Frequently Asked Questions.
Property is one of the biggest investments you’ll make in your lifetime, regardless of whether it’s a home, investment vehicle or business premises. The potential for great success in property goes hand-in-hand with great risk, and property-related decisions have a huge impact on our lives and livelihood.
Our independent, reliable and tailored valuation and property services will help you make better property decisions and enjoy better property outcomes.
Our valuation reports adhere to the International Valuations Standards and are valid for 90 days from the date of completion, this ensures that the assessed value remains current and relevant in a dynamic market environment.
The valuer conducts analysis using appropriate methodologies, taking into account factors such as comparisons with recent sales evidence and yield analysis. Following this, a detailed valuation report will be provided, including comprehensive information accompanied by photos and descriptions of the property.
The valuation holds legal weight and provides the most accurate indication of what a given property would sell for without the need to go through the sale process.
Upon receipt of instructions, we will promptly schedule a property inspection. Our aim is to facilitate the process for both parties involved. We can coordinate with the property occupants or liaise with the property manager if it’s tenanted as per your guidance.
While the presence of both parties at the inspection is not mandatory, you have the option to join. Should you choose to do so, include this preference in your instructions.
During the inspection, our valuer will require access to all areas of the property, including sheds, studios and detached rooms. Please ensure that any pets are secured. Photos of various aspects of the property will be taken, covering the front and back of the dwelling, bathrooms, kitchen, main living areas and any other improvement features. The photos captured will be integrated into the valuation report.
Please provide an electronic copy of the floor plans where possible. Where plans are available the valuer will complete their ‘check’ measurements. Otherwise the valuer will compete the required measurements on the dwelling and structures of the property.
Renting out your former home as an investment property triggers CGT. For example, if your home becomes an investment property, you should engage a property valuer as soon as it goes onto the rental market. An internal inspection of the property, at the current date, will provide the valuer with the most comprehensive information to provide an accurate report. However, it is common to provide a retrospective valuation when required, particularly when access to the property is no longer available.
Additionally, gifting a property can trigger the need to pay CGT, based on the property’s market value at the time of the gift.
Our reports can be submitted to the Australian Tax Office or provided directly to your accountant to assist in the calculation of capital gains tax. We also work alongside accountants, financial advisors and other allied professionals to provide an accurate report, in a timely manner with impressive customer service.
At the outset, it is important to identify the date at which the valuation is required. Is the valuation required at the current date, or a ‘retrospective’ valuation as at a previous date? Normally, a retrospective valuation is required, when the family home (principal place of residence) becomes an investment property and is thus income producing. This should be confirmed with your accountant to ensure the correct date of valuation, prior to any work being commenced.
It is best practice that a full inspection of the property be carried out wherever possible. However, if the property has since been sold and access is not available, a kerbside valuation can be conducted. In this case, please provide as much information as possible regarding the internal features of the property and changes made to the property. The valuer will conduct an external inspection from the street and will rely on online resources where possible for additional information.
We provide stamp duty valuations for private clients, accountants, financial planners, solicitors, conveyancers and corporate organisations.
A stamp duty valuation is required when there is a contract of sale, property transfer between related parties, property transfer into a superannuation fund and property transfer between trusts or legal entities.
Stamp duty valuations are required to calculate the amount of stamp duty payable on a property transaction. This valuation is crucial as it directly influences the amount of stamp duty a buyer will have to pay to the government.
Stamp duty is a state-imposed tax applicable to various transactions such as property purchases. Each state and territory in Australia has its own unique laws and charges related to stamp duty. Stamp duty is payable on the market value of the property. When an individual or entity acquires a property, the responsibility for paying stamp duty falls on the purchaser during the asset’s transfer.
When it comes to property settlement matters requiring property valuations, our approach is fairness and transparency.
If lawyers represent one or both parties, instructions will flow through them as per relevant legislation. In instances without legal representation, we request written consent from both parties for joint instruction, this ensures the appointment of a single expert witness, maintaining the integrity of the valuation process.
Whether working with, or independently of family law legal representatives, WBP Group can be appointed with confidence as an expert witness in your matter. Our valuations are accepted by the courts and completed according to International Valuation Standards (IVS) adhering to the Australian Property Institute (API) standards.
Importantly, we maintain independence from all parties involved, disclosing any potential conflict of interest upfront. Our goal is to provide a professional, impartial service to aid in property settlement without bias towards any party’s outcome.
In these sensitive matters, it’s crucial to engage an experienced professional to facilitate a streamlined settlement process. Our team understands their role as expert witnesses, adhering to court rules and regulations.
A family law valuation is performed during divorce or the dissolution of a de facto arrangement with the aim to determine how to fairly divide property between the parties involved.
Using methods such as real estate appraisals or the purchase price of the property can result in vastly different values, potentially leading to further disputes and making it difficult to reach a compromise.
Engaging a Certified Practising Valuer experienced in family law valuations, you will receive an independent and unbiased property valuation with current market factors, ensuring a fair assessment of the property’s value.
A valuation report is a professional and legal assessment of the value of your property.
A valuer assesses the value of the land and improvements, considering a myriad of factors including building layout, number of rooms, general condition, orientation and land topography, together with analysis of recent sales of comparable properties. This process usually involves an external and internal inspection of the property. When the field work and analysis is complete the valuer compiles the report, which incorporates a final valuation figure or range.
A property valuation will provide you with a current assessment of the value of your property, also known as ‘fair market value’. Your need for a valuation may vary from ‘absolutely necessary’ to ‘helpful to have’ as you make various personal and/or business decisions.
With no financial ties to the properties we value, WBP Group valuers provide clients with a qualified, professional and impartial assessment of a property’s value.
The short answer is, no.
They are two documents created for different purposes. A real estate agent uses expert local market knowledge to determine a price tag for selling a property. An independent valuation carried out by a Certified Practising Valuer can be for a wide range of clients to satisfy a wide range of purposes, including mortgage and refinancing, financial reporting, family law matters, renovation and development feasibility and more.
The process is easy and begins with a request for quote via an online form or by calling 1300 302 581.
A WBP team member will discuss your requirements with you in detail and provide a quote. You can accept the quote on the spot and lock in your order, or you can call back within 30 days to accept the quote.
Our team will call to schedule a time for the valuer to visit the property.
Please ensure access is available to all areas including all detached rooms, granny-flats and sheds. If tenanted, please advise the property manager access is required for the valuation asap. Our aim is to inspect the property within 24 hours.
We will send a confirmation text to the on-site contact.
The physical inspection of a property can take anywhere from 10 minutes to an hour or more depending on the property size and type.
For the best outcome, the following steps can assist:
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- Provide building plans with (legible) measurements. The valuer will measure the property, however building plans will improve accuracy and save time.
- Advise of any ‘hard to see features’ such as solar panels, underground water tanks, underfloor heating.
- Advise the valuer of any recent comparable sales in the area that may not yet be available online.
- Ensure any renovations are finished before the valuation. Incomplete works will have a negative impact.
During an inspection, your valuer will inspect the exterior and interior of your property, taking into consideration the construction, floor plan, fixtures and fittings and general condition of the property. The valuer is required to confirm land size, shape and topography, and to measure the area dimensions of buildings/improvements. Ancillary improvements are also noted, such as fencing, landscaping, swimming pools and car parking facilities.
Many Australians are choosing to renovate over moving house to better meet their changing needs. Renovating is a great way to improve the value of your property, but it doesn’t come without risk. There is no guarantee that the amount you spend on renovations will translate to the same or more increase in your property’s value.
A qualified valuer can ascertain current market value and estimate the post-renovated value based on your plans and specifications. Armed with this information you can make a well-informed decision after comparing your estimated costs with the estimated post-renovation value and help you avoid overcapitalising.
The Compliance Team checks the report to ensure that it meets all regulatory requirements and the instructing party’s specific requirements. The report is submitted to the instructing party within 12 hours of inspection. However, this is contingent upon the complexity of the valuation and availability of comparable sales evidence.
Please note the report can only be provided to the instructing party, which is the lender.
In most cases, a valuation is a valid assessment of your property for 90 days from the date of inspection.
No, the valuer will still have some work to do after the physical inspection, the valuer visits the properties that were sold recently to compare the location, topography, outlook and street appeal. Online databases are resourced for further information and internal photos. Comparable sales are of similar style, on similar size allotments within the same locality. In some instances, sales outside the local area may be analysed if the property is unique.
When the field work and analysis is complete the valuer compiles the report, which incorporates a final valuation figure or range.
Banks need to protect their interests by ensuring the parties they lend money to are able to pay it back. The bank orders an independent valuation as part of their risk management process to ensure that if a loan customer defaults and the property needs to be sold, they can recoup the cost of the loan.
Valuers are legally bound by privacy laws to provide the information requested directly to the instructing party, which in this case is your lending institution. Policies relating to providing the valuation figure to the loan applicant vary from bank to bank. Speak to your bank directly if you wish to receive the valuation figure.
Valuers are unable reproduce reports provided to lending institutions. However, if you would like us to conduct a separate valuation of your property for your own purposes we would be happy to do so at a discounted rate.
Factors that influence the cost of your valuation include the purpose, property type, land size, location and type of report required. The WBP team member quoting you can explain this in the context of your specific requirements. Remember, the cost of the valuation can be tax-deductible for businesses or if the subject property is held for investment purposes.
Yes, please! It’s standard practice in the industry to pre-pay for your valuation at the time of booking. You can pay by EFT or credit card (Visa and MasterCard).
