Valuation for CGT - REA Appraisal or Registered Evaluator

[QuickZebra]

I'm going to turning my PPOR to IP in 7 days time. I will rent elsewhere to live in .The valuation of the home is important on the day when I move out. I'd like to get a high evaluation price for CGT purpose.
I want to get this done in 7 days if possible because I don't want to bother tenants.

I searched the forum and found 3 options below. Plan A seems to be the easiest way and cost nothing. Is Plan A sufficient for CGT calculation? I would be grateful if I could get your valuable opinion. Thanks.

A: get 3 x REAs written appraisals of market worth
http://www.somersoft.com/forums/showthread.php?t=55067

B: registered evaluator
Cost : $300

C: Bank evaluation
the valuation they ask the Valuer to do is usually for mortgage lending purposes, to securitise their money. So the evaluation price might be lower than the market price.
I can get it from my mortgage lender for free. But no sure
1) whether they can do this in 7 days
2) whether I can get a copy of the evaluation

Appendix:

http://www.somersoft.com/forums/showthread.php?t=55294&highlight=valuation+CGT
From the ATO website:

How do you obtain the market value?
You can choose to:
obtain a valuation from a professional valuer, or
work out the market value yourself using reasonably objective and supportable data - such as the price paid for very similar property that was sold at the same time in the same location.

If you do go with the latter method, just make sure it does pass the "reasonably objective and supportable" test.

 

[MissMuffitt]

We had a CGT valuation done when we turned our PPoR into an IP.
We had it done by the registered valuer, as we were told that 3 RE appraisals would not be good enough.

We were happy, it came in at $365,000. We bought it for $250,000 2 years earlier. Nice CG there.

 

[Terryw]

This is going to be an important decision in years to come. Don't worry about saving a mere $300 - I would probably get 2 or 3 valuations and tell the valuers what the purpose is and try to get as high as possible - then chose the highest valuation.

 

[QuickZebra]

registered valuer

Can anyone recommend a registered valuer in north area of Melbourne? Thanks a lot.

 

[RightValue]

What Suburb?

PM me the details and I may be able to help you out here.

BTW, just to clarify things technically.

there are NO registered valuers in Victoria. Victoria abolished the registering of valuers under the Kennet administration.

What you want is Certified Practising Valuer (CPV) who is at least an AAPI (Associate of the Australian Property Institute) to perform or countersign the valuation. Certification is handled by the API (Australian Property Institute) and is the level of certification required by banks and mortgage insurers around the country regarless of wether a valuer is registered or not. For example a person can gain registration as a valuer in NSW right out of university with no experience, but unless a person who is AAPI and a CPV signs the report it generally won't be accepted.

However non-technically when people talk about registered valuers it is taken to mean CPV.

cheers

RightValue