Council valuations out of wack

I was pleasantly surprised when the bank commissioned me to run over to the Council Offices and grab a current rates notice to include in a recent 'top up' equity cash loan application. Glancing over the valuation it was registered as $168k when it was purchased two months earlier for 72k. I would not have known this had the bank not asked. Then the next Saturday's local paper had a full front page article of Council valuation going haywire across the board.

Though a higher valuation is good it's not realistic. Myself and bank knew that! So i lodged a compliant to the Council whom called a week later saying that the land value alone was at least 80k and from a desk peeking at Google street view said "i can't see much of it" i replied, "yeah, that's because of the big hedge out the front, but it's a 2BR weatherboard house and lots of shedding and new double garage". On chatting to neighbors down the road they alluded to be willing to have paid 110k – 120k if they had known it was getting auctioned. I didn't even know that, i heard about the property after no-one had put there hand up at auction and submitted a simple short text maximum  offer 72k.

I suggested that it's probably more in the vicinity of 110k to 120k. The valuer verbally said over the phone, "how about we change it to 110k or 120k."… yep that be good!

That sent me into thought and then realized that two other properties owned by myself have had internal works done and the valuations are way under for these. Since Council does these only every two years and they currently taking complaints from bodged valuations. I think with a five minute visit to Council again and a five minute phone call and i could get on paper Council valuations that will add 100k over the three properties across the board.  

I do not mind paying the higher rates provided the valuations are increased realistically with market movement where as most of those that are complaining will be home owners with one property in most cases even though some of them need to go down. As mentioned two of mine need to value up.

If banks bare the weight of Council valuation to determine my proposed livelihood then i want the best change to reach goals quicker with higher access to equity.