Before entering into a property purchase a thorough investigation should be made to assess what the property is worth. The first step is to collate research on recent sales in the area. You can collect data from various newspapers, obtain printouts from local councils, and approach real estate agents for information of recent sales in the immediate area. A company that specialises in producing comparative sales data, is Residex property sales and valuation data and Home Price Guide.
Professional valuations are no doubt the most accurate way of accessing a properties value, and range from $290.00- $350.00.
By analysing past sales data, you will be able to determine an estimate of price range , but be sure that the sale you are looking at is as similar as possible to the property you are looking at purchasing. The comparative sale should be in the same suburb, ideally the same street, and have the same amount of accommodation and land content. The property should be in similar condition ,the same age, and carry the same title being Torrens the most popular for residential homes.
Some older established areas are very hard to determine from the outside their true and fair market value, with land sizes ranging from 750sqmetres to 4000sqmetres in the same street. So please make sure that your comparative sales data is accurate and recent, and this should enable you to get some sort of educated feel for the present market.
Professional valuations are no doubt the most accurate way of accessing a properties value, and range from $290.00- $350.00.
By analysing past sales data, you will be able to determine an estimate of price range , but be sure that the sale you are looking at is as similar as possible to the property you are looking at purchasing. The comparative sale should be in the same suburb, ideally the same street, and have the same amount of accommodation and land content. The property should be in similar condition ,the same age, and carry the same title being Torrens the most popular for residential homes.
Some older established areas are very hard to determine from the outside their true and fair market value, with land sizes ranging from 750sqmetres to 4000sqmetres in the same street. So please make sure that your comparative sales data is accurate and recent, and this should enable you to get some sort of educated feel for the present market.
