valuation in western sydney

Has anyone recently done a bank valuation on their western sydney property for the purpose of topup/equity release, rather than a new purchase?

What has been your experience? Is it lower or higher than your anticipation ( or what you believe the market value)?

In the last few weeks, I requested a bank valuation in my portfolio for the purpose of equity release.

Prior bank valuer get's onsite I will make sure the he/she get's my comparable submission. My submission would be more extensive than what the valuer provided to valex. My diligence goes to extent calling council on comparable about approval on extension/studio status, and based on rpdata,, RE and talking few local agents.

For Non western sydney properties I basically got what I anticipated in my report submission.

However for 2 Western Sydney properties, they're both 10% lower from the market value ( or a price I anticipated ) We can get into details of each of the property but there are comparable sales that justify it.
I disputed both valuation, just for the learning but as expected 0% of winning a dispute.

Just wanted to hear from those who recently extracted equity from Sydney West properties. Thanks!!
 
Has anyone recently done a bank valuation on their western sydney property for the purpose of topup/equity release, rather than a new purchase?

What has been your experience? Is it lower or higher than your anticipation ( or what you believe the market value)?

In the last few weeks, I requested a bank valuation in my portfolio for the purpose of equity release.

Prior bank valuer get's onsite I will make sure the he/she get's my comparable submission. My submission would be more extensive than what the valuer provided to valex. My diligence goes to extent calling council on comparable about approval on extension/studio status, and based on rpdata,, RE and talking few local agents.

For Non western sydney properties I basically got what I anticipated in my report submission.

However for 2 Western Sydney properties, they're both 10% lower from the market value ( or a price I anticipated ) We can get into details of each of the property but there are comparable sales that justify it.
I disputed both valuation, just for the learning but as expected 0% of winning a dispute.

Just wanted to hear from those who recently extracted equity from Sydney West properties. Thanks!!

My recent vals in WSW have been positive experiences for my clients. Although they've mainly been for clients that haven't kept on top of market developments so much and haven't ordered vals for a few years. Dating late last year had pretty similar experiences too.

What type of val did you order? Did you do one/multiple? What LVR are you at?

I'm finding computer/kerbside vals coming out stronger than full vals too.

Cheers,
Redom
 
A kerbside (NAB) came back exactly same to the dollar as a full (CBA). Not sure this is a coincidence or one looks to the other in the valex system.

The last val I did for the props would be about 12 months ago, keep eye closely to the market.

All are 80% LVR, but this shouldn't be go or no go decider, as bank have no control over the valuation.
 
They're consistently coming up higher than expected, in saying that I think the clients expectations have been reasonable to start with.
 
Mount druitt / liverpool / st marys and punchbowl a lot higher than expected.
Most coming on par with the market.

Down south ( hursvtillve/ mortdale etc..) a different story- val all over the place depending on lender and location.
 
A kerbside (NAB) came back exactly same to the dollar as a full (CBA). Not sure this is a coincidence or one looks to the other in the valex system.

The last val I did for the props would be about 12 months ago, keep eye closely to the market.

All are 80% LVR, but this shouldn't be go or no go decider, as bank have no control over the valuation.

^ Upgrade the NAB one to a full and you may be surprise :)
Presuming its not the same valuer lol
 
4 broker telling the same story. It must be just me then.
Thank you all.

the 2nd property is still pending a full val from CBA valuer to be conducted this week. This same property NAB did a kerbside val of $730K. I was happy to accept. However the kerbside valuer had it marked "5" for improvement because it was main house + granny flat(approved), hence a full val is required and that came back as $660k. This is my backyard, and I inspected the 5 comparable properties within 0.5km radius

Interesting to know I ran the rpdata AVM on this property came back as $680k, but CBA AVM (which is essentially rpdata) came back as $608K...They must change some attributes when they ran the report.
 
had it marked "5" for improvement because it was main house + granny flat(approved), hence a full val is required and that came back as $660k.


There you go!!! i knew there was more to it....With granny flat you have to be careful on which lender and HOW you submit ( ie kerb/desk/full ) as not all lenders and valuer are "granny flat friendly" ....also i find most customer expect to much from their GF :p

Spend $100k on GF...it def won't add $100k value instantly...GF is really for RY not really for CG adding.
 
I have had at least 4 reval in the last 3 years since converting extension to a approved GF, and yes I understand the challenges in the val.

Earlier there weren't that many comparable, hence understand the challenges valuer may have. In my submission to the valuer, it also had JPG google map, circling 5 properties within 0.5KM radius that are superior, inferior and comparable.
In the dispute reply, Valuer said 1 of the property the GF was not approved in my submission and property cant be used for comparable ( he valued that property to be $610k, but was sold $730k) but yet in HIS report, he used 2 properties that are NOT approved.... makes me :mad:!!

This is just another story of GF valuation.

The other property is in Kingswood. 3 Bed fibro in 560m2 regular block ( singled dwelling, no GF) in a proposed R3 zoning. Market comparable tells me $490k not a problem, but he insisted using 1 property that is on main road, 2 properties that are 6 months old.
 
My western vals over past 6 months have come in spot on my estimated value. I know the markets well and did my own research to arrive at my requested val amount, and many of the comps I used in my research appeared in the valuers too.
 
They're consistently coming up higher than expected, in saying that I think the clients expectations have been reasonable to start with.

Amen.

I thought I was being overly optimistic, especially with the granny flats.

Am getting some great surprises and will really ramp up what I'm asking for at the upcoming evaluations.
 
I spoke with the 2nd valuer from CBA inspected the property this morning. He will have his valuation handed down COB today. Property is a main house+attached granny in a 600m2 both brick construction, 10-15min walk to Blacktown CBD. Main house 4 Bed, 2Bath, 1 garage. Granny 2 Bed, 1 Bath. Granny Flat is approved. Total rental income is $730/week

NAB Kerbside $730,000
NAB Full $660,000
CBA Desktop $608,000
CBA Full ???
My report submission to the valuer is$750,000. However my realistic estimate is anything on/over $700,000 from a bank valuation perspective.

Fingers crossed. will update this post once i get my CBA full val done.
 
CBA Valuation came back this today,
NAB Kerbside $730,000
NAB Full $660,000
CBA Desktop $608,000
CBA Full $700,000

a interesting learning exercise though. both the NAB and CBA valuer was from CBRT, same address but just a different guy.

What I observed with the 2 report from CBRT.
-- the 6 comparable properties used were identical.
-- the description of the comparable properties were identical
-- the inferior/comparable/superior assessment was identical, except for one property.
--2 comparable properties described as dual occupancy but enquiry to council indicate they're not. Despite I raised this concern with 1 report, it never gets changed in CBRT database. The disputed ended $0 gain.

Results:
--I've gained $40,000 increase by shopping around.

Overall I am ok to proceed with CBA with the 700k valuation, as I am not ready to send another full inspection which may upset tenants x 2.
Because both report used the same CBRT data, it is highly likely the 2nd report has seen the 1st report.

I will try with my broker to see if he can go back to NAB to take CBA val $700k, if not the kerbside val of $730k. Has any broker here tried this? Will NAB accept a full valuation done for CBA?
 
Back
Top