Monthly Archives: September 2018

Why it is imperative to hire a property valuer for House valuation

Home is the place where we can be ourselves, where we can spend our relax time, enjoy with our dear ones. Home holds a special place and something very close to our heart. When it comes to finding the value of our home, no one wants to take it for granted. As property valuation process not only aids to know the selling price of the property but also it helps to calculate the property tax, insurance premiums, home loan amount, to settle the property dispute and more.

When the property value is so crucial, it becomes vital to choose the approach (to find the property value) which is authentic and reliable. In the world of real estate property, those who are the investors and make frequent transactions of the property also prefer to choose property valuers Brisbane for valuation over the online property valuation tool and DIY (do it yourself) methods.

Because the results estimated by the online tool and with the self-doing methods are not exact. And obviously, if you are planning to sell your home then surely you want the best price of it.

Online property valuation tool –
Online valuation tool can be used when you have a general house with other special feature like swimming pool, terrace garden, pergolas, open living area, online property valuation tools are of no use. For these kinds of houses, you need the property valuer to inspect and calculate to evaluate the property value, this is the more righteous way to find the property value.

Real estate agents for valuation –
Real estate agents are the amateur they have an idea about the property sales value but they are not the experts or qualified professionals thus they can roughly predict the property value which can’t and shouldn’t be used to make the property transactions. Thus property valuer’s valuations become need. As they provide the valuation report which is more authentic and reliable.

Property valuation by qualified property valuer –
Real estate house valuers are qualified professional they inspect the house well, gather the data (facilities associated, special features and drawbacks of the house) and find the comparable, then make some analytical calculations to find the right value of the house.

They provide the property valuation report which is considered as an authentic and reliable and can be used as proof to solve the legal matters as the report prepared by the valuer contains all the information related to the property, comparable used and calculations made.

Impact of local market condition on property value –
Remember the property value is dynamic in nature, it depends upon the factors like market condition, economic stability, supply-demand ratio. The property value that is estimated by the valuer is considered till three to six months in the normal market condition but if market condition changes then the property value changes too.

The values provided by the valuer on the annual and quarterly basis one should not rely completely on it. As property value changes, which even fails the expert valuers predictions.

For the best property valuation services contact us.

The story of unoccupied homes in Australia

In Australia, the rate of vacant homes is rising fastly. It is found that on the census night the 11.2 percent of homes were unoccupied. These numbers are around 2,00,000 which was significantly very high.

Property valuer says – “There are more than millions of extra homes with more number of spare bedrooms, in the market.” It has been observed the gross under occupancy rate in Australia. Also, the number of increase in underutilized properties grew by more than 2,00,00 in the past six years. Property valuers  Brisbane and experts in Australia are realizing that property housing market is not working well. It is creating a problem for the people with low income. People are finding houses are overvalued, thus they aren’t able to afford the houses in Australia.

As per the report, the 11.2 percent of the properties are unoccupied. This is one in ten new dwellings is found vacant. In the last two decades, it is found that Australia has 3,00,000 vacant homes. The reason is young Australians aren’t interested in buying homes that they are finding rental homes are much better for them, or else they are living at their parents home. People are liking to live in multi-generational homes, that is younger children with parents and their kids. So the homeownership is falling in Australia and noted 6 percent fall in the last decade only. The reason behind this thinking could be affordability, high dwelling prices, high-interest rates, tighten mortgage procedures and many more.

According to the report in the last five years the Sydney dwelling values raised by 70 percent.

This tends to have 15 percent of the houses are empty in the capital city of Australia, Sydney.

As per the report it is found that – In the month of July up to 5,25,000 of the vacant home found at the time of the census. It has been observed that the inner suburbs of Sydney have a slightly higher rate of around 9.5%, while the north and south-west growth areas tend to have slightly lower rates of vacant homes. Investors leaving properties vacant just for capital gains in regional areas. The Melbourne inner suburbs also had a higher percentage of unoccupied dwellings at 11.1 percent.

It has been observed that foreigners are purchasing the property in Australia and leaving them vacant, Which is increasing the number of vacant properties. Government is implementing a vacant property tax for foreigners to deter this kind of activities. Higher numbers of vacant homes indicate the notion that some people purchased some properties without an intention to keep them on rent. This is also increasing the number of vacant properties in Australia.

To hire the property valuer for the best property valuation services contact us. We have a team of experts who are always ready to help you out. Feel free to contact our expert valuers.

Know how much money is required to renovate a home and apartment

Renovation of a property is made with various points of view and with different expectations too. Some want to increase the value of the property, some want to extend the carpet area, some have desires to make it aesthetically appealing.

Your amount of money spends on renovation completely depends upon the reason for renovation. If you are doing for your own just to increase the look and feel of the property then it is completely fine but as a home flipper or an investor if you are renovating to increase the value of the property then you have to think about the budget first.

Know the property value first and then decide – Hire a property valuer for property valuation services and know the exact value of your property before the renovation. As property valuer suggests to spend the 6 to 9 percent of the property value on the renovation.

For example – If your house worth is $6,00,000 then you should spend 6 to 9 percent of it. That is $36,000 to $54,000.

House Valuation Brisbane suggests that – “If people are spending more than 9 percent on the renovation means they are over capitalizing the property.”

Moreover, the amount of money spent on the property renovation depends on locality and prospective buyer. If the home is in the nice or pouch area then definitely it demands some more money as buyers will look for high-quality things and brands in the home.

Ideally one should spend below 10 percent of the property in its renovation. Though people want to convert their home into their dream home so they can spend more on renovation.

Think about adding value to home through renovation – If you are a homeowner and doing renovation for your own house then you are a free bird, just check your finance and plan accordingly. But being a home flipper or investor you should think twice before bringing your renovation plan into execution. Because your purpose of renovation is to increase the value of the property. Think about your renovation plan is truly adding value to your investment property or not.

Some renovation changes like painting walls, changing floors, replacing old carpet with a new one don’t need much amount of money. But if you are planning to eliminate wall between the kitchen and living area then you need a big budget to do so. Though undoubtedly it increases the value of the property to a huge extent but makes sure you have sufficient finance to manage all this. For example – You may want to replace your kitchen’s top but it will cost you more, better you should look for the one which does the same job.

The property valuers suggest – “Choose the middle path between overcapitalisation and scrimping because this is an endless journey where expenses may touch the sky while renovating your home or property. So it is advisable to check out your renovation plan prior and make all the calculations then start renovating it.”

Contact us to hire a property valuer for the best property valuation services.

Australia’s property prices fall fastest in the last six years

Australia’s housing downslide is at its boom. It has been noticed that the property prices in Australia fall fastest in the last six years. In Brisbane and Melbourne the property prices are falling rapidly and in Perth and Darwin, the falling figures are driven by a long run.

The reasons behind the Brisbane slowest market till now is higher borrowing costs and unaffordable dwelling prices. The median house price in the capital cities has declined over the past few months. The steepest falls noted in the Melbourne and Perth.

Where the Hobart, Brisbane and Adelaide housing properties were up the other capital cities like Sydney, Melbourne, Perth, Darwin, and Canberra faces the major fall in property prices.

The House Valuation Brisbane company Brisbane Property Valuations says – “The biggest housing prices fall were occurring in areas where the market is premium.” In Brisbane , the dwelling values are down by 8 percent in the most expensive area of the market and 1.8 percent fall is noticed in the most affordable quarter of the market over the 12 months.

The dwelling price to the income ratio was found 8.1 in Melbourne and 9.1 in Sydney in the month of June 2018.

Property valuer have notified the “worst is yet to come” and that dwelling prices will go down further as demand falls at a rapid rate than the decrease in property’s stock. They have estimated the dwelling prices across the capital cities of Australia could drop by up to 5 percent a year, on top of the 2.4 percent slide in the year to July.

“National home values in Australia is continuing to fall, 0.6 percent dropping has been noted in the month of July 2018.” The economist predicted that – “Price will soon be falling even at a faster pace.” this is the worrying factor.

On comparing the housing sells data seven-year back and home sales in the month of March 2018 is found that the march declination was larger than it was seven years ago. The larger decline was noted in the number of new listings.

The decline in retail spending in the month of July is also a reason for falling dwelling values in Australia. It is suggested that Australians should be prepared for elongated housing downslide as the tighter credits and higher mortgage rates are affecting the dwelling values to a higher level.

The figures are very shocking – Australia’s home prices continue to fall from the last ten months and noted in the month of August also. Some economist says – Over the next four years these values could slide by 12%. A study revealed that Sydney and Melbourne home prices may decline by 15% in the year 2020.

Australia’s housing values are falling. But if you want to buy a home in Australia. The property valuers will act as a guide they are the professional who knows everything about the property value and property valuations. Contact property valuers Sydney to get the best value of your property.

Know why Brisbane vacant properties are filling fast

As per the new property report released – “Australia’s southerners are shifting to the northern part of the country like Brisbane and Queensland.” It has been observed that the Brisbane and Queensland rental vacant properties are filling up fast as the demands are rising. Whereas the nation’s largest city Sydney is having more empty houses though property owners are trying well to hold the tenants, by lowering the rental amounts.

The report stated the facts are – Brisbane rental vacant property rate fell to 2.9 percent in July which is continuously falling from the last 5 months. It is estimated that in Sydney 20,000 residential homes are vacant whereas in Brisbane these numbers are around 9000, which is comparatively very low. Despite low vacant properties, the rental rates are firm in the Brisbane. As the demand is rising every day the vacant property ratio is declining.

The asking rates in Sydney are still highest in the Australia i.e $707 a week for a house with three bedrooms. Though the vacancy rate in Sydney is recorded the highest in the last 13 years. Where the number of vacant houses are more.

The property valuers Brisbane figure out the reason behind leaving the Sydney is – “People now are moving in the northern areas to find more affordable housing, better standard of living and in the search of better job opportunities”.

The research says – “12 percent rise in demand for rental properties in Brisbane in the past 12 months”. Showing these figures the experts say the surplus rental property in Brisbane will soon be occupied in next one year.

The Brisbane economy has been improved and better jobs are available whereas the Queensland economy is also recovering.

The prospect renters are more interested in these suburbs of the Brisbane like – Holland park, Newmarket, Greenbank in logan, Camphill, Windsor of Brisbane. The Brisbane is well on the demand of the renters. So it’s not surprising to see the fall in vacancy rates.

The properties in Sydney are expensive, rents are high, sick traffic which makes life miserable in Sydney, according to the people who are leaving and want to leave Sydney. People want to live in the place where they can afford a house with a secured job and where they can enjoy the quality life. The main reason behind the leaving Sydney is people are feeling stressful there, to maintain the work-life balance is becoming difficult for them. Whereas they are feeling more comfortable and getting the quality life in Brisbane and Queensland.

Whether you are selling or renting your property in Sydney or anywhere in Australia, getting the experts advice is the great way to move ahead. First, know the property value via opting property valuation services and then decide the rental amount or selling price of your property.

If you are looking for the best property valuers in Sydney, then feel free to contact our expert property valuers Sydney they are always feel happy to assist you.