As one of Melbourne’s leading property valuers, all I can say is, if I had a dollar for every time a consumer asks me this question, I would probably have retired already.
Can you provide me with a valuation – you know I don’t need a report, just an opinion of value, an appraisal, or estimate of value.
The Australian Property Institute (API) has recently reported that the marketplace in general substituted the word “valuation” with other alternative means of appraisal, sale price, estimate, assessment, selling range, opinion.
Listen to all the spruikers in the market place. It is as if they are saying… “whatever you buy in the real estate market will make your money, just buy,” the running mantra for every real estate professional selling real estate in Melbourne over the last 5 years.
Truth be known, the fundamental principles of dollar value profit and how to make money out of real estate has been diminished by the two major factors of what not too many people are prepared to talk about
Global Purchaser
Generational shift to Gen Y
Without providing a detailed analysis, a large proportion of Global purchasers of whom have acquired Melbourne real estate over the last 5-10 year period, have not acquired for the same reason as local purchasers have.
Don’t take it personally. Regardless of how good your business plan and product/s are, if you are paying over the odds in rental, it will always be a catch up scenario.
The question is often asked to me, ‘Is there a difference between a bank valuation and a normal valuation?’ The most probable answer is no, there shouldn’t be, but the right answer is, but there could be.
