Detailed Valuation Report of 5 Devonshire Street, Crows Nest NSW 2065

This valuation report assesses the market value of the property located at 5 Devonshire Street, Crows Nest, NSW 2065. The report, prepared on September 10, 2017, includes an executive summary, detailed property description, and analysis of the property's features. It covers the legal description, registered proprietors, limitations, zoning (R2 - Single Residential Dwellings), and environmental considerations. The report outlines the methodology used, based on a direct comparison approach, and provides a market value assessment of $2,085,000. Information sources include the certificate of title, property listings, and local council data. The report also details the site's dimensions, topography, accessibility, and services, as well as zoning regulations and environmental considerations. The valuation complies with the API standards and is intended for the purpose of professional interview. The report also includes a declaration of impartiality, the basis of valuation, and assumptions and limitations, followed by appendices containing supporting documents.

Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
10/9/2017 VALUATION REPORT
Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
5 Devonshire Street, Crows Nest NSW 2065
10-9-2017-2781
Australian Property Institute
EXECUTIVE
SUMMARY
Property 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 NEST NSW 2065
Professional Interview Purposes
Simple Resourceful Fee with Free Ownership
Current Market Value
The 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 transport
and surrounded by several other similar developments.
Lot 3, Section 2, Deposited Plan 2781
Matthew Phillip Rowe and Lisa Angela Paul
Heritage issues – except & reserving gems and minerals; limiting agreement benefit and burden;
and mortgage
R2 (Single Residential Dwellings)
$206,667 on 7th January, 2001
10th September, 2017
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
$800 per week
Direct Comparison Approach
$2,085,000 (Two Million and Eighty Five Thousand Dollars)
TABLE OF CONTENTS
1. VALUATION INSTRUCTIONS.........................5
2. DECLARATION .........................................6
3. BASIS OF VALUATION 6
4. DATE OF INSPECTION/VALUATION 6
5. INFORMATION SOURCES 6
6. LOCATION 7
7. TITLE PARTICULARS 8
7.1. LEGAL DESCRIPTION 8
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Zoning:
Last Date of Sale:
Date of
Inspection/Valuation
:
Rental Assessment:
Valuation
Methodology:
Valuation:

Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
7.2. REGISTERED PROPRIETORS 9
7.3. RESTRICTIONS, INTERESTS, ENCUMBRANCES AND NOTIFICATIONS 9
7.4. TOWN PLANNING AND STATUTORY ASSESSMENTS 9
8. LAND DESCRIPTION AND SERVICES 10
8.1. DIMENSION AND AREA 10
8.2. TOPOGRAPHY 10
8.3. SITE ACCESSIBILITY 10
8.4. SERVICES 11
8.5. FLOODING 11
8.6. SITE IDENTIFICATION AND PLANNING 11
9. ZONING 11
10. ENVIRONMENTAL CONSIDERATIONS 12
10.1. SITE CONTAMINATION 12
10.2. ASBESTOS 13
11. IMPROVEMENTS & PHOTOGRAPHS 13
11.1. GENERAL DESCRPTION 13
11.2. CONSTRUCTION DETAILS 14
11.3. ACCOMMODATION 15
11.4. BUILDING AREAS 17
11.5. CONDITION AND REPAIR 17
12. MARKET COMMENTARY 18
13. RISK PROFILE OF THE PROPERTY 18
14. VALUATION METHODOLOGY AND RATIONALE 19
14.1. BASIS OF VALUATION19
14.2. SALES EVIDENCE 20
14.3. MARKET VALUE ASSESSMENT 27
14.3.1. DIRECT COMPARISON 27
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
14.3.2. SUMMATION 28
14.3.3. VALUES RECONCILIATION 29
15. VALUE OF INSURANCE 30
16. VALUATION 31
17. ASSUMPTIONS, CONDITIONS AND LIMITATIONS 31
18. APPENDICES 34
1. VALUATION INSTRUCTIONS
I 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.
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
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).
This valuation report has also been prepared for the confidential and private use of the above parties. For
this 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. DECLARATION
To 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.
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
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 VALUATION
The 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/ VALUATION
Assessment of the valuation has been done simultaneously with the inspection, which took place on 10th
September, 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 SOURCES
The 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
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
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. LOCATION
The 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
suburb 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 2024
will 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.
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
Source: Google Maps 2017
7. TITLE PARTICULARS
7.1 LEGAL DESCRIPTION
After conducting the property’s title search, I found that it is legally registered. The registration details
on the property’s certificate of title are as follows: block description – Lot 3, section 2, plan Deposited
Plan (DP) 2781. The government legal property description of 5 Devonshire Street, Crows Nest NSW
2065 is 3/2/DP2781. The domain property identification (ID) is ZB-2001-DS.
The title search was conducted on 4th September, 2017 and therefore I have assumed, for the purpose of
this report, that the information I got is accurate.
7.2 REGISTERED PROPRIETORS
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
The registered proprietors for the subject property are Matthew Phillip Rowe and Lisa Angela Paul as
tenants in common.
7.3 LIMITATIONS, INTERESTS, ENCUMBRANCES AND NOTIFICATIONS
According to the information contained in the certificate of title, the following are the restrictions,
limitations, interests, encumbrances and notifications that are subject to this property:
1. Heritage issues – except & reserving gems and minerals
2. Limiting agreement benefit and burden
3. Mortgage
The certificate title provided does not indicate any other limitations, interests, encumbrances and
notifications or easements other than the ones specified above. If there are any other restrictions,
encroachments, encumbrances, covenants or leases that may be discovered or known other than the ones
specified in this report, I should be advised so that I may assess the impact they may have on the value
of the property. After carrying out relevant investigations, it is our belief that the Restrictive and Caveat
Covenants as listed on the certificate of title do not have a negative impact on the value of the property.
The information above, on the restrictions, interests, encumbrances and notifications of the property,
was obtained from the certificate of title search carried out on 23rd November, 2000.
A copy of title search is attached at Appendix 18.1
7.4 TOWN PLANNING AND STATUTORY ASSESSMENTS
Local Government Authority: North Sydney Council
Classification: Single Residential Dwelling
Rates: $2,266,250 p.a.
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
8. LAND DESCRIPTION AND SERVICES
8.1 DIMENSION AND AREA
Identification of the subject property has been in reference to its legal registration details: 3/2/DP2781
(lot 3, section 2, deposited plan 2781). The property is located near the junction of Huntington Street and
Alexander Lane, and is close to Devonshire Street.
The dimensions of the site of the property are as follows:
Boundary Length (m)
Northern 35.8
Southern 35.8
Western 7.6
Eastern 7.6
Total area = 272 m2
8.2 TOPOGRAPHY
The plot is slightly located above the road grade and it is surrounded by similar plots. There are trivial
falls to the north and east following the ridge line and configuration of Pacific Highway.
8.3 SITE ACCESSIBILITY
The main arterial roads to the subject property are: Warringah Freeway and Pacific Highway (Ramos &
Kemp, 2017). Alexander Street and Devonshire Street are the closest collector roads. Minor access
passages are Huntington Street and Alexander Lane. These are one-way streets each with a cycle lane
that allows cyclists to move in opposite direction to the vehicle traffic (North Sydney Council, 2015).
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Valuation report of 5 DEVONSHIRE STREET, CROWS NEST NSW 2065
The streets are sealed with bitumen and have concrete kerbs and guttering. The appeal of the streets is
above average.
8.4 SERVICES
The subject property is properly connected with all essential utility services, including: mains electricity,
natural gas, water, drainage, sewer, data/telephone and cable television.
8.5 FLOODING
As far as I know, the location of the subject property is not prone to flooding. However, I am not in a
position to confirm because we have not conducted a formal flood search for the purposes of this report.
Therefore if this becomes an issue in the future, I should be consulted for comment in reference to this
report.
8.6 SITE IDENTIFICATION AND PLANNING
Identity of the site has been in reference to Deposited Plan 2781
9. ZONING
When carrying out valuation of the subject property, it has been assumed that the property is in full
compliance with the relevant laws, including, but not limited to: current zoning laws, planning
regulations, building laws, land use classification regulations, health and safety laws, fire laws, and other
relevant regulations, codes, rules and orders. The valuation has also been carried out on assumption that
the property does not have any unresolved requisition.
Zoning: R2 (Single Residential Dwellings)
Zoning Effect/Permitted Uses: R2 low density – single residential dwelling
Current Use: Residential
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