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Buying and selling a real estate Property Valuers Melbourne involves going through many steps and property valuation is considered to be one such step that is extremely important. Apart from buying and selling there are also other situations where valuations of property could be crucial. Whenever there is a need to calculate property taxes or value compensation claims the importance of valuation is very important. Hence there are literally endless situations where property valuation becomes inevitable and mandatory.
Even today most of the property valuations are done using manual methods. However of late there have been many situations where technology is being used for making property valuation faster and perhaps even more accurate. There are many service providers who are offering online property valuation and also automated valuation of properties. This is very useful when you have large transactions to handle where manually going through the process could take lo of time. It has to be borne in mind the property valuation has timelines attached to it and therefore the onus lies of valuers to ensure that they meet these timelines at all points in time.
While there is no doubt that some bit of automation is necessary, at the end of the day property valuation is a combination of both art and science. While the computers might help in figures and calculations when it comes to subjective areas of valuation there is no doubt that the manual ways and means still continue to be very relevant and perhaps even irreplaceable as of now. Here are a few such examples that are worth mentioning.
Whenever a property is bought the customers takes into account various factors and inputs. It is not only the price of the property as quoted by the seller. In fact the buyer arrives at his own prices after factoring quite a few things. These include, the age of the property, location, type of construction and other such matters. In fact, a good valuation report coming from the stables of professional valuers does not depend on automated figures and valuations alone. They also mention quite a bit of other subjective information. They talk about the locality, its development, the availability of infrastructure and amenities and facilities. They also talk about the quality of people who are living in the neighborhood. Many of them also go a step further and come out with possible valuation figures of similar properties in the area.
Hence, merely depending on automation alone may not serve the purpose of both the valuers and the customers.
The vacancy rate within the Near City, similar to the CBD, is at historically low levels, recording as at the July 2006 PCA survey. “A grade” accommodation has all but disappeared with vacancy as at the PCA survey in July 2006. This is reflective of tenants from the CBD moving to the fringes, but expecting a high quality of accommodation in return for any perceived compromises made on staff amenity. In terms of the precincts, Spring Hill with (also a beneficiary of the CBD market tightness), Toowoon with and the Inner South with are tightest Near City markets.
The Milton market at , although not the tightest market at the moment, is the precinct with the greatest recent improvement, down from a vacancy in January 2006 and showing melbourne-valuations.com.au speedy recovery from a recent high of in January 2004. As the Latin American economies mature, foreign capital investment will increase, requiring further development of infrastructure, and in turn making investment in industrial real estate more attractive.
Based on Knight Frank expectations of demand and supply, the Near City vacancy rate is expected to continue at similar levels, until mid-2007 when new supply is available to the market in any great quantum.Rental rates within the Near City markets have shown accelerated growth over the past 18 months to the point where average prime gross effective rents are. This represents an annual growth rate of, on the back of the previous year’s. While the growth rate was lower than that seen in the CBD, it still reflects a remarkable turnaround in market fortunes.
Our expectation is that the average rents will continue to grow, albeit at a reduced rate, largely drawn upwards by rentals achieved in the new construction and a realignment of the traditional ratio between CBD and Near City rents. Expectations are for average annual rental growth over the next three years of per annum. Demand for commercial Near City investments has been strong over the past two years, however with high transaction levels during the prior years there have been limited purchasing opportunities to date in 2006. Among the recent major transactions are the development-opportunity linked sale of 100 Wickham Street.