How to determine and track the value of your property

January 2024 in Money Matters

When it seems everyone around you is talking house prices, how do you know what your home is worth? If it’s been a while since you bought, it can be difficult to keep up to date with your property’s value. So, how can you work it out?

 Ask an agent for an appraisal. Most agents will be happy to oblige, and you might be pleasantly surprised by how much it is worth in today’s market.  

Watch your local market. Visit properties for sale in your local area, looking at 10 – 20 properties that are comparable to yours and ask the selling agent for a price guide. Examine each home carefully. Look at location, area and land size, aspect or outlook, construction materials, street appeal, floor plan, internal condition and parking and assess every factor objectively in comparison with your own home.

Track other sales. An agent may have under or over-estimated the value other homes for sale in your area, so find out what they actually sold for. Try and attend a few local auctions so you can see how many bidders they attracted, how many bids and what properties sold for.

Get a professional valuation. This should cost around $500 to $700 from a registered valuer.

Increase the value of your home. Once you know the likely value of your property, look at how you can increase this. i.e. undertaking outstanding repairs, repainting your home etc.

Amenity. The value of your home is likely to change as a result of new amenities coming to your area, like a new rail station, school, childcare centre or a new shopping centre, which may make houses in your suburb more valuable – and in the future.

Study the housing supply. An increase in supply might push your value down or, if your area becomes more desirable, you could benefit in the long run.