Find out more about the property valuation process
Everyone wants to know how much their property is worth. This is especially true if you're considering selling. Many things can influence the value of your property, such as where it's situated, how big the land is, and the age and condition of the building(s).
When it comes to understanding the value of your assets, you have a few options, and it's important to choose the one that best suits your needs.
How different home valuations work
Online Assessment Tools (AVMs)
An online home valuation tool (sometimes called an automated valuation model, or AVM) is a useful starting point for figuring out how much your property is worth. These tools use computer algorithms to analyse publicly available data and come up with an approximate value for your property. There are many AVM’s online, and these can provide a quick and convenient value range, making them ideal for initial insights and a ballpark range. When using an AVM, it’s important to choose a respected tool with reliable data sources, such as Realestate.com.au or Domain. While they make a good starting point, each algorithm is different, and they are only as good as the data available to them. If you’re close to selling or refinancing, it’s good practice to supplement AVM research with a professional viewing your home in-person, for a comprehensive and reliable property value assessment.
Agent Appraisal
A real estate appraisal can offer valuable insights into a property's value based on their local market expertise. Their knowledge of local trends and buyer preferences are a strong advantage. Complementing an agent's appraisal with an independent and professional property valuation, completed by a qualified valuer can give you confidence in agent selection, listing prices, and negotiating with buyers. A valuer’s sole responsibility is assessing the market value of your property.
Certified Valuation (in-person)
Certified valuations, completed by a certified valuer following an inspection of your home, are the most accurate assessment of your property's value. The inspection provides firsthand insights into your home's unique features, location and potential risks. With an experienced valuer physically inspecting your property inside and out, you can discuss your property and market with your local valuer, and will receive a detailed report to empower you on your property journey.
When it comes to determining your property’s value, engaging with a qualified valuer is a worthwhile investment for peace of mind. Their reliability and in-depth information makes them the preferred chose for a crucial property transaction or advice.
A qualified valuer can also complete a desktop assessment, as a quick and cost-effective way to estimate a property's value without the need for an on-site visit. With access to extensive data and a wealth of knowledge about recent local sales, market trends and buyer demands, our valuers can provide an efficient estimate without the need for a physical visit.
What’s right for you?
The choice between these options depends on your specific circumstances. For a unique property, comprehensive analysis and market insights with an in-person inspection is typically the preferred choice. If you are on a time crunch, face logistical challenges or would like an initial price guide, a desktop valuation will provide timely insights while still being completed by the same local qualified expert.
We're here to guide you in making the right choice for your property needs. Feel free to reach out if you have any questions or require further information.
To support sellers on their property journey, we’ve launched a new eBook, Selling your Property in Australia: A Comprehensive Guide. Download today to gain important insights before you list your property on the market.
