澳洲Australia property Method in valuing a property | Sydney


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


Hi,

Problem

I'm trying to value a property to find its real market value with a view to make an offer but the problem is that there is not alot of comparable sales in the area. Any figure I generate will be based on a small sample size.

Question 1

What if i go back in further in time to generate a larger sample of sales?

Proposed Solution

There may, however, be a problem using the raw house prices 3 months or more back due to changes in value over time. To account for that, I use the median house price at that particular month of sale and find the percentage increase from that particular month to the current month. I then multiple the percentage increase from that particular month with the original sale price to obtain its relative current value. I then can use its relative current value as a comparative sale in the area.

For example, a similiar townhouse was sold 2 years ago at 350,000. The median prices then were 450,000 in the area. The current median price is 900,000 for simplicity's sake in the area. The percentage increase is 100% or double. So I double the price of the similiar townhouse sold 2 years ago to obtain its market value today. I then use this market value as a comparable sale.

Question 2

As the median prices in the area fluctate alot due to not many sales, would using the local LGA median price to find percentage increases affect the validity of this method?  

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