Assessing Your Brisbane Property’s Market Value

Getting ready to sell your property in Brisbane? Safe to say, you were a clever cookie in choosing to buy property there! The Brisbane property market has been booming lately and, as you’re already aware, the median property prices hit $800,000 for the first time earlier this year.

So, we don’t know who you need to tell this, but you’ve got one ‘I-told-you-so!’ in the bank.

Assessing your Brisbane property’s market value is the first step to listing it for sale and maximising your investment’s return.

Here, the property specialists at Patrick Leo tell you what you need to know about assessing your property’s market value in Brisbane:

How is property market value calculated?

For the most part, your Brisbane property’s market value will be calculated by comparing it to recent sales of similar properties in your area – but there are a number of factors which also impact the final valuation. These include:

• Size of the land in sqm
• Number and type of rooms
• Fixtures and fittings
• Structure and condition of the building
• Architectural style
• Ease of access to the property
• Planning restrictions and local council zoning
• Location and level of amenities
• Size of living space
• Aspect, topography and layout of the block

Determining the value of your Brisbane property

There are several key steps to determine the market value of your Brisbane property:

1)    Find recent local sales
The two ingredients we’re looking for here is recent and local. Look for similar homes in your suburb which have been sold within the last 6 months (ideally 3 months). These homes should be no less than 1km away from your own Brisbane property.

2)    Compare the pair
Identify the properties that are most similar to your own home, using the indicators of land size, location, rooms (bedrooms, bathrooms, parking spaces) and condition.

3)    Superior vs inferior
Once you have a list of about 5 similar properties that have recently been sold, it’s time to see how yours stacks up against them. Write a list of the 5 properties ranked by sale price value, from highest to lowest. Compare your property to each of the 5 properties, labelling it either superior or inferior to the properties recently sold. If you find your property better than the bottom three, but not as good as the top two, your property’s value should fall in between the third- and second-highest value homes.

While this gives you a good rough estimate of your property’s value, a professional valuation is always the most accurate way to go. Patrick Leo, Australia’s leading team of property advisers, can put you in touch with expert valuers who accurately assess your Brisbane property’s market value. Patrick Leo is also your team of choice for reinvestment strategies, helping clients successfully reinvest that money to achieve abundant wealth and financial freedom. Get in touch with Patrick Leo today.