Property owners are receiving their Council rate notices at the moment and in addition to the actual size of the bill a great deal of interest is generally shown in the value of the property.
It is important to know however, that the value ascribed to your home by the Council is not always the same as if you were to sell your home tomorrow.
The primary purpose of council valuation is to provide a basis for determining the property owner’s contribution to the council’s consolidated revenue. The valuation is determined every two years on the 1st of January by qualified valuers’ engaged or employed by your Council.
The council valuation will provide you a guide as to the price you may be able to achieve if you are intending to sell. However you should also undertake a number of other steps to determine the value of your property.
You can ask an REIV member to undertake a market appraisal. This will provide you with the opportunity to, discuss with them the factors that impact property values.
When your property goes on to the market is important to remember that prospective buyers often look at a range of homes within the same location. As such it is wise to make an effort to understand the local market. Use a website such as www.propertydata.com.au for a free general report on recent auctions and demographics or spend between $25 and $35 and access more detail information.
Finally, when you actually sell, remember that the demand for your home will be influenced by what other properties are for sale in your area and the number of buyers looking. This means that the marketing and preparation of the home will also influence the sale price.
