I'm refinancing a vacant block of land at the moment.
Council rates value it at $245,000.
CBA valuer values it at $195,000.
The CBA calculated it at a block in the estate which sold some time ago (not sure when). This block is significantly smaller than ours and has inferior views than ours.
But when this referenced block sold, it sold for $237sqm. Ours at 747sqm should bring the value to $244,300. This makes the council valuation correct.
The valuer also claims to have added in a premium to our block given its larger size, and that the council's valuation is too high.
But based on the valuer's calculations, the council's value is spot on, BEFORE adding in a premium for the extra size.
What can I do to challenge the valuer's estimation?
And before you suggest it, the CBA have the best LVR offering around, so I dont want to go to another bank. I'd probably only get the same valuer again anyway.
Council rates value it at $245,000.
CBA valuer values it at $195,000.
The CBA calculated it at a block in the estate which sold some time ago (not sure when). This block is significantly smaller than ours and has inferior views than ours.
But when this referenced block sold, it sold for $237sqm. Ours at 747sqm should bring the value to $244,300. This makes the council valuation correct.
The valuer also claims to have added in a premium to our block given its larger size, and that the council's valuation is too high.
But based on the valuer's calculations, the council's value is spot on, BEFORE adding in a premium for the extra size.
What can I do to challenge the valuer's estimation?
And before you suggest it, the CBA have the best LVR offering around, so I dont want to go to another bank. I'd probably only get the same valuer again anyway.