The property valuation report estimates the market value of 24 Maple Street, Bayswater, Victoria at $598,559 based on a comparative analysis approach using three comparable recently sold properties in the area. The comparable properties were selected based on similar lot size, location, and condition of improvements to the subject property. Adjustments were made to the sale prices of the comparable properties for differences in lot size, number of bedrooms, location desirability, and condition of improvements. Based on these adjustments, the estimated market value of $598,559 for the subject property was determined to be suitable for a mortgage.

1. MMP111
Assignment 2
Property Valuation Report
CORRY GEORGECINCOTTA
5-15-2015

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Executive summary
Afterextensive analysisthe followinginformationhasbeenconcluded.
It isrecommendedthe subjectpropertyissuitablesecurityfor advancementof mortgage funds.This
issubjectto conditionsandresearchedmaterial containedinthisreport.
Thisreportwas conductedinregardsto the land andimprovementslocatedat
24 Maple Street, Bayswater, Victoria
For the purpose of occupancyby the purchaserJohn Smith. The previoussalesdatawasunavailable.
The methodusedto value the subjectpropertywere the Comparative analysisapproach.Using
three comparative soldpropertiessoldwithinthe previoustwelve months.Marketvalue definition:
AustralianPropertyInstitute (API) national definition.
The estimatedmarketvalue asof 15 May 2015, subjectto existingmarketconditions, inclusive of
GST is $598,559
Five Hundred and Ninety-Eight Thousand, Five Hundred and Fifty-Nine Dollars ($598,559)
It isrecommendedthatthe subjectpropertyissuitableforpurchase asa rental investmentbythe
purchaser. Subjecttothe conditionsoutlinedinthisreport.
The analysisprocessincludedtitle andlandsearch,planningandoverlayinvestigation,assessment
of internal andexternal features,local arearesearchandcomparable propertyassessments.
Additional documentsincluding picturesandmapsof propertylocationsare suppliedondocuments
appendices.
The market value assessmentisbasedoninformationgatheredinthe comparativeanalysisprocess.
Basedon familyhome soldwithinBayswaterinthe pasttwelve months.Righttoreview:should
there be unforseeneventsaffectingthe market.

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1 Contents
2 Introduction.......................................................................................................................... 4
2.1 Search process............................................................................................................... 4
3 Subject Property ................................................................................................................... 5
3.1.1 Parcel details.........................................................................................................5
3.1.2 Planning Zone Summary......................................................................................... 5
3.1.3 Internal Features....................................................................................................5
3.1.4 External Features...................................................................................................5
3.1.5 Location / External influences ................................................................................ 5
4 Comparable Sold Properties...................................................................................................6
4.1 Sale A............................................................................................................................ 6
4.1.1 Sale Details / Features............................................................................................ 6
4.1.2 Parcel details.........................................................................................................6
4.1.3 Planning Zone Summary......................................................................................... 6
4.1.4 Selection................................................................................................................ 6
4.1.5 Internal Features....................................................................................................6
4.1.6 External Features...................................................................................................6
4.1.7 Valuation............................................................................................................... 7
4.2 Sale B............................................................................................................................ 7
4.2.1 Sale Details / Features............................................................................................ 7
4.2.2 Parcel Details.........................................................................................................7
4.2.3 Selection................................................................................................................ 7
4.2.4 Internal Features....................................................................................................7
4.2.5 External Features...................................................................................................7
4.2.6 Location / External Influences ................................................................................ 8
4.2.7 Valuation............................................................................................................... 8
4.3 Sale C............................................................................................................................ 8
4.3.1 Sale Details............................................................................................................ 8
4.3.2 Parcel Details.........................................................................................................8
4.3.3 Selection................................................................................................................ 8
4.3.4 Internal Features....................................................................................................8
4.3.5 External Features...................................................................................................9
4.3.6 Location / External Influences ................................................................................ 9
4.3.7 Valuation............................................................................................................... 9
5 Valuation.............................................................................................................................. 9
6 Appendices......................................................................................................................... 10

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7 Refferences......................................................................................................................... 16

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2 Introduction
The report hasbeenpreparedasa bankvaluationtoensure propertyissuitableadvancementof
mortgage funds.To meetthisrequirementacomparative analysiswasundertakenusingpreviously
soldpropertieswithsimilarcharacteristicssoldinthe pasttwelve months.
It isrecommendedthe subjectpropertyissuitablesecurityforadvancementof mortgage funds.This
issubjectto conditionsandresearchedmaterial analysed.
The followingreportincludesparcel details,planningzone summaries,internal features,external
features, locationanalysis,adjustedvaluationsforeachcomparable sale andthe estimatedmarket
value of the subjectproperty.
Directfeaturescomparisontable, directsalescomparisonwithadjustmentstable, streetview
photographsand area mapsare available inthe appendices.
2.1 Search process
The primarysearch was conductedonline usingRealestste.com.au.Tenpropertieswere shortlisted;
site inspections were conductedonshortlistedproperties;threecomparable propertieswere
selected.The mostimportantcriteriatakenintoconsiderationwere lotsize,amountof bedroom,
location desirability,andcondition of improvements.
Limitationswere the lowvolume of house recentlysoldonlarge blockswithontwobedrooms.To
conduct valuationtwocomparable propertieswithasuperiornumberof bedroomswereselected.
Adjustmentsweremade invaluationprocess.

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3 Subject Property
24 Maple Street, Bayswater, Victoria
3.1.1 Parcel details
Lot/Plan: 14 LP18979 Standard Parcel Identifier: 14/LP18979
Local Council: Knox Council Property Number: 110281
Lot Size: 980m2 Bedrooms: 2
Listed Sale Price $550,000 plus
Bathrooms: 1 Double Lock up Garage
3.1.2 Planning Zone Summary
Planningzone: General residential zone (R3Z)
Schedule tothe general residential zone –
schedule 2
Planningoverlay: Vegetationprotectionoverlay(VPO)
Vegetationprotectionoverlay –schedule
(VPO3)
3.1.3 Internal Features
The dwellings internal features include a flowing floor plan with two bedrooms, bathroom with
shower over bath, kitchen with gas stove/oven and electric range hood, wall to wall carpeting
throughoutthe lounge mealsare and the two bedrooms,interiorwallsare hard plasterand painted,
ceilings hard plaster and a split system cooling system in the lounge.
There are visible signs of functional and physical obsolescence throughout the dwelling which are
outlined as follows. The kitchen and bathroom are out dated with original fixture and fittings still
being used. Functional and physical obsolescence is also evident thoroughout the remainder of the
dwellingwithworncarpetingandadateddecoratingscheme.Itisclearlyevidentthepropertyhasnot
been recently updated.
3.1.4 External Features
The dwellings exterior is painted weather board, with ceramic glazed tiled roofing, galvanised steel
guttering,chimneyare gasheater, private backyard, rearcoveredverandaonalarge residentialblock
of 980m2. Additional improvements include a double lock up garage
The dwelling structure shows signs of physical obsolescence with peeling paint on the exterior
weatherboards, rusted gutting and cracked roof tiles.
3.1.5 Location / External influences
The locationhas ease of accessto main roads,shopping,local schools,medical centresandpublic
transportation.There isgoodaccessto the site,the local area isdesirable the site is showingno
signsof economicobsolescence.

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4 Comparable Sold Properties
Three comparisonpropertieswere selectedbasedonlandsize,locationandsimilaritiestothe
subjectproperty findings are asfollows.
4.1 Sale A
105 Stud Road, Bayswater, Victoria
4.1.1 Sale Details / Features
Sale price: $481,000 Sale date: 10/03/2015
 Lot size: 742m2
 Two bedroom
 Double lock up garage
 One bathroom
 Lounge room
 Dining room
 Self- Contain bungalow
4.1.2 Parcel details
Lot / Plan: Lot 147 LP54284 SPI (Standard Parcel Identifier): 147LP54284
Local council: KNOX Council Property Number: 112602
4.1.3 Planning Zone Summary
Planning Zone Overlay: General Residential Zone (R3Z)
Planning Overlay: None
4.1.4 Selection
Selectionisbasedonlocation,lotsize andconditionof the improvements.Sale A hassimilar
obsolescentimprovements,lotsize andlocationare basisforsection.
4.1.5 Internal Features
The floorplanhas beenalterwiththe thirdbedroombeingconvertedintoadiningroomat the front
of the dwelling.The currentfloorplanincludestwobedrooms,lounge,dining,mealsarea,kitchen
laundry, bathroomandwatercloset.
Internal featuresinclude electricstove/cooktop,separate showerandbath,wall towall carpeting
throughoutthe twobedrooms,lounge anddining,vinyl flooringinkitchen,laundryandbathroom,
wallsare hard plasterrecentlypainted,ceilingsare hardplaster.
There isfunctional obsolescence withthe impractical layoutof the property,the datedkitchenand
bathroom.Physical obsolescence isminimal asflooring,walls,ceilingare ina goodcondition.
4.1.6 External Features
The dwellings exterior is painted brick veneer, cement tiled roofing, galvanised steel guttering,
chimneyforgas heater,timberwindowframes.Atthe rear of the propertythere isa double lock-up
garage, self-contained bungalow, outdoor entertaining are and a rear deck.

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The exteriorhasrecentlybeenpainted,thereare still signsof physicalobsolesce,withtimberwindow
framesshowingsome rotting,cementtilesare weathersome withvisible cracking.The bungalow and
garage are showing functional obsolescence as they are both of low standard construction.
4.1.7 Valuation
Comparisonsale propertieswere valuedusingadjustmentstosale price basedonsq.m, bedrooms,
locationdesirability,conditionof improvementsandcapital gains.
Adjustedsale price forSale A
Six Hundred Thousand One-Hundred and Eighty-Three Dollars ($600,183)
Adjustmentsweremade asfollows;similaramountof bedroomsnoadjustment; inferiorlandsize
$148,750 increase;Superiorlocation$30,000 decrease;capital gainsadjustment$433.
4.2 Sale B
4 Wattle Road, Bayswater, Victoria
4.2.1 Sale Details / Features
Sale Price: $421,000 Sale date: 29/12/2014
 Lot Size: 865m2
 Three bedrooms
4.2.2 Parcel Details
Lot / Plan: Lot 2 LP57440 SPI Standard Parcel Identifier): 2/LP57440
Local council: Knox Council property number: 213065
Planning Zone Summary
Planning zone: Neighbourhood residential zone – Schedule 3 (NRZ3)
Schedule to the neighbourhood residential zone – Schedule 3
Planning overlay: Significant landscape overlay (SLO)
4.2.3 Selection
Selectionbasedonsimilarlotsize,state of improvementandthe property’sexteriorandthe location
of Bayswater.
4.2.4 Internal Features
Dwelling includes three bedrooms, kitchen,dining, meals area, laundry, bathroom and water closet.
Further information regarding internal condition of dwelling were unavailable.
4.2.5 External Features
The dwellingsexteriorisbrickveneer, roofingiscementtiling; windowsare timberframes,chimney
gas heater,shedatrear of property.

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The vegetationonthe propertywasveryovergrownand unkemptobscuringthe dwellingmakingan
effectiveevaluationof exteriordifficult toaccess.
4.2.6 Location / External Influences
The propertyhas easyaccessto main roadand local facilitiesbycar.Howeveritisnotwithinwalking
distance tothe Bayswatertrainstationandlocal amenitieswhichmake the propertylessdesirable.
4.2.7 Valuation
Comparisonsale propertieswere valuedusingadjustmentstosale price basedonsq.m, bedrooms,
locationdesirability,conditionof improvementsandcapital gains.
Adjustedsale price forSale B
Five Hundred and Eighty-Nine Thousand, Four-Hundred and Forty-Seven Dollars ($589,447)
Adjustmentsweremade asfollows;superior amountof bedrooms$20,000 increase;inferiorlotsize
$77,500 increase;Inferiorlocation $100,000 decrease;capital gainsadjustment$947.
4.3 Sale C
111 Scoresby Road, Bayswater, Victoria
4.3.1 Sale Details
Sale Price:$470,000 Sale Date:10/03/2015
 Lot Size:779m2
 Three bedrooms
 Double lock-upgarage
 Lounge room
 Bathroom
4.3.2 Parcel Details
Lot / Plan: Lot 25 LP53599 SPI Standard Parcel Identifier): 25/LP53599
Local council: Knox Council property number: 119712
Planning Zone Summary
Planning zone: Neighbourhood residential zone – Schedule 3 (NRZ3)
Schedule to the neighbourhood residential zone – Schedule 3
Planning overlay: Significant landscape overlay (SLO)
4.3.3 Selection
Sale B has an additionanadditionbedroom, butthe state of the improvementinternallyand
externallymake itacomparable propertyandthe location.
4.3.4 Internal Features
The property’s floorplanincludesthree bedrooms,kitchen,lounge,familyroom, bathroom, laundry
and anadditional watercloset.Featuresincludegascooktop/stove,splitsystemairconditioning,wall
to wall carpetingthroughoutlounge andfamilyroom, tilesthroughoutthe remainedof the dwelling.
Walls are painted hard plaster, ceilings are hard plaster.

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Physical obsolescence is consistent throughout the dwelling as it appears renovations were
incompleteattime of sale.The bathroomwasincomplete withpaintingand workincomplete,aswith
the lounge and family rooms the wall had yet to be painted to cover plaster work.
4.3.5 External Features
Externallythe dwellinghasabrick veneer,cementtile roofing,timberwindow frames, steel
gutteringanda double lockupgarage.
4.3.6 Location / External Influences
The locationhas ease of accessto main roads,shopping,local schools,medical centresandpublic
transportation.The propertyislocated walkingdistance toBayswatertrainstationanditsshopping
district,thisaddsto the locationsdesirability.The lotsize issufficientforpossible subdivisionor
redevelopmentwhichaddstopropertydesirability.
4.3.7 Valuation
Comparisonsale propertieswere valuedusingadjustmentstosale price basedonsq.m, bedrooms,
location desirability,conditionof improvementsandcapital gains.
Adjustedsale price forSale C
Six Hundred and Six Thousand and Forty-Eight Dollars ($606,048)
Adjustmentsweremade asfollows;superioramountof bedrooms$20,000 decrease;inferiorlotsize
$125,625 increase;Inferiorlocation$20,000 increase;capital gainsadjustment$423.
5 Valuation
The valuationof the subjectpropertyisbasedonComparative Analysisusingthe comparablesale
propertiesresearched.The propertieswere screenedbylandsize,locationandconditionof
improvements.
As of 15 May 2015 itis estimatedthe subjectpropertiesmarketvalue is
Five Hundred and Ninety-Eight Thousand, Five Hundred and Fifty-Nine Dollars ($598,559)
Thisfigure wasobtainedbyusingthe assumptionsthat sq.mperlotisvaluedat $625, additional
bedroomare valuedat$25,000, locationadjustmentswere made basedonlocationdesirabilityand
adjustmentsforconditionof improvements$10,000.
Thisfigure iscloselyalignedwiththe assumptionthatlandvalue is$625 sq.mwhere basedonsq.m
the value wouldhave been$612,500. Usingthe meanof the adjustedsale price fromthe direct
comparisontable withadjustments(seeappendices) the marketestimationwastaken.

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6 Appendices
Table 1.0 DirectFeaturesComparison
SubjectProperty Sale A Sale B Sale C
Bedrooms 2 2 3 3
Bathrooms 1 1 1 1
Areain sq.m. 980 sq.m. 742 sq.m. 856.sq.m. 779 sq.m.
Qualityof Land Good Similar Inferior Similar
Location Average Superior Inferior Inferior
Construction condition Average Similar Inferior Inferior
Legal Freehold Freehold Freehold Freehold
Type of sale Arm’slength Arm’slengthArm’slength
Conditionsof improvements Average Average Poor Poor
Price $481,000 $421,000 $470,00
Table 2.0 Directsales comparisonwithadjustments
Subject Sale A Sale B Sale C
Sale Price $ 481,000 $ 421,000 $ 470,000
Bedrooms -$ 20,000 -$ 20,000
Adjstedforareasq.m $ 148,750 $ 77,500 $ 125,625
Location -$ 30,000 $ 100,000 $ 20,000
AdjustedforImprovments $ 10,000 $ 10,000
Capital gainAdjustment $ 433 $ 947 $ 423
Adjustedsale price $600,183 $589,447 $606,048
*Land valuedat $625 persq.m.
*Additional bedroomsvaluedat$20,000
*Locationdesirabilityestimatedvalue change
*Conditionof improvementsvaledat$10,000

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*Capital gainsadjustmentatannual growthof 5.4%

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Fig1. 24 Maple Street,streetview (Source:CorryCincotta)
Fig2. 24 Maple Street,AreaMap (Source:Land.vic.gov.au)

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Fig3. 105 Stud Road,AreaMap (Source:Land.vic.gov.au)
Fig4. 105 Stud Road,StreetView (Source:CorryCincotta)

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Fig5 4 Wattle Road,AreaMap (Source:Land.vic.gov.au)
Fig6 4 Wattle Road,StreetView (Source:CorryCincotta)

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Fig7 111Scoresby Road,Area Map (Source:Land.vic.gov.au)
Fig8 111 ScoresbyRoad,StreetView (Source:CorryCincotta)

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7 Refferences
Appraisal Institute,2015, the Valuationof Real Estate,the AustralianPropertyInstitute,Canberra.
Australianpropertyinstitute,2012, AustralianandNew ZealandValuationandPropertyStandards,
AustralianPropertyInstitute,Canberra.
Realestate.com.au,105 StudRoad,Bayswater3153, Realestate.com.au,viewedMay11 2015,
<http://www.realestate.com.au/property-house-vic-bayswater-119103543>
Realestate.com.au,111ScoresbyRoad,Bayswater3153, Realestate.com.au,viewed10May2015
<http://www.realestate.com.au/property-house-vic-bayswater-119123243>
Realestate.com.au,24Maple StreetBayswaterVic3153, Realestate.com.au,viewed10 April 2015, <
http://www.realestate.com.au/property-house-vic-bayswater-119041955>
Realestate.com.au, 4 Wattle Road, Bayswater 3153, Realestate.com.au, viewed May 10 2015,
<http://www.realestate.com.au/property-house-vic-bayswater-118715507>