How Long Do Property Valuations Take In Australia?

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Do YOU need a property valuation? Property valuations are required for varying purposes, yet provide you with a monetary figure regarding your property’s worth.

As an expat purchasing property in Australia, you may need a valuation of the property you wish to buy. A lender may request the valuation to check if the property is worth the amount of money being paid.

But, what is a property valuation and how long would a home valuation report take to complete in Australia?

What is a Property Valuation?

A property valuation is a comprehensive inspection of your home, arriving at the overall price that the house is worth. The valuer will determine a fair price that the property buyer would pay and that a seller would accept.

The condition of the property is assessed in addition to the local area and similar properties in the surrounding vicinity.

Who Completes a Property Valuation?

A licensed valuer must complete your property valuation. They will be Australian Property Institute accredited and be a Certified Practising Valuer.

Licensed valuers are specially trained and will create a formal valuation report for your property. A licensed valuer may be engaged by a lender to conduct a valuation.

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How is a Property Valued?

Your property valuer may use the summation method or the direct comparison method when valuing your home.

Summation Method

The summation method involves a valuation of the land. This is central to the valuation. 

The location and size of the land, as well as the shape and local infrastructure, will be considered. The estimated value of improvements to the land are then added into the mix to complete a full valuation. 

When using this method, the house is considered to be an improvement to the land.

Direct Comparison

The direct comparison method compares your property with similar examples across the local real estate. 

Comparing properties provides the valuer with a strong foundation to conduct the remainder of their valuation. 

Any adjustments, improvements, or aspects that allow the property to stand out from the crowd will be included.

Check out our extensive list of factors your valuer will look at during a property valuation:

  • Property condition
  • Size of the property
  • The size of the land
  • Important architecture
  • Aspect
  • Topography
  • Block layout
  • Residence layout and size
  • Potential to renovate
  • Developments made
  • Number of rooms
  • Location
  • Amenities
How Long Do Property Valuations Take In Australia

What Information Will a Valuer Need?

You will need to provide written permission for the valuer to complete the valuation and provide a range of documents.

Necessary documents include:

  • Relevant contract of sale
  • Certificate of title
  • Council rates details
  • Completed appraisals
  • Information detailing building work completed

Why Would I Need a Property Valuation?

You will need a property valuation if you are planning to list your home for sale. This is the most common reason why you would need a property valuation, although there are several other situations, too.

If you are applying for refinancing or an equity loan, the lender will need to know the current value of your property. The valuation will determine the success of your loan application, clarifying the amount of money your lender will provide.

You will also need a property valuation to assess the value of a deceased estate, or in the event of dispute resolution. Of course, you can ask for a property valuation if you are wondering what value your property is currently reaching.

As an expat, you may need a valuation report to answer a lender’s request before a home loan is granted. The lender may wish to check that the property you are buying is worth the money. Your lender may request this if your purchase is considered particularly high risk.

How Much Does a House Valuation Cost in Australia?

Property valuations in Australia can cost anywhere from $300 to over $1000 depending on the location and complexity. 

If the valuer has to travel far to reach your property, the fee you pay will cover their travel expenses. Additionally, valuers located in large capital cities tend to charge higher valuation fees than their regional counterparts.

You may be able to get a free property valuation in some circumstances, for example if a lender is requesting the valuation.

What Influences the House Valuation Cost in Australia?

Here’s a breakdown of the key factors influencing the price:

  • Location: Valuers in larger cities like Sydney and Melbourne generally charge more than those in regional areas. Remote locations or properties requiring significant travel time could incur higher travel expenses.
  • Property type and complexity: Complex properties like luxury homes or historical buildings usually require more in-depth analysis and research, leading to higher fees. Smaller, standard houses typically cost less to value.
  • Valuation purpose: Valuations for legal purposes, tax assessments, or family settlements may involve additional paperwork and research, increasing the cost compared to a basic market valuation.
  • Valuer experience and qualifications: More experienced valuers with specialised qualifications might command higher fees.

Potential for Free Valuations

  • Lender-funded valuations: If you’re applying for a home loan, most lenders will include a property valuation in their loan package at no additional cost.
  • Promotional offers: Some real estate agents or valuation firms may offer free or discounted valuations as part of promotional campaigns.

Are There Different Types of Valuation?

There are three main types of property valuation – a full valuation, a kerbside valuation, and a desktop valuation.

Full Valuation

A full valuation is detailed and is the best type of property valuation you can receive! The valuer will inspect the property thoroughly and will complete a full valuation report.

Kerbside Valuation

If a low-risk loan application requires a valuation, a kerbside valuation may be granted. This involves an external inspection of the property without the valuer entering the building. Online data and sales figures from similar properties will also be considered.

Desktop Valuation

A low LVR loan application may require desktop bank valuations where online references and data are used. The valuer does not visit the property’s location to complete the valuation.

How Long Does a Property Valuation Take in Australia?

The valuer’s on-site inspection will typically take 1-2 hours. However, it can take the valuer at least 48 hours to complete the full valuation report after assessing the property. In some cases with complex valuations, it may take up to 7 working days to finalise the report.

Getting the Best Value

  • Shop around and compare quotes: Obtain quotes from several valuers before making a decision.
  • Ask about inclusions and exclusions: Ensure you understand what’s included in the quoted fee, such as travel costs or additional reports.
  • Consider online valuations: For a general estimate, online valuation tools can provide a ballpark figure, though they may not be as accurate as a professional valuation.

Remember, a professional valuation is a valuable investment when making informed decisions about your property. Carefully consider the factors above and compare quotes to find the best value for your specific needs.

How Long Does a Valuation Report Take in Australia?

You will have around 90 days to move forward with your plans before your valuation expires.

The property market changes fluidly on a regular basis and so the value of your property may change after this period. 

The valuer will typically use the date of the inspection as the date of the valuation, even if you did not receive the report for several days.

How Long Does a House Valuation Take in Australia?

For external valuations that are conducted independently of banks, the typical timeframe for a house valuation in Australia  is 1-2 weeks. 

This assumes the valuation is being done by a registered valuer who will thoroughly assess the property and recent comparable sales in the area. The valuer will usually inspect the home both internally and externally as part of the detailed valuation process. 

Under normal circumstances, most independent valuations take 1-2 weeks to complete from start to finish.

How Long Does a Bank Valuation Take in Australia?

When banks conduct valuations, the timeframe can vary from 24 hours up to 2-3 weeks depending on the requirements and type of valuation. Pre-approval valuations done by banks are usually very quick, often taking just 24-48 hours to receive a rough value range. However, this is not a comprehensive valuation and is meant only as a market appraisal for pre-approval purposes. 

Standard bank valuations involve a more detailed desktop assessment by the valuer, looking at recent sales data and property details. These standard bank valuations typically take 1-2 weeks to complete. If the bank requires a full valuation with a physical inspection of the property, the process takes longer at around 2-3 weeks. There is also the option to expedite some bank valuations for an additional fee, reducing the timeline down to 3-5 business days. But rushed valuations are not always available. 

Overall, most bank valuations range from 24 hours for pre-approvals up to 2-3 weeks for comprehensive reports with property inspections. The timeline can vary, so it’s important to confirm expected timeframes with the bank when ordering a valuation.

How is a Valuation Different from an Appraisal?

Whilst a valuation is an official value of your property, an appraisal is an estimation. 

A licensed valuer will create a formal report that is legally binding. This will cost you several hundred dollars although it is a reliable and accurate property valuation.

An appraisal is free and can be completed by a real estate agent. You could even complete an appraisal yourself using an online tool.

The value determined as a result of the appraisal is not legally binding. It does however provide you with an approximate guide.

An appraisal should be considered a wide ballpark figure to give you a preliminary idea of how much your home is worth. Ultimately, you will also need to seek a formal valuation if you are moving forward with your plans to sell or refinance.

Check out our guide to review the differences between an appraisal and a valuation:

Appraisal Valuation
An estimated value of your home
Detailed inspection report to value your home
Anyone can perform an appraisal – ask your real estate agent
A licensed valuer can only complete a valuation
Free
$300 – $1,000
Not legally binding
Legally binding
Use to discover an approximate value of your home
Use to list your home, apply for equity or refinance loans, or as part of the dispute resolution or evaluation of a deceased state

What If I Am Unhappy With My Valuation?

If you disagree significantly with your valuation, it may be worthwhile to seek a second opinion from another licensed valuer. You will need to pay a second fee, but a second valuation could provide peace of mind if the first seemed unusually low.

Qualified valuers are experts in their field and most valuations will be accurate. However, getting a second valuation may make sense in some situations before deciding your next steps.

How Can I Increase the Value of My Home?

Making improvements to your home’s aesthetic can help to increase the value of your property and improve your valuation report.

Here are our top 10 ways you can increase the value of your home:

1. Paint

Making improvements to your home’s aesthetic can help to increase the value of your property and improve your valuation report.

2. Wallpaper

Geometric designs are big business and can add class and sophistication to your home, increasing its value. Choose a geometric wallpaper for part of your main living area, igniting the perfect first impression for your valuer!

3. Storage

Clutter makes a home look smaller and less desirable. Investing in fantastic storage solutions will not only hide your mess but can appeal to a buyer when storage is built-in. Adopting storage solutions will make your home feel spacious with a great layout!

4. Outdoors

Tidying up your outdoor space will add value to your home. Maintain your lawn and any shrubs, whilst keeping any woodwork painted fresh. Owning a property with outdoor space is great. However, owning a property with a desirable, relaxing outdoor entertainment area is second to none!

Ensure you meet the needs of the Aussie climate and provide a shaded area outdoors. Together with gorgeous furniture and a spruced-up patio, your home will surely increase in value.

5. Bathroom Spruce-Up

If your bathroom is looking tired and dated, there is no need to opt for a full replacement to add value to your home. You can easily re-grout the tiles in your bathroom to make them look as good as new! Choose a fresh white grout or a dark-coloured grout that tends to last longer.

You could also add a new shower screen and toilet seat, or even a new set of taps. These changes will not cost very much yet can increase the value of your home.

6. Kitchen Facelift

A great kitchen really can sell a home. A new renovation can cost tens of thousands of dollars, however, although there are cheaper changes to make.

You could consider changing the cupboard doors of your kitchen for a fraction of the cost. Or, fit a new worktop on top of your old kitchen. Rejuvenating elements inside of the home can improve the appeal of your property, increasing value.

7. New Flooring

Flooring is undoubtedly the part of your home that gets used the most. It can also become worn and tired very quickly. Consider re-carpeting your home, or laying a new floor. If you have a wooden floor, you can easily polish the wood and make your flooring look brand new!

8. Luscious Furnishings

A room without furnishings can look bare, cold, and unlived in. Furnish every room in your home with rugs and cushions, along with artwork and ornaments, creating a beautiful space. Consider a feature mirror as a focal point in your main room, making the room look and feel bigger.

9. Kerb Appeal

First impressions count! Make sure your home looks great on the outside. Painting or replacing your front door and maintaining any fences and boundaries will make your home look great. Also consider the exterior aesthetic, if your property is rendered in any way.

10. Make Big Improvements!

If you want to add serious value to your home, extend your property. It will take time and you will need to acquire relevant planning permission, but you could add up to 20% value! Additional bedrooms, granny flats, and larger open plan kitchens will increase your property value further in today’s climate.

How Can I Apply for an Australian Mortgage?

The easiest way to apply for Australian Expat home loans is through expert mortgage brokers. We specialise in Australian expat mortgages and will help you from the first enquiry to the completion of your home loan.

Complete these steps to securing your perfect Expat home loan:

  1. Enquiry: Contact Odin Mortgage, Australian Credit Licence holders and expert mortgage broker!
  2. Details: We will take your details regarding income, expenses, assets and liabilities. Include all foreign income and foreign currency. Many lenders will apply the Australian tax rates.
  3. ID: We confirm that you are an Australian citizen or permanent resident.
  4. Deposit: How much deposit can you afford to pay? It is recommended to pay a 20% deposit and avoid Lenders Mortgage Insurance.
  5. Borrowing Power: We will assess your borrowing power and determine how much you could borrow.
  6. Repayments: We will tell you an approximate repayment figure based on estimated figures.
  7. Lenders: We search a vast database of lenders to find you the best deals and great rates!
  8. Apply: You decide which deal you want to go with and we negotiate your application. We will secure you a fantastic deal!

Contact Odin Mortgage Today!

Are you an Expat wanting to buy a property in Australia? Odin Mortgage specialist brokers can guide you every step of the way to achieving your perfect home loan. 

Contact us and discover more about property valuations and how they are calculated. We can help you secure the mortgage you need to secure your future.

Get a free Australian mortgage assessment today.

Apply online to get a free recommendation with real rates and repayments.

Frequently Asked Questions

If you are still an Australian citizen or a permanent resident, you are at no disadvantage in living overseas. You must declare all foreign income and if your salary is received in a foreign currency, however.

Nevertheless, we will ensure all compliance checks are completed and assess your borrowing power accordingly. 

We can find the perfect range of home loans for your circumstances and to meet your situation! We hold the Australian Credit Licence so you can trust our advice and guidance.

Get in touch with Odin Mortgage today, the leading mortgage brokers for Australian expats!

A bank valuation may be requested if your application or the property itself is deemed high risk. 

The lender will want a valuer to assess the worth of the property to protect their money and their interests.

The valuer’s visit itself can take a few hours or up to a day, depending on the size and extent of the property.

However, it can take the valuer at least 48 hours to write the valuation report. In some circumstances, it may take up to 7 working days to generate the complete home valuation report.

The valuer’s visit itself can take a few hours or up to a day, depending on the size and extent of the property.

However, it can take the valuer at least 48 hours to write the valuation report. In some circumstances, it may take up to 7 working days to generate the complete home valuation report.

Bank valuations can range from 24 hours for pre-approvals, up to 2-3 weeks for comprehensive reports with property inspections. Standard desktop valuations by banks take 1-2 weeks, while priority valuations can be done in 3-5 business days.

A full detailed valuation report usually takes 1-3 weeks depending on who completes it. Independent valuers can take 1-2 weeks. Banks take 1-2 weeks for desktop reports, or 2-3 weeks if a property inspection is required.

Costs vary, but expect to pay:

  • $300-$500 for a bank desktop valuation
  • $400-$600 for an independent valuation without inspection
  • $500-$800 for an independent valuation with inspection
  • $800+ for a very detailed valuation report

Standard valuations take 1-3 weeks generally, with costs ranging from a few hundred dollars up to $800 or more.

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