Hi,
can anyone tell me the easiest way to estimate land value in Victoria?
I tried calling councils and they cant give out the information (wont tell the average too.)
I asked agent and they were not sure and only guessing.
any advice is much appreciated.
Thanks.
Pat
A quick guesstimate can be made from looking at the land plots for sale (if any) near where you are looking, on realestate.com.au.
Land prices vary enormously from area to area.
The agent probably said he/she would be ‘only guessing’ because he felt that you were only making an enquiry about values and that maybe there was no sale in it for him/her. They are a rather unhelpful bunch when there is no dollar on the horizon.
So, to get around that, a tactic is to tell the agents you are interested in buying some land and ask what they have for sale. The only problem is you will get calls from them long after you find out what you wish to know.
Finally, you could pay a valuer to value any land you are interested in. Approx cost is $300.
Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
check out this web site it may help
http://www.land.vic.gov.au
select guide to property values in right side / in middle of screen or
try
http://services.land.vic.gov.au/landchannel/content/guideDuckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
thanks guys,
I finally got a valuer to estimate the property.
Just a story to share, the property is advertised for $280+ and I remember the agent mentioned vendor is happy to consider $280K – $290K.
I get the valuation done at $310K. Then the agent told me the valuer indicated him the property worth $310K. He refused to submit my offer at $285K to the vendor and expecting me to offer $300K-310K. Is the agent playing with me? I rang the valuation company and asked if they gave out any info but they denied it.
Hi there, from what i understand, and dont quote me on this, but the real estate agent must except any offer you make.
dont quote me on that but iam pretty sure thats the lawnot sure if it veries from state to state.
Good luck
hey there,
If your offer is in writing he MUST submit it….
Where is the land if you don’t mind me asking??Good Luck
Elijah Homes
[email protected]the land is in Heidelberg area. I talked to agents/ppl from other area and they said it is rough area but it has good growth based on recent sales.
One way you can find out is either visit properties in the area on auction day, and read the vendor’s statement. it will contain a council or land tax certificate and council valuation on land. Size of land is not often published but you can check with the agent and put 2 and 2 together.
The desktop version would be to simply ring up those agents and request that they send you a copy of the s32, either electronically or by mail. That will save on your time and petrol.
Regards,
Scarecrow7
“In times of crisis, both danger and opportunity are present”thanks Scarecrow7,
I have just compare two properties from the same area (50 meters apart)
Property1
Capital Improved Value = $231K
rates = $621.05
land value = ???Property2
rates = $760
land value estimated by valuer $210KCorrect me if i am wrong but can I use this formula to calculate the land value for property1 (210000/760)*631.05 = $174K?
the rates notices usually have a land value and improved value on them. request this from the seller. but these can sometimes be off the mark too. That’s the easiest form for getting an idea on land, because it uses historic comparable data.
Also, submit your offers subject to finance, and the bank will soon value the land and give you an idea on what they can lend against.
Oh, and another point of advice.
Go and tell that agent that land is only worth what somebody is willing to pay for it and this relates to the simple laws of supply and demand.
And yes, he does have to submit your offer. It is illegal for him not to present it.
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