Services
Lewis Valuations + Advisory have extensive experience in providing accurate, evidence based valuations.
We strive to keep ahead of our competitors by using market leading technology and research to deliver reports that are of a high standard.
Our valuers are all API certified, registered across Australian states, and have a minimum of 15 years’ valuation experience.
The valuers also live and work in their home town which means they have an in-depth knowledge of the property sub-market local to them.
Valuation Types
You may need a market value assessment for one of the reasons below:
– Finance and Mortgage Services
– Government Services
– Self-managed Superannuation Fund (SMSF)Valuations
– Self-managed Superannuation Fund (SMSF)Market Rents
– Family Law Valuations
– Litigation
– Compulsory acquisition
– Boundary realignments
– Rating disputes
– Rental Determinations
– Margin Scheme valuations
– Insurance Valuations
– Tax Depreciation Schedules (Residential and Commercial)
Every property is unique, and our approach to every property changes to accommodate this.
Physical Inspections
Full property valuations are the most common type of valuation conducted in Australia, representing over half of all valuations performed. The Australian Property Institute, the leading industry body for valuers in Australia recommends a full valuation to ensure accuracy.
During a full valuation, a certified valuer physically visits the property and conducts a thorough inspection both inside and outside. The valuer is responsible for generating a comprehensive and legally binding property report. The report encompasses various aspects depending on the property type but generally includes an extensive evaluation of the property’s condition. It also incorporates photographs of each room, measurements, captures any recent renovations or alterations, and provides details on zoning restrictions. Furthermore, the report lists local area amenities such as the proximity of schools, shops, and other relevant facilities.
See our Property Valuation FAQ below for more information.
Property Valuation FAQs
A property valuation is a detailed report developed to ascertain a property’s market value at the date of inspection. It details key features such as property size, condition, other comparable sales and more. A property valuation is a legally binding report prepared by a Certified Practicing Valuer who has completed a university-level degree and relevant training, in addition to being accredited by the Australian Property Institute.
A property valuation is used for numerous reasons, including determining the value of a property pre-purchase or pre-sale. It is also used when applying for a mortgage to purchase a property or refinancing a loan, to ensure the security value of the property adequately covers the loan amount. A valuation may also be used in family and partnership settlements, insurance claims, or for financial reporting.
At Lewis Valuations + Advisory, we understand that every property is unique. As such, we use a variety of approaches and methodologies to calculate the value of your individual property.
Such as the:
– Summation approach – land value + improvements value
– Income approach – passing income
– Market approach – comparable sales with similar improvements and conditionu
Your qualified valuer will also take into account any issues identified during inspection, and research, such as environmental issues.
A property valuation is undertaken by a Certified Practicing Valuer who has completed a university-level degree, in addition to being accredited by the Australian Property Institute and Registered in any state within Australia that they are practicing.
A property valuation is required when a property is being purchased, sold, refinanced, transferred, or for financial reporting on property assets. Valuation for the purchase and sale of a property is used to ensure that the security value of a property adequately covers the amount being loaned.
Market Value is defined by the International Valuation Standard Council as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.
Across many states of Australia and around the world, valuers are required to be registered both by government and industry body ensuring they are bound by industry standards to provide expert valuation advice. In Queensland and Western Australia, valuations of real property can only be legally undertaken by a valuer who is appropriately registered under the Valuers Registration Act 1992/ (VRA) and the Land Valuers Licensing Act 1978/ respectively.
A valuation provided by anyone who is not a registered and certified valuer is illegal, including real estate agents operating in states governed by statute.
A legally prepared valuation provides an unbiased and independent assessment of value that can be relied on for financial decisions, legal or statutory requirements. Valuation includes an assessment of a rental value. Whilst the difference between a valuation and a real estate agents’ appraisal is not well known to the general public, major institutions such as the Australian Tax Office (ATO), Australian Federal Circuit Court, Local Courts, Supreme Courts, Banks, Mortgage Insurers, Law Societies and CPA Australia have adopted the Australian Property Institute as the industry recognised body for property valuers’ minimum qualifications to provide expert advice.
To practice as a registered valuer the individual has attained tertiary education qualifications and work experience to be competent to practice as well as being of good fame and character. Where a valuation is undertaken for a financial decision, a legal or statutory requirement by any person, company, or enterprise not registered as a valuer this will be in contravention of Australian Legislation.
An appraisal, on the other hand, provides a broad estimate of the potential sale price or rent applicable to a property. It is standard practice for a real estate agent to provide an estimate of the sale price or rent applicable to a property to provide information to buyers, sellers, and tenants. This is not a property valuation and cannot be relied upon as a basis for a financial decision, legal or statutory requirement.
The time it takes to complete a physical property inspection will vary depending on the layout, size, and features of a property and the documentation that has been supplied. A residential property inspection is generally completed within 30 minutes, with commercial and agribusiness requiring longer timeframes. A valuation report is generally supplied within 5 working days of instruction and supply of all required documentation.
Once your inspection has been booked, at a mutually convenient time for the valuer and yourself you should start to prepare for the valuation to occur. Here are a few tips.
– Provide access. A valuer will need access to the whole property. Where possible, ensure all doors are unlocked and access is available throughout the building. The valuer will take photos and measure the building, even if you provide a dimensional floor plan as a check measure, so access to all areas is required.
– Clean, declutter, and repair. The valuer will look past the dirty dishes in the sink and an unvacuumed floor. The valuer will however take note of all unfinished renovations and any areas that need maintenance. To ensure your property is valued at its best, it is best that you complete those small maintenance tasks and renovations prior to inspection.
– Supply relevant documentation. The valuer and/or their support team will ask you for relevant documentation prior to the inspection of your property. In order to help the valuer expedite the completion of your report, it is important that they have the necessary document at hand from the outset. Frequently asked for documents include the below (only those relevant to your property type, would be required):
– Dimensional floor plans
– Survey plan or Registered plans
– Certificate of Title
– Lease agreements
– Executed contract of sale
– Body corporate fees
– Summary of outgoings
– Council approvals for any additions or use on the property (If applicable)
– Summary of any capital works undertaken in past 3 years (If applicable)
– Executed building contract
Specialised properties will require extra documentation that is relevant to them.
– Highlight the property’s special features. While the valuer is a property expert, there are certain features at a property that are not visible. Does the property have solar panels, how many, and how many kilowatts, CCTV, bore water, etc. Disclosing this information will help the valuer provide an accurate report.
– Contain pets. Please put your pets in a safe place for their own safety, and the safety of the valuer.