Real estate valuations in the Northern Territory are a popular service for those seeking the market value of a property. A valuation is an independent report prepared by a qualified professional trained in the art of assessing property.

These professionals are known as Certified Practising Valuers (CPV). They are registered with the Australian Property Institute (API); a governing board overseeing the quality standards and principles of thousands of property professionals in the country. As such, valuers are committed to meeting International Valuation Standards (IVS).

Are real estate valuations accurate?

An independent real estate valuation from a registered expert is the most precise method of finding market value in the Northern Territory.

CPVs have undergone extensive training and have unique insight into an ever-changing real estate market. By considering multiple internal and external factors, valuers can prepare accurate and reliable valuation reports.

A valuation report is seen as conclusive proof of market value. This means it is legally accepted and can be used in a wide range of legal, private and business negotiations or transactions.

Valuers use a combination of trusted methods when preparing reports. The type of property and scope of the report will guide the valuer on which method is best suited for an accurate report.

A valuation report is also prepared from an entirely objective point of view. Every report is based only on

What about online tools?

Property valuations are not the only way to get an idea of market value. There are other tools such as online services that use automatic valuation models to estimate a property’s worth.

An online valuation tool can be useful when considering the value of a number of different properties. They are not as accurate as valuation reports and often underestimate the true value of a property.

To use an online tool, you merely need to fill in the information regarding the property on a website. The service will consider the location and recent sales price of comparable properties to determine market value.

An online valuation report is not seen as definitive proof of value and cannot be relied upon as a legal document.

So what is the most reliable online tool? As most online services use similar calculation models, you do not need to stress too much about which one you use.

What about real estate appraisals?

Another way of trying to find a property’s worth is to get a real estate appraisal. An appraisal is a review of the property performed by a real estate agent.

Realtors are often well-versed in the market, but they have an inherent interest in any potential property sale. As such, there is an internal bias at play whenever they review the value of a property.

Appraisals can give you a good idea of how much a property may cost, but the reports are not accepted as official proof of market value in the eyes of the law. They are not as accurate or reliable as independent valuation reports from registered experts.

Realtors do not have the same qualifications or experience as professional property valuers registered with the API.

What are the benefits of getting an independent property valuation?

Choosing to get an independent property valuation is far more beneficial than using any of the other available real estate tools.

A few of the key benefits of getting an independent report are:

• You get conclusive and definitive proof of market value.
• The reports are legally-accepted and can be used in courts across the country.
• Each one is written in accordance with relevant regulatory and legislative standards.
• They are prepared by API-registered CPVs.
• Each report is customised to suit the circumstances of the client.
• They can be useful for taxation, insurance, loan applications, pre-sale guidance, and more.
• Negotiations surrounding a subject property can move at a much swifter rate.
• Valuations can be performed on residential, commercial, industrial and rural properties.
• Reports can identify the strengths and weaknesses of a property.
• Valuations lead to well-informed investment and financial decisions.

Valuers are property specialists dedicated to preparing prompt and precise valuation reports.

Final word

For the most precise way of finding market value, real estate valuations are your best option. Other tools may exist, but independent valuation reports provide the most accurate and reliable assessments of property.

Online valuation tools and real estate appraisals may prove useful in some cases, but they are not as precise as independently prepared reports. These valuations are not seen as proof of market value in the eyes of the law.

There are plenty of benefits to getting a valuation report. Understanding the market value of a property ultimately leads to better financial decision-making.

For more information on how accurate valuation reports are, feel free to give us a call today.