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Auburn property valuation questions, from what a desk misses to who attends.

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Acceptance & compliance

What is a property valuation?+

A valuer's signed opinion of what a property was worth on one nominated day, with the comparable sales and the reasoning set out beneath it. Where the opinion is formed after an inspection it also accounts for the state the property is actually in, which no amount of sales data will tell anybody.

What is the difference between a property valuation and an agent appraisal?+

An appraisal is a free estimate from an agent who wants the listing, and nobody signs it. A valuation is independent, effective as at a stated date, drawn from settled sales and signed, which is what allows a third party to act on it.

Who is qualified to prepare a property valuation?+

In New South Wales, a valuer with the professional qualification and standing to have their opinion relied on. Their name and credentials appear on the report, which is exactly what allows a third party to act on it.

Timing & process

Will the ATO and an SMSF auditor accept the report?+

Yes. A valuer independent of your fund prepares and signs it, SISR 8.02B is the standard it is written to, and the comparable sales are attached rather than summarised, so an auditor can follow the figure back to its evidence.

Who signs the report?+

The valuer who reached the opinion, named with their qualification. Not the model that gathered the evidence, and not anyone signing in their place..

Is an Automated Market Assessment enough for tax purposes?+

No. It is unsigned, and it describes the property as the record has it rather than as it stands, so there is nothing in it for an auditor, an accountant or a revenue office to rely on. On timing: a signed desktop report usually goes out the same day, and an Automated Market Assessment arrives the next business day.

How long is a property valuation valid for?+

It is effective as at its date rather than open-endedly. Where the organisation receiving it applies a currency period, that period is what counts, and your adviser will know which. A report also ages faster where the property itself has changed since, which in Auburn happens more often than people expect.

Pricing & orders

Are the prices really fixed?+

Yes. $169 for signed desktop reports, $79 for Automated Market Assessments.

Why is the valuation different from the price a property is advertised at?+

An advertised price is a marketing position, often a range set to attract interest. A valuation reports settled evidence. A campaign can also make a great deal of internal work that adds less than it appears to, and a valuation prices that work rather than photographing it.

How long does a property valuation take?+

A signed desktop report is usually ready the same business day. An inspected report takes longer because somebody has to attend and record what they find, and in Auburn there is generally more to record. An Automated Market Assessment arrives the next business day.

Is market value the same as the value on my council rates notice?+

No. A rates notice generally carries a land value, the ground alone with nothing built on it, struck at a date the council chose. It says nothing at all about what has been done to the property standing on that ground, which is often where the value has gone.

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