properties (Land size & Condition), Including one next door, one 2 doors away and about 3 houses in the side street across from our house. They also said new houses were another 100k dear again.

Bank didn't care.

Which bank was it? I need to know so that i can avoid it!

Seriously, if they think your property's value has gone up only 10K in the last 2.5 years in Sydney, they deserve to be dropped...UNLESS you don't care yourself??? or worse you overpaid in the first place???

Care to share more details so we can "learn" from your experience??

 

[Aaron_C]

Which bank was it? I need to know so that i can avoid it!

Seriously, if they think your property's value has gone up only 10K in the last 2.5 years in Sydney, they deserve to be dropped...UNLESS you don't care yourself??? or worse you overpaid in the first place???

Care to share more details so we can "learn" from your experience??

It's not the bank's fault - it's the valuer they appointed to do the valuation.

 

[Rolf Latham]

Bank didn't care.

if you do, and it matters, perhaps move ??

One lenders valuers opinion doesnt make the valuation fact.

We have many instances of 5o to 100 k plus differences in vals for the same stock item at the same time

ta
rolf

 

[evand]

He's obviously trying to lock in equity, expecting the market to fall. I thought that was obvious.

Virgo, can I ask why you are trying to "time" your valuations? Is this so you can get the best outcome, so you've got more equity to buy again?

Valuing property is not an exact science, i dont know why people expect it to be. The valuer, RE agent and your self are probably all wrong if you put the property on the market today.

One more thing. Comparable sales 2 years old are ridiculous. Alot can happen to the market in that time. And has.

Where is the property?

 

[jeffb5ltr]

if you do, and it matters, perhaps move ??

One lenders valuers opinion doesnt make the valuation fact.

We have many instances of 5o to 100 k plus differences in vals for the same stock item at the same time

ta
rolf

We wanted the revaluation so i could remove parents from a $50k guarantor loan on the property, not because they wanted it just i felt it was the right thing to do since we had some savings.

Since the valuation only went up by $10k the bank said we would have to pay mortgage insurance if we removed the guarantor.

In the end i just transfer some savings and that brought us down enough not to need the Mortgage insurance.

The rate we are on i am happy to stay with the bank and did do a comparison check and most banks were either the same at best or slightly higher.

Thankfully we didnt pay to much probably considered a bargain.

 

[Deltaberry]

Hiya

Why i revalue?

a) always looking out for a "bargain" and ready to pounce!

b) having a fat buffer makes me happy

Are there any other reasons?

Nope

Done

Feel like I'm "ready to pounce" and "fat buffer" does make me happy