Thinking about selling and wondering what is my property worth in Sydney? It’s an important step in the home selling process because it’s ultimately what buyers will pay for your home. So, if you’re at this point right now, there are a few ways you can do this.
First, it’s important to find out what is taken into account when checking your property’s estimated value. From size to location, there are a number of factors that come into play. But don’t worry, we’ll cover that too.
Additionally, from using online tools to making your own estimated value range, we’ll go through how you can find out what your property is worth in Sydney.
Regardless of what industry you’re in or the challenges you face, understanding the nuances of valuation is crucial. In fact, there’s a very interesting piece that delves into what can happen if a valuation is higher than an offer. It offers some thought-provoking insights that can apply across numerous contexts.
How to find out what your Sydney property is worth
If you’re not sure what your property in Sydney is currently worth, fret not, you’re not alone. Many homeowners have held their property for decades, through big economic changes and growth, so it’s safe to assume values change over time.
Here are a few of the main ways you can determine your home’s property value:
1. Check online property valuation tools
One of the quickest and simplest ways to check the market value of your home is to look online. Tools like Corelogic’s Property Value make it pretty easy. Formerly RP data, they pull information from sold listings and current market trends.
All you do if put in your address and you can have a look at all the information supplied like the general estimated property value, last sold price and date, and auction clearance rates.
To get a more accurate estimated property value, they recommend subscribing to the platform. You then have access to more information.
What’s great about online estimators is how fast they’ll get you the information you need. Also, a lot of them are free for an initial appraisal. But different sites will use different data to estimate their values. So, if you see a discrepancy, just go for the more trustworthy sites (like the one we listed above).
2. Hire a professional valuer
For a more accurate estimated property value, say, if you are seriously considering selling your home in the next few months, you can hire a professional property appraiser.
The appraiser will visit your home and therefore be able to offer a better, more accurate estimated value. They take into account the condition of your home, the location, market conditions and also the comparable homes (comps) in your area.
3. Talk to a real estate agent
Aside from professional appraisers, real estate agents are also able to give you a pretty accurate estimated property value. They have the knowledge of the market as well as the comps in your area to give a well-rounded view.
The plus side is that they can also advise on how to stage your home for the sale as well. And if you connect with them, and they think it’s the right time to sell, you might even decide to hire this real estate agent to sell your home.
4. Do it yourself by checking comps
If you’re putting up your property for sale in Sydney, you might want to check out the comps. Comps are the similar homes within your area. By looking at comps within the same area and property type, you can get an idea of what your property’s worth. You can check online sites like Property Value to find these.
You can also check the local Sydney newspaper for sold listings and auction clearance rates. When checking the auction clearance rates, do have a look at the following:
- type of property (house or apartment)
- size of the property – number of bedrooms and/or bathrooms
- result of the auction (passed in or sold before or at auction)
- auction date
The closer the property type to your own, the more relevant the sold price will be to yours.
The great part about the DIY method is that it’s free and you can choose which information you’re taking into account. However, that’s a double-edged sword. Without experience and knowledge in Sydney real estate, it can be harder to make better judgment than say, a real estate agent or property appraiser.
Also, as owners, you might put more sentimental value in your home. Perhaps you’ve lived there for years or styled the property with the latest home design trends in Sydney. While these factors may be valuable to you, they might not be for a buyer.
How do I find the exact value of my property?
Out of the four ways we listed above, the most accurate method would be to hire a professional. Whether it’s a property agent or professional valuer, they will look at many different factors and measure them against the conditions of the market as well.
How much does a property valuation cost Sydney?
The cost of a professional property valuation will depend on the service provider and your home. But in central Sydney, you can expect to pay anywhere between $200 and $600.
Having said that, when you get a home loan, your lender, NAB for instance, will often include a free property valuation as part of the package. They will usually hire a third-party appraiser to do this.
How often should a house be valued?
If you’re not intending to sell anytime soon, once every one or two years is a good time to get your property appraised. In a fast market, values are volatile, sometimes rising up to 25% higher in just one year.
That’s why it’s a good idea to keep your eye on the market as well as on the value of your home so you can better gauge a good time to sell. It also helps you get a better perspective on your insurance, home loan equity and basically, how much you’re sitting on!
FAQs on finding the worth of your property
How much can my house be worth and still allow me to receive the pension?
Fortunately, we’ve found a comprehensive article over at Soho that dives into this topic in depth. It offers a wealth of information, making it easier to make sense of it all. To get all the details, be sure to check out their guide on how much your house can be worth and still allow you to get the pension.
When it comes to navigating the financial landscape of retirement, the value of your house can have a significant impact on the pension you’re eligible for. If you’ve ever found yourself wondering, “how much can my house be worth and still allow me to receive the pension?” then you’re not alone. Many retirees grapple with this question, and understanding the ins and outs can be complex.
How Clean Should Your House Be For a Valuation?
Whether you’re looking into home improvement, decluttering, or prepping for a significant change, it’s essential to understand the value of cleanliness in enhancing your space. A neat and clean home can significantly increase your property’s value. If you’re curious to know more, here’s a great guide on how clean your house should be for a valuation, which provides valuable insights and practical tips.
How much is a property valuation in Sydney?
The cost of a property valuation in Sydney can vary depending on the size and type of property, the location, and the valuer. However, a standard residential property market value valuation report is likely to cost from $400 + GST.
Here are some factors that can affect the cost of a property valuation in Sydney:
- The size and type of property: The larger and more complex the property, the more time it will take to value, and the higher the cost will be.
- The location: The value of properties in different areas of Sydney can vary significantly, so the cost of a valuation will also vary.
- The valuer: The experience and qualifications of the valuer will also affect the cost of the valuation.
If you are looking for a property valuation in Sydney, it is important to get quotes from several different valuers to get the best possible price. You can also ask your real estate agent for recommendations.