According to Enzo Raimondo (chief executive of the Real Estate Institute of Victoria) in his article on April 26th, many home owners would like to know the value of their home, even if they are not planning to sell.
Whether it is high sales of houses in their area or the council valuation on their rates notice it can be confusing to know what price your house would fetch if you sold it.
The council determined valuation may provide a guide as to the price your home would sell for but this rateable value and market value can be vastly different.
Your home's actual market price is very individual as there are many factors to take into consideration - block size, garden development, location to transport, suburban or industrial area. Other considerations are character of the house, age and whether it is renovated or can be easily redesigned.
To help you gain a better understanding of the value of your home it is useful to analyze the median prices of similar houses of all sales in your area - you could visit nearby auctions, speak to the agent on-site and keep an eye on local sales.
Attempting to reach a potential price is a complex but worthwhile exercise and once you have done your homework you will have a stronger understanding of the local market.
Or you could visit reiv.com.au to find this data for houses and units in each suburb, keeping in mind that prices can be distorted as median prices include the highs and lows.
For the full article go to the Heraldsun.com.au/realestate
Further information is available online from the Real Estate Institute of Victoria.
If you want to learn more, please give Peter Dall a call on 0414 583 233