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Assignment : Valuation Report
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Added on 2020-05-11
Assignment : Valuation Report
Added on 2020-05-11
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EXECUTIVE SUMMARYProperty Address File Reference:Instructing Party:Purpose of Report:Interested Valued:Basis of Valuation:Description: Certificate of Title Details:Registered Owners:Limitations, VALUATION REPORT OF 5 DEVONSHIRE STREET, CROWS NESTNSW 2065VALUATION REPORTValuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 20655 Devonshire Street, Crows Nest NSW 206510-9-2017-2781Australian Property Institute
Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065Professional Interview PurposesSimple Resourceful Fee with Free OwnershipCurrent Market ValueThe subject property is an architecturally designed single residential dwelling with a living area of 125m2 built on a 272 m2 plot. Accommodation comprises of a living/dining area, three bedrooms, a modern kitchen and bathroom. Other improvements include a hallway, entrance, carport, a lawn at the front, backyard at the rear and a fence. The dwelling is located in an area with integrated public transportand surrounded by several other similar developments.Lot 3, Section 2, Deposited Plan 2781Matthew Phillip Rowe and Lisa Angela PaulHeritage issues – except & reserving gems and minerals; limiting agreement benefit and burden; and mortgageR2 (Single Residential Dwellings)$206,667 on 7th January, 2001 10th September, 2017Page 1
Zoning:Last Date of Sale: Date of Inspection/Valuation:Rental Assessment:Valuation Methodology:Valuation:Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065$800 per weekDirect Comparison Approach$2,085,000 (Two Million and Eighty Five Thousand Dollars)TABLE OF CONTENTS1.VALUATION INSTRUCTIONS........................52.DECLARATION ........................................63.BASIS OF VALUATION 64.DATE OF INSPECTION/VALUATION 65.INFORMATION SOURCES66.LOCATION77.TITLE PARTICULARS87.1.LEGAL DESCRIPTION87.2.REGISTERED PROPRIETORS9Page 2
Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 20657.3.RESTRICTIONS, INTERESTS, ENCUMBRANCES AND NOTIFICATIONS97.4.TOWN PLANNING AND STATUTORY ASSESSMENTS98.LAND DESCRIPTION AND SERVICES108.1.DIMENSION AND AREA108.2.TOPOGRAPHY108.3.SITE ACCESSIBILITY108.4.SERVICES118.5.FLOODING118.6.SITE IDENTIFICATION AND PLANNING119.ZONING1110.ENVIRONMENTAL CONSIDERATIONS1210.1.SITE CONTAMINATION1210.2.ASBESTOS1311.IMPROVEMENTS & PHOTOGRAPHS1311.1.GENERAL DESCRPTION1311.2.CONSTRUCTION DETAILS1411.3.ACCOMMODATION 1511.4.BUILDING AREAS1711.5.CONDITION AND REPAIR1712.MARKET COMMENTARY1813.RISK PROFILE OF THE PROPERTY1814.VALUATION METHODOLOGY AND RATIONALE1914.1.BASIS OF VALUATION1914.2.SALES EVIDENCE2014.3.MARKET VALUE ASSESSMENT2714.3.1.DIRECT COMPARISON2714.3.2.SUMMATION2814.3.3.VALUES RECONCILIATION29Page 3
Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 206515.VALUE OF INSURANCE3016.VALUATION3117.ASSUMPTIONS, CONDITIONS AND LIMITATIONS3118.APPENDICES341. VALUATION INSTRUCTIONSI hereby confirm that I have identified and inspected the residential property located at 5 Devonshire Street, Crows Nest on 10th September, 2017 with an aim of assessing its market value following the instructions issued by Australian Property Institute (API) for the purposes of professional interview. This valuation report has been prepared in strict compliance with the requirements of the following organizations, standards and regulations: API, Australia and New Zealand Valuation and Property Standards manual, and Property Institute of New Zealand (PINZ).Page 4
Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065This valuation report has also been prepared for the confidential and private use of the above parties. Forthis reason, no one is allowed to reproduce this report in part on in whole or rely upon it for other purposes or any other party should not use it without getting written permission from us.The valuation has been completed by following the necessary instructions and using relevant information obtained from different sources to get as much details of the property as possible. Even though I have tried to gather all necessary information about the property and verify the data and material provided, the valuation firm and myself do not accept any liability or responsibility whatsoever in case I have been provided with incorrect, misleading, outdated or insufficient information.I also conform that I do not have any monetary conflict of interest that may have affected proper or accurate valuation of the subject property. 2. DECLARATIONTo ensure that I prepare a report that is accurate, complete and relevant, I declare that I have made all necessary, relevant and appropriate enquiries. To the best of my knowledge, I have not omitted any significant material from this report, expect as specifically stated otherwise in the report.I believe that all the facts that this report contains are true. Any opinion that I have expressed in this report is impartial and independent.3. BASIS OF VALUATIONPage 5
Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065The market value in this valuation has been determined by following the International Valuations definition that is adopted in the code of professional practice of the API. In this code, market value is defined as the estimated sum of money that the willing buyer should pay the willing seller in exchange of the subject property on the valuation date after the seller had done proper marketing of the property and each party acted prudently, intelligently and without coercion. Market value is determined on the basis of best and highest use of the property, which does not necessarily have to be the property’s existing use.4. DATE OF INSPECTION/ VALUATIONAssessment of the valuation has been done simultaneously with the inspection, which took place on 10thSeptember, 2017. Because of likely fluctuations in conditions and market forces that are related to the subject property, this report is only regarded as a representation of my opinion on the value of the subject property as at the date of inspection and valuation. We also confirm that the photographs contained in this report were taken on the date of inspection of the subject property. 5. INFORMATION SOURCESThe information used in determining the market value of subject property was obtained from the following sources: certificate of title (computer register), documents provided by the owner of the property, sales reports and certificates from different relevant industry sources; property listings and/or websites (such as realestate.com.au, property.com.au, domain.com.au, propertyvalue.com.au, realestateview.com.au, etc.) and North Sydney Council, among others.6. LOCATIONThe subject property in this report is located in Crows Nest NSW, which is 5 km north of Sydney Central Business District (CBD). This is a suburb that is found on the lower north zone of Sydney. The Page 6
Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065suburb has recorded significant growth in real estate market over the past years due to continued economic and social growth. It is a noteworthy commercial district known for its range of restaurants and shops. The suburb is well connected with public transport. Some of the major transport routes in the suburb include Warringah Freeway and Pacific Highway. The new Metro line scheduled to open in 2024will also have a major interchange and station near Crows Nest. The subject property is 1.5 km to St. Leonards station. Some of the nearby facilities include: BahBQ Brazilian Grill, Garfish, Small Bar Crows Nest, The Crows Nest Centre, Sextons Cottage Museum, Royal North Shore Hospital and Big Music Shop & Studios. Other surrounding developments consist of: duplex, cosmopolitan, semi-detached, medium – high rise, rail and cafes. There are also several public and primary schools within the locality. The median monthly personal and household income in the area is $5,403 and $10,945 respectively, the average monthly mortgage repayments is $4,333 and median rental price is $800. In general, Crows Nest NSW is recommended for families with kids, singles, professionals, retirees, students and tourists, among others. Surrounding property and land development mainly comprises of single and two level homes, combined with homes and commercial buildings still under construction. There are also several lots that are vacant. Page 7
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