Began in humble beginnings, as a property valuation practice, based at Castle Hill, North west of Sydney, in the Hills area. The practice grew with clientele, expanding into tax depreciation valuation work. Over the years, the business moved from Castle Hill to Chatswood and then to North Sydney in the 2000s decade.
Property valuations are required by professionals, with their clients, in legal, accounting/taxation, government, and mortgage/finance requirements, to show legal document proof of a fair market value of the client’s subject property. Also, property valuations are required by clients to assess a rental level, pre-sale price/auction reserve, pre-purchase price, portfolio review, etc.
Property Valuation is the process of an inspection and preparation of a valuation report, by an accredited property valuer (from the Australian Property Institute, API), to assess the fair market value of the subject property, based on the subject property’s details, features, zoning, areas (Site and building areas for freehold properties. Lot’s apartment or unit area, for strata properties.), environmental considerations, local comparable sales, and property market information.
Fair Market Value defined in the 1907 Spencer V The Commonwealth court case, Fair Market Value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing, wherein the parties had each acted knowledgeably, prudently, and without compulsion.