Land and property are usually people’s biggest asset, so it is important to know its worth. Whether you have a block of empty land or one with a home on it, we can help you figure out how much your property could be worth. We address what the different methods of land valuation in New South Wales and Queensland are, and which are best for your particular situation.
What is a land valuation?
A land valuation is when a qualified valuer tells you the exact worth of the land you own, not including the property on it.
In NSW, the “Valuer General” is the person who oversees the valuation of all of the state’s properties every three years at the beginning of each financial year. NSW land valuers have a standard method of valuing all properties, regardless of their zoning or location.
In QLD, the “Valuer General” is an individual who selects council areas in the state to value each year. QLD values rural and residential land using different methods, which is the key difference to the NSW valuation process.
This is done to set land tax and council rates for all properties and is a great way to find out what the value of your land is.
This value is official, as you can provide it to banks or insurers for them to base your loans or insurance policies off.
How is a land valuation calculated in NSW and QLD?
The valuers take several factors into consideration, such as heritage restrictions, nearby infrastructure, the size and features of the land, and zoning.
Land valuation in NSW does not take into account structural aspects of the property unless it improves a land feature such as drainage or retaining wall additions.
Land valuation in QLD takes into account whether the property is rural or residential, and also considers drainage, retaining walls, existing vegetation, and so on.
How do I get a land valuation in NSW and QLD?
Both in NSW and QLD, land valuations are conducted routinely by the Valuer General, and it’s not possible to request one outside of the regular cycle. However, you can always access the last figure of your property valuation.
If you’d like to find out the value of your property, you can go to Service NSW or Queensland Government. You’ll need the valuing year and your property number. Details on how to find this information are available on that webpage, so you can easily find your land valuation.
Is a property or land appraisal similar to a land valuation?
A land appraisal differs from a valuation on many levels, regardless of your state. An appraisal is conducted by a real estate agent, and the figure is their opinion of what your asset would be sold for in the market should you sell that day.
If you have a vacant block of land, the agent will be able to appraise what they believe it to be worth. If there is property on the land, they will appraise how much the property and land would sell for together.
How is a property or land appraisal calculated?
Agents estimate your land and property worth by finding comparable sales. This is starkly different from the process used for land valuation in NSW and QLD. These are recently sold properties that are in a similar location, standard, and make to your property and land. They then factor in market conditions such as buyer demand, the amount of stock on the market currently, and provide you with an estimate of how much your land or property will sell for.
Property appraisals are a great way to begin a relationship with an agent if you’re thinking about selling. Appraisals are, of course, free, and more importantly, commitment-free. It is simply for you to get an idea of your property worth.
How do I get a property or land appraisal?
To receive an appraisal, get in touch with your local agent. You can even ask more than one agent to provide you with an appraisal to get better insight into your property. More opinions provide you with more information about the market and your home’s or land value.
What is a desktop appraisal (and should I get one before a land valuation)?
If you are at the beginning of your journey and would like an easy, instant way to get an idea of the worth of your land or property, you can always generate it online. There are many desktop appraisal tools available, and Avnu’s Property Report is one of the leading ones on the market.
It provides you with many pieces of data regarding your suburb and your specific property or block of land. This is a great way to get an immediate result, but of course, the data provided can’t be given to a bank or insurer as proof of value of your land.
This immediate approximation is useful to conduct if you’re waiting for your land valuation or you need extra information to look it up. It will provide you with a fairly accurate estimate which can allow you to start planning your next property move before you find out the official value of the land.
How is a desktop appraisal calculated?
All desktop appraisals are calculated differently. Avnu’s tool takes comparable recent sales and listings to your property or land to estimate the price. These properties are provided by CoreLogic, Australia’s leading data provider in the real estate industry, with clients such as The Reserve Bank.
How do I get a desktop appraisal?
Simply go to Avnu’s Property Report to find out what your home or land could be worth.
By choosing one of these three methods, you will get a sense of how much your land could sell for or even be rented for, and ultimately, decide what you would like to do with your asset.
DISCLAIMER – The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker Avnu will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.