How To Find Out What My Property Is Worth?

Selling property in Queensland is anything but easy. First, you have to worry about highlighting the best aspects of your property in order to sell it fast and at a good price. Then come endless negotiations with all the interested buyers, not to mention the bulky paperwork that accompanies transfer of property. But one question that bugs most property sellers is: how do I know just how much my property is worth? Do I just trust that my real estate agent is working with my best interests at heart? Thankfully, there are various ways to find out just how much your property is worth in Australia. These include:

1. Use Online Estimates

One of the easiest and quickest ways to get an estimate of what your property is worth is to visit various property valuation websites. You will need to give as precise a description of your property as possible in order to get a reasonable estimate.

However, these estimates are simply based on statistical modeling where historical sales values and suburb/region median growth rates are factored into their calculations. Some of these websites do not update their data as often as they should. Sometimes, those estimates maybe a few months old and this can alter their accuracy a great deal. But if you are looking for a fast and easy way to get an estimate of your property, then online valuation sites are a great starting point.

2. Ask a local Real Estate Agent

A local real estate agent will give you an estimate of the value of your home based on what sales have occurred in the local market for properties that may be similar to yours. They are generally a more accurate measure than the online sites since they deal with property transactions on a daily basis, hence are generally more up to date with the value of property in your local area.

One thing to keep in mind when getting appraisals from agents is that they can be overly optimistic about your properties value in order to secure your listing. An agent appraisal is therefore useful to establish the highest figure in the range.

3. Hire a Registered Valuer

Valuers are different from real estate agents in that they specialise in property valuation as opposed to selling property. Before they give you a figure, they consider the features of your house that could improve its value as well as any defects of the house that could lower its value. Valuers will often provide a more conservative figure which is generally used to set the lower value in the range.

One obvious downside of this approach is the cost. Generally, a fee of $400-$600 will apply, depending on the price range your property falls into. This can be mitigated however if you’re able to order you valuation through a mortgage broker who has the ability to secure professional valuation services, through one of their lenders, at much cheaper rates.

In summary, an approach that many people find useful is to establish a mid-point in the range between the lower (registered valuer) and the higher (real estate agent) figures. Ultimately your properties value is only worth what someone is prepared to pay for it at the time it’s listed for sale. Anyone for an auction..?

Discount Conveyancing Broker is a conveyancing brokerage company.

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