Various organisations and brokers offer information products and maps to help buyers, sellers and their agents estimate the market price of houses in specific areas.
The Department of Natural Resources and Mines (NR&M) offers several products including SmartMap which provides the latest property information (including sales prices, dates and property dimensions) for most Queensland houses, units and townhouses and the surrounding properties in that area.
Some of the properties include:
These products and more are available to consumers, agents and valuers alike at a reasonable price and help reduce the guesswork in determining the market value of your property or desired property.
Purchase these online at www.nrm.qld.gov.au or call (07) 3896 3216 for more information on mapping products, services and geographical data.
There are a number of private firms (brokers) who also provide access to and compile information about properties in addition to the information available from government agencies such as the Department of Natural Resources and Mines. A list of external distributers is available in the Services and Information section of www.nrm.qld.gov.au
If you're thinking about buying a property, the Office of Fair Trading strongly recommends you have the property valued by an independant valuer before you sign a contract (or at least during the cooling-off period). Keep in mind the cooling-off period is only a five day period and you may not have time to appoint a valuer and receive the result in that timeframe. For more information on the cooling-off period, see the "Buying a Home" Section.
It is in your best interests to find your own valuer and not use someone referred to you by the seller or seller's agent. If you do want to use the services of a valuer referred to you by the seller or their agent, make sure the seller or their agent discloses the nature of the relationship and any benefit (monetary or otherwise) any other person will receive as a result of the sale. They should disclose this information to you on an official form, Selling Agent's Disclosure to Buyer PAMD Form 27c. Copies of this form are available from OFT at www.fairtrading.qld.gov.au.
If you decide to locate your own valuer, make sure he/she is a registered valuer. Check with the Valuers Registration Board on (07) 3221 3892 or the Australian Property Institute on (07) 3832 3139.
Once you choose a valuer, write them a letter of instruction which states your requirements and provides information to help the valuer give you the most accurate advice.
Note that sellers may also engage the services of valuers to determine how much their property is worth. Alternatively, seek property appraisals from a number of agents before you appoint. Beware though that a high appraisal does not guarantee you will be able to obtain this price on the property.
Q. What if I disagree with the valuation amount?
A. If the valuer is independent you should be able to rely on that information. Consider carefully whether you are taking an emotional view of the property which is clouding your objectivity. If you still disagree with the valuation, you can attempt to negotiate a higher (if seller) or lower (if buyer) sale/purchase price. Alternatively you can seek a further valuation.
If you have serious concerns regarding the valuation process or the conduct of a valuer, contact the valuers Registration Board.
Your instructions should be clear and include:
The valuer's report should contain all the information you've specifically requested, and may include any or all of the following (note, reports will vary according to the type of property and the purpose of the valuation):
The report may also have appendices including:
There is no set fee for the provision of valuation advice. You should negotiate a fee with your chosen valuer before the valuation proceeds. As with the purchase of any service, the Office of Fair Trading recommends you shop around before appointing. Check with friends and family for recommendations and ask several valuers about their fees.
