Just a quick question regarding a recent valuation I just received from Suncorp .
We paid $152k for a block of land in Arnolds creek , Melton West in July 2010 , it is 640sqm block and was valued at $185k by 2 real estate agents at the end of last year . Our valuation just came back at $130k
Thats around a 30% drop from last valuation and I know real estate valuations are not official but a nearly 20% drop on purchase price ? The same blocks sold for $195k 6 months after we bought ours . This has pushed our final LVR from 78% to around 90% . Is this worth disputing for the sake of not paying the NOW required LMI ?
Thanks ,
Brad
We paid $152k for a block of land in Arnolds creek , Melton West in July 2010 , it is 640sqm block and was valued at $185k by 2 real estate agents at the end of last year . Our valuation just came back at $130k
Thats around a 30% drop from last valuation and I know real estate valuations are not official but a nearly 20% drop on purchase price ? The same blocks sold for $195k 6 months after we bought ours . This has pushed our final LVR from 78% to around 90% . Is this worth disputing for the sake of not paying the NOW required LMI ?
Thanks ,
Brad