Everything You Need to Know about a Property Valuation Report

If you’re thinking about purchasing a property in Australia, a valuation report will not only enhance your understanding of the property, but also reduce potential risks that may be unknown to you without the report.

A property valuation report, along with the Landchecker Property Report will allow you to make a more confident and informed property decisions when the time comes to purchase.

Let’s start with the most common question:

What is a Property Valuation Report?

Put simply, a property valuation report is a data driven assessment that includes a range of relevant information for a particular property in one central report.

The data for each report is formed by an independent, professional, certified valuer with specialised expertise in this field.

They obtain their information via an in-person visit, on-site observations and a range of other data.

Each valuation takes into consideration a range of property factors; such as its size, location, age and condition, any modifications that may have been made, zoning, comparative home prices and recent sales in the area, and so on.

What is the Purpose of a Property Valuation Report?

The report contains a range of up-to-date market data and helpful insights for anyone interested in the value of a home, especially:

Sellers – a report will provide you with a better understanding of a fair market price if you are interested in selling your property.

Buyers –as a prospective buyer, a property valuation report will reveal the current value, condition (and more) for a particular property, so you can best determine if/what you may want to offer when buying.

Property valuation reports help to fill in gaps in the information you may already have about a property, or that is available to you.

Without this report information, it can feel a bit like “buying blind” or making an educated guess without having all the data you need to be in the best position for buying (or selling).

Types of Data & Insights Provided in a Property Valuation Report

A full property valuation report will include the below information (where relevant):

Size: not just the dimensions of the home and land, but also an accurate, up to date floor plan so you know exactly what you would be buying

Any legal constraints: so, for example, you’ll know if future development may be restricted for a particular reason. An outline of permitted land use in relation to current codes will be included too

A site plan and specific list of inclusions and notes of any renovations or improvements in relation to boundaries.For instance, this may refer to additions like granny flats out the back, a pool, or other structures

General condition of the home: obvious defects, repairs and structural issues

Recent sales history which allows you to see how the home’s value has increased or decreased over time

Rental value of the property (including the analysis and calculations used to form this), so that if you wish to purchase it as an investment you have an indication of what you can expect to rent for

The class of land valued and use of the land and its location, plus details of any people or businesses in occupation of the property

Current market value and valuation rationale. Perhaps the most important part of the property valuation report is the current estimated market value of the home and how this was calculated (based on the combination of all of the factors above as well as comps: how the property compares similar/other properties in the area)

May include other relevant information of interest such as views, surrounding developments, noise from surrounds (i.e., road or rail) and so on

When & Why Would I Need a Property Valuation Report?

Generally, the right time to get a valuation report/s is when you;

Have a personal interest in comparing two or more properties to determine which is better suited to your need

Are seriously considering buying a property and want to approach it from the most informed position you can

A valuation report is a step you would take before putting in a formal offer or bid.

Now to the why: doing your property due diligence has traditionally been time consuming, challenging and even confusing.

Finding the kind of information contained within each valuation report yourself takes significant research across multiple sites and databases (and even then, you still may not be able to find what you need).

Without mincing words, it’s a hassle – which is why professional reports that offer all the accurate information to save you time (and sanity) exist.

The Benefit of Landchecker & Visual Inclusions

The Landchecker online database simplifies the process of property due diligence with integrated national satellite coverage, high-resolution property aerial imagery, on-map functionality and other relevant property valuation report data.

Combined, this lets you conduct property research quickly, easily and most importantly, all in one place and from the comfort of your home or office.

The visual inclusions allow you to see all the property data in context, which is an excellent way to enhance and complete the “property picture”.

A range of tools are available at Landchecker, including (but not limited to):

Distance tool: calculating the walkability and drivability ease (based around arterial roads and congestion).

Planning Permit/DA’s in the property area and how this may impact your future in the home.

Modifications: use the aerial imagery and timeline tool to see how the property has changed over time (and then check if the builder had requisite approvals and if it was done to code). This little check could save you thousands down the line.

"Via Landchecker you can access key property and land documents seamlessly for every property in Australia. This is essential for times when reducing your risk and making an accurate judgement and decision for a property really matters."

Where to begin: we suggest trying our free property report that contains a range of info (such as sales history, burglary statistics, planning zones, overlays and land). Best of all, there’s no wait time required and the info you need will be generated right away!