Top 10 Factors That Affect Property Values

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Propell National Valuers CEO Bart Mead sheds light on the top 10 factors that affected property valuations in 2011.

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Top 10 Factors That Affect Property Values

  1. 1. Top 10 Factors That Affect Property Values© The Mortgage Gallery Rockingham
  2. 2. Sound Telegraph February 29, 2012 Propell National Valuers CEO Bart Mead sheds light on the top 10 factors that affected property valuations in 2011. 1. Market Trends The rising or falling of the market and the time the property has been on the market. 2. Similarity of properties Valuers can draw on a history of local demand enabling easier assessment value. 3. The number of other properties on the market at the same time When properties that are more comparable are available, the lowest price usually sells first. 4. The strength of the competition A property valuation must reflect the competing current market. 5. Unusual features These can add value, or may detract value if not attractive to others. 6. Pricing If the property is typical of what sells in that suburb, it is likely to experience good demand and will sell. 7. Presentation Maintenance, garden care, suitability and cleanliness all contribute to the value of the property.© The Mortgage Gallery Rockingham
  3. 3. 8. Location issues Location factors such as bus stops, neighbouring housing and access to city roads can impact on value. 9. Asking prices versus sale prices Many vendors judge value on the sale prices advertised, but there is often a gap between asking prices and actual sale prices achieved. 10. Renovation Potential Depending on the property type and location, such capacity may be sought after or not. Someone wanting to demolish and rebuild will not pay extra for renovations to the existing building.© The Mortgage Gallery Rockingham

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