Valuation Report

Valuation Report代写 The subject property of the valuation report is 84 Holmead Road, the inspection and the house owner approved valuation at 17 of May 2019.

Valuation Report代写
Valuation Report代写

 

Student Name: Lei Zhang

Student Number:

Word Count:4815

 

Valuation Summary

Address: 84 Holmead Road Eight Mile Plains, QLD, 4113.

Instruction: This valuation report is a house valuation for mortgage security purpose only. It provides a valuation of 84 Holmead Road for home loan application. Instructions were received from the professor of USB142 as a finial assignment in semaster1, 2019.

Prepared For: Andrea Blake (the professor of USB142)

Suburb Zoning: The subject property located Eight Mile Plains, which is a southeast suburb of Brisbane with mature and convenient surrounding facilities.

Brief Property Description: 84 Holmead Road is a brick veneer house that locates at low density residential zone with 5 bedrooms, 2 bathrooms and 2 lock up garages. The building year of the property is 2012, and the house is in structurally sound condition.

Legal Description: RPD: L4 SP238122 LA: Brisbane-Tingalpa  VG Number:00047490300000

Significant Risks: unknown

Property Type: Free Standing House

Owner Code: Private person

Fee code: Freehold

Land Area: 430

M2 Total in Floor Area: 172

Valuation Approaches: The direct comparison valuation method as primary method, and the summation approach as second valuation method.

Date of Inspection/Valuation: 17 of May 2019

Valuation: $650,000-700,000

Prepared by: Lei Zhang

 

Table of Content

1.0 Introduction —————————————————————————- 4

2.0 Instruction —————————————————————————— 4

3.0 Land and Title Details —————————————————————- 4

4.0 Encumbrances ————————————————————————- 5

5.0 Location and suburb —————————————————————— 5

5.1 Suburb (Eight Mile Plains) —————————————————— 5

5.1.1General description ——————————————————- 5

5.1.2 Sale Price and rental ——————————————————5

5.1.3Demographic of the suburb ——————————————— 6

5.2 Property location —————————————————————–6

6.0 Site description & services ———————————————————- 6

6.1 Site description ——————————————————————- 6

6.2 Service connected ————————————————————— 7

7.0 Property description —————————————————————– 7

8.0 Town Planning ————————————————————————- 7

9.0 Highest and best use —————————————————————— 7

10.0 Improvement ————————————————————————- 8

10.1 General condition ————————————————————— 8

10.2 Improvements ——————————————————————–8

11.0 Environmental issues —————————————————————-9

12.0 Statutory charge ———————————————————————- 9

13.0 Tenancy details ———————————————————————– 9

14.0 Economic/ market review ——————————————————– 10

14.1 Economic review ————————————————————— 10

14.1.1 Economic growth ——————————————————- 10

14.1.2Consumer Sentiment Index ——————————————–10

14.1.3 Inflation rate ————————————————————- 11

14.2 Residential market overview————————————————- 11

14.2.1 Market overview——————————————————— 11

14.2.2 New developments—————————————————— 12

15.0 Basis of valuation——————————————————————— 12

16.0 Valuation rationale and approach————————————————- 13

17.0 Valuation——————————————————————————- 14

18.0 Qualification and disclaimers —————————————————– 14

19.0 Appendix—————————————————————————— 15

19.1 Sales evidence for Direct Comparison method ————————– 15

19.2 Summation valuation (check method) ———————————— 19

20.0 Reference list————————————————————————- 21

1.0 Introduction

The valuation report is instructed by the lecturer of USB142 as a finial assignment, and the report aims to value the market value of 84 Holmead Road for mortgage security purpose. The subject property is a freestanding house with 430 land area and 172 floor area. The house has been built as a brick veneer house at 2012, and the general condition of the house is structurally sound.Valuation Report代写

The instructions, land & title details, encumbrance, location, site description& service, highest and best use, town planning of the suburb improvements, environmental issues with potential risks, tenancy details, external economic/ market overview, and valuation approach will be analyzed by using credible references from RP Data, Price Finder, Real Estate.au, Brisbane City Council, other official government documents, and academic journal articles.Valuation Report代写

The full valuation report will be completed by accordance with API standards and guidelines. The direct comparison valuation approach will be used as primary method, and the summation approach will be used as secondary check method.Valuation Report代写

2.0 Instruction

According Chen (2019), Market value is the price that an asset gets in the market. Market value is dynamic because it depends on physical operating conditions, demand and supply, and economic conditions. House assets valuation needs to value the house by different sectors, such as physical feature of the house, overall economic and policy situation, location, suburb surroundings, potential environmental issues and risks, rental performance, and highest and best use etc. (Levin, Monagnoli, & Pryce, 2008).Valuation Report代写

This valuation has been undertaken by Lei Zhang, who will provide an unbiased and objective valuation of 84 Holmead Road. The basis of the valuation is current market value, which is the estimated amount for a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties each acted knowledgeably, prudently, and without compulsion.Valuation Report代写

The subject property of the valuation report is 84 Holmead Road, the inspection and the house owner approved valuation at 17 of May 2019. The valuation report is instructed and prepared as a finial assignment of the university unit for Andrea Blake. Who is the lecturer of USB142 (Residential valuation). The aim of the report is to value the market value of 84 Holmead Road in order to ensure the security of home mortgage and sale.Valuation Report代写

3.0 Land and Title Details

The land of 84 Holmead Road is legally described as a 430 freehold houses that owned by private person. The RPD of the subject property is L4 SP38122 with the Brisbane- Tingalpa LA in last issue date of April 2012. The VG number of the property is 00047490300000, and the registered owner is Jimmy Wang. The land is subjected to Part IV A Conservation Act 1987, a Land Covenant a Fencing Agreement a right of way, rights to convey services, and the right to discharge the part of the sewage and water marked A.Valuation Report代写

4.0 Encumbrances

There is no encumbrance issue attached that binding upon the subject property such as charge, claim, liability, and regulation. Otherwise the market value of subject property will be reduced.

5.0 Location and suburb

5.1 Suburb (Eight Mile Plains)

5.1.1General description  

Eight Mile Plains is a key economic growth southeast suburb of Brisbane city with approximately 7.8 square kilometers. Eight Mile Plains has 34 parks, which covers 9.6% of total area. The population of Eight Mile Plains was 15,349 in 2016, which indicated a 14.7% population growth from 2013 to 2016. The distance from Eight Miles Palins to Brisbane CBD is 14.38km, and the distance from Logan Central is 6.99km.Valuation Report代写

5.1.2 Sale Price and rental  

The median property price is $750,000 for houses in 2018. The median property rental price over last year of Eight Mile Plains is $470 PW with 3.3% of annual growth and 5.7% of rental yield. Based on ten years of sales, Eight Mile Plains has seen a compound growth rate of 3.7% for houses with high demand market.Valuation Report代写

Key market indictors of the suburb

  • Change in Median Price (5yrs) is 20.5%
  • Annual Change in Median Price (10yrs) is 3.7%
  • Median Asking Rent for EIGHT MILE PLAINS is $500 per week
  • Median Days on Market is 36 days
5.1.3Demographic of the suburb

The top three demographic people of Eight Mile Plains are 20.2% of older couples, 19.4% of independent youth, and 14.2 of established couples. In general, people in Eight Mile Plains work in a professional occupation with higher income (Australia Bureau of Statistics, 2016).Valuation Report代写

5.2 Property location

  

Valuation Report代写
Valuation Report代写

The subject property located at 84 Holmead Road Eight Mile Plains. The subject property is close with a regional shopping center- garden city shopping center (1.5km), which is one of Brisbane’s major shopping center, and a neighborhood shopping center – Eight Mile Plains shopping center (4km). The distance from subject property to Brampton Street Park is 0.2km. On the other hand, there are also education institutes around the subject property ,0.1 km. form perfect beginings youngcare center.Valuation Report代写

2.16 km from a government primary school- Warrigal Road State School, 2.18 km from a government secondary school- Rochedale State High School. 2.2km of a governmental secondary school- Macgreor State high school, 2.27km from St Catherine’s Catholic Primary school etc. There are M1, M2, and M3 High Ways around the subject property, which connect the subject property with Gold Coast, Logan Central and Brisbane CBD.Valuation Report代写

 

6.0 Site description & services

6.1 Site description

The subject property is located at the east site of Holmead Road. The property is in regular steadily shape, it attached certificate of title of street frontage and drive form Holmead Road. The area of subject property is approximately 430, it is on regular rectangle shape. The length of the property is 27.5m and the width of the property is 15.7m.Valuation Report代写

There is not any contamination, landslip and heritage issue that related with 84 Holmead Road. On the other hand, according to Brisbane City Council, there is not any flooding issue with the subject property, which is a significant issue around the area of Brisbane River.Valuation Report代写

Valuation Report代写
Valuation Report代写

6.2 Service connected

Power, Hot Water, Sewerage and Air condition are provided in 84 Holmead Road. Drainage is in form of a pirate septic tank. The essential life services are provided; otherwise the property value will be impacted negatively. However the building do not install any central heat system.Valuation Report代写

7.0 Property description

84 Holmead Road is a freehold house owned by private owner with 5 bedrooms, 2 bathrooms, and 2 lockup garages. The total land area of the property is 430, and the M2 total in floor area is 172. The subject property has been built in 2012 with the construction of brick veneer, and the condition of the property is structurally sound with minimum maintenance modern building style. The last selling record of the subject property is $572,000 in 23 January 2012.Valuation Report代写

8.0 Town Planning

8.1 Development zone

The development zone subject property is in Ldr Low Density Residential zone, which is intended for housing that include plenty of open area. This zone type is meant for residential home, excluding large structures such as apartment complexes and large industry.Valuation Report代写

8.2 Future planning

Brisbane City Council is developing a neighborhood plan of Eight Mile Plains port that including Eight Mile Plains and Rochedale (shows at graph). In next ten years, the Brisbane Metro will be a key project to support the development of infrastructures, advanced technology manufacturing, and commercial and residential development of Eight Miles Plains.Valuation Report代写

Brisbane City Council will enhance the environmental and biodiversity values ​​of the Blimba Creek Basin, Strengthen the transport connections between major employment centers, residential areas and commercial centers. The Eight Mile Pains Gateway Program will been shows at Appendix.Valuation Report代写

Valuation Report代写
Valuation Report代写

9.0 Highest and best use

The value of the property impacted by the highest and best use of the property, the property valuer need to consider the highest and the best use of subject land before inspection and valuation. The current land use of 84 Holmead Road is Single Unit Dwelling, and the land is at Ldr low-density residential zone. However, due to the convenient location, transport and surrounding facilities around the subject property, the land can be divided to several smaller land and the building can be rebuild as several small townhouses.Valuation Report代写

Due to high accessibility of 84 Holmead Road, the property can be used as commercial retail property with government approval.  There are several Motels and Caravan Parks by the end of the street, which are defined as commercial properties.Valuation Report代写

        

10.0 Improvements

10.1 General condition

84 Holmead Road has been built at 2012 with 2 floors of brick veneer construction in 172 M2 total floor area, and the dwelling has high quality fixtures. There are 5 bedrooms, 2 bathrooms, and 2 lockup garages. By the time of inspection and valuation (17 of May, 2019), the subject property is currently at good overall appearance and condition. I have only checked the exposures and accessible areas of the subject property without conducting structural investigation of the improvement, as I cannot check the unexposed and inaccessible parts of the house.Valuation Report代写

Construction

Lockup garage Material in external wall Materials in roof Other features
2 Brick veneer Concrete tile – Ducted vacuum

– Access security install

10.2 Improvements

Although the accessible area of the subject property are at structurally sound condition, and has minimum modernization and maintenance in recent year, there are still some parts need to be improved. The style of the subject property need to be more modernization, the current style of the bedroom and living room is appears dated in recent year. The sink of kitchen need to be improved as the hose of kitchen always blocked and needs further maintenance. Valuation Report代写

Moreover, the grass of the lawn needs be pruning. Some Parts of the external elevation have become worn; a general maintenance of external elevation will be needed. There are also some items of external joinery, which will again require replacement. The brick and tiled outbuildings of attention again.Valuation Report代写

Valuation Report代写
Valuation Report代写

11.0 Environmental issues

According to Brisbane City Council, there is not any heritage, and hazard issues/ risks such as bushfire, landslip, coastal hazard and flooding are related of 84 Holmead Road (shows at graph).

 

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12.0Statutory charge

Convincing and legal fees (average total estimate): $1200 to $1450

Stamp duty: $0 for first-home buyers, $8750 for others

Transfer fee: $35 for every $10,000 over $180,000

Council and utility rates: roughly $500 (per quarter)

13.0 Tenancy Details

84 Eight Mile Plains is currently occupied by tenants. As the location and facilities around the subject property, the vacancy rate is low of 84 Eight Mile Plains. The current tenant pay $600 weekly/w of rental in July 2018, A tenant from 7August 2017- 14 August 2017 paid $650 weekly/w, which is the highest rental pay of the from rental history record. The detail of the history of rental record will be showed at graph.Valuation Report代写

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14.0 Economic/ market review

14.1 Economic review

14.1.1Economic growth

According to the graph, the GDP growth of December quarter in 2018 is 0.2 percent that is the lowest economic growth rate from third quarter of 2016 as the private dwelling investment reduction and just only slowly private consumption grew. Through the year 2018 to the fourth quarter, Australia economy expanded 2.3 percent from 2017-2018, which is the slowest pace since the June quarter of 2017 (Trading economic).Valuation Report代写

There is a reduction of the private investment (-1.3 percent) as dwellings (-3.4 percent) and ownership transfer costs (-6.6 percent). The 2.3% Australian economic growth did not achieve GDP growth forecast (2.7%) in 2018, it might influence by Australia government control and restraint the investment of the real estate market from oversea buyers, the export reduction of products, and especially the dropping of Australian mining industry.Valuation Report代写

 

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14.1.2 Consumer Sentiment Index  

THE Melbourne Institute and Westpac Bank indicated that the Australian Consumer Sentiment Index is 101.3 in April of 2019, which present a 0.6 percent increase month-over-month from 100.7 in May of 2019 (Graph). The Federal survey states an increasing consumer confidence in 2019, and 5.1 percent decrease of amid in job loss fears. However, the economic outlook for the next five years will fell by 2.9 percent and the index of family finances over the next 12 months will drop 1.6 percent.Valuation Report代写

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14.1.3 Inflation rate

The Graph shows the inflation rate fro July 2016 to January 2019. Australian Annual inflation rate fell to 1.3 percent in the first quarter 2019 from 1.8 percent, the market expectations is 1.5 Percent. The inflation rate of first quarter 2019 is present at 1.3 percent as the lowest inflation rate from the third quarter of 2016 due to the slowdown in petrol and house price. The inflation rate was general flat with the consumer prices (Trading economics).Valuation Report代写

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14.2 Brisbane residential market

14.2.1 Market overview
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According to Corelogic, property market of Brisbane has been slow and steady growth with the dwelling house prices increased 0.3% for the year to November. It forecast that Brisbane will have approximately 27.3% of net migration every year, more and more people form Sydney and Melbourne will move to Brisbane as they found that the house price in Brisbane is more reasonable and affordable.Valuation Report代写

According to the national property clock at December 2018, Brisbane is currently at rising market. The current population of Greater Brisbane is 2.2 million that estimated be double at 2055. The demand of residential property will increase as the population growth and increasing of job opportunities. ABS states an increasing job opportunities and low unemployment rate that Brisbane provide, “ Brisbane trend employment increased by 303,100 persons (or 2.5 per cent), which was above the average annual growth rate over the past 20 years of 2.0 per cent”.Valuation Report代写

As per the SQM data, the rental yield in Queensland is slowly increasing; the gross rental yield of house is about 4 percent and about 5 percent for units.Valuation Report代写

The growth rate of Brisbane property market will be estimated at the range of 3% to 5% this year. IBIS Oxford indicated that the Brisbane property market will growth significantly in next 3-5 years.Valuation Report代写

14.2.2 New development

In next five years, more development is planned with more than 100 projects currently in construction or planning in Brisbane. There are huge government projects that will contribute the development of Brisbane. Queens Warf is one of the biggest project that costs 400 billions, and will be a new land market of Brisbane CBD. There will be a 12 football fields of new public space with premium cinema, a six star hotel, 2 five stars hotels and more than 50 new bars and restaurants.Valuation Report代写

Two new pedestrian bridges will be built to walk to South Bank, that is the entertainment and culture center of Brisbane. The project of Queens wharf will increase the employment rate significantly as well increase the growth of tourism (Brisbane City Council). On the other hand, BAC is investing $1.7 billion for the redevelopment of Brisbane airport, including build a new runway, a new multi-storey car park, and the redevelopment of Domestic Terminal.Valuation Report代写

The redevelopment of Brisbane airport is a good opportunity for creating job opportunities and investing major infrastructures of Brisbane, more tourists will visit Brisbane after the project completed. As the growth of development projects, an population growth, and the decreasing of unemployment rates, the residential property market of Brisbane will expected a high demand in next 5 years.Valuation Report代写

15.0 Basis of valuation

The date of inspection/valuation is 17 of May 2019. This report can be applied to identify the market value of the subject property for mortgage security purposes for arms length transaction between a willing buyer and a willing seller, after proper marketing where in the parties each acted knowledgeably, prudently, and without compulsion. All the key essential elements that can influence the market value of subject property are included in the valuation report.Valuation Report代写

Other elements such as Does current owner like this house and why she/he wants to sell the property are not included in the valuation report, cause it can not effect the subject property value. The final valuation result is the price before GST, the GST and statutory costs of the property will NOT be calculated and valued as a reference for mortgage security purpose. The valuation report gives objective information and opinions without any personal bias and emotions, all the information are achieved by physical house inspection.Valuation Report代写

16.0 Valuation rationale and approach

This valuation report use two valuation methods, the Direct Comparison Method will be used, as primary method and the Summation Approach will be considered as secondary method. The valuation of 84 Holmead Road will be valued at current economic and Brisbane residential property market condition.Valuation Report代写

The Direct Comparison valuation is a main valuation method for residential property, and it not only a valuation method, but also the basis for all sales analysis. The Direct comparison method is relied on actual market evidence, and applies the evidence logically for property comparing and analyzing.Valuation Report代写

16.1

The Direct Comparison Valuation method relies on the market identification, fully understand and describe the subject property, inherent and external features that influence the subject property, compare like with like and adjust information for market variables, and apply logic to sales valuation analysis.   All the location, suburb, potential issues and other physical features of the 84 Holmead Road has been addressed at section 2-13, and these sections will be used to defined the value of subject property in valuation section.Valuation Report代写

Five similar sales of properties that having been occurred under similar market conditions and at as close as possible time period will be chosen in order to compare and value the market vale of 84 Holmead road. All of five the sale evidences are from normal sale. Data retrieved from Brisbane, and these properties are all sold recently. The comparison Details of direct comparison method will be shown at appendix.Valuation Report代写

Summation valuation will be use as check method to check the value from direct comparison method. Summation valuation (cost approach) method is based on attributing a value to each component of the property rather than a value for the property in its entirety, and it based on the current cost less depreciation of property. The details of the summation valuation of 84 Holmead Road will be calculated at appendix.Valuation Report代写

17.0 Valuation

The market value of 84 Holmead Road has already been calculated by use two different caution methods in appendix. There is not any comparable property shortage problem for direct comparison method. However, the location of 84 Holmead Road is special and more convenience from other comparable sales evidences, which makes the rental higher than comparable properties. All comparable sales were found from RP Data, and Price Finder.Valuation Report代写

17.1

After a reviewing of 5 sales evidence of comparable properties for direct comparison method (show in appendix), 84 Holmead Road has been valued at $650,000-700,000. The valuation form summation valuation is $658,364 as a checking method.Valuation Report代写

Valuation date: 17 May of 2019

Market value: $650,000-700,000

Name of valuer: Lei Zhang

Signature: Lei Zhang

18.0 Qualification and disclaimers

Instructions were received from the professor of USB142 as a finial assignment in semaster1, 2019 for mortgage security purpose only, there is No responsibility is accepted of this report that is used for any other purposes or by any other parties than to whom it is addressed.Valuation Report代写

   

19.0 Appendix

19.1 Sales evidence for direct comparison method

Sale 1: 25 Timaru Crescent Eight Mile Plains, QLD, 4113
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Sale date: 30 Nov 2018

Sale price: $445,000

Site value: $345,000

Land area: 300

General Description
25 Timaru Crescent Eight Mile Plains is a single unit dwelling in 300land area with 113.25 total floor area. There is 3 bedrooms, 1 bathrooms, and1 locked up garage. The property has been built at 1996 without any refurbishment, and some parts of the property need to be maintained and improved. The structure of the property is Brick. The property provides air conditions, water, and sewage services. There is not any environmental and heritage issues have been reported of this property.
Comments
There is not any ensuite in the property; three bedrooms need to share one bathroom, which is not convenient especially for renting the house to different people. The kitchen has stainless steel sink, electric wall oven, gas bench top stove and more. Moreover, The style of the house is obsolete and it need to be modernized.
Comparison
25 Timaru Crescent is close to 84 Holmead Road, and it has been sold at $445,000 at 30 Nov 2018. The land area and floor area of 25 Timaru Crescent are both smaller than 84 Holmead Road, the house condition needs larger improvements than 84 Holmead Road. There are less bedrooms, toilets and garages than 84 Holmead Road. The market value of 84 Holmead Road is more than 25 Timaru Crescent.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale 2: 1 Boorala Crescent Eight Mile Plains, QLD, 4113
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Sale Date: 09 Jan 2019

Sale price: $610,000

Site area: 650

Site value: $475,000

Description
1 Boorala Crescent is a 4 bedroom, 2 bathroom and 1 lockup garage property located at 650 hillside site area. The M2 of floor area is 122. The material of external wall is brick veneer and the material of the floor is carpet floor. Air condition, hot water and sewage are providing in this property. The building has been built at 1990; the appearance and the condition of the property are structurally sound.
Comments
Current rental is at $435/week, easy access walk to bus, local shops, Maisie Dixon parklands and M3. There is a private paved patio with insulated roof. Kitchen is in classic granite bench tops, and the floor has been polished. The property has also been fully fenced.
Comparison
The marker value of 1 Boorala Crescent is similar with 84 Holmead Road, The value of 84 Holmead Road might be slightly higher. Although 1 Boorala Crescent has bigger land value, the floor area is less than 84 Holmead Road and the condition is not as good as 84 Holmead Road as it has been built almost 30 years with limited improvements. The location and road accessibility of 84 Holmead Road is more convenience than 1 Boorala. 84 Holmead Road currently rented at $600, which is more than the current rental $435 of 1 Boorala.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale 3: 3 Arpege Crescent Eight mail Plains, QLD, 4113
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Sale date: 13 Dec 2018

Sale price: $750,000

Site area: 836

Land value: $485,000

Description
3 Arpege Crescent has been built at 1990 with brick venner, the construction is structurally sound. There are 4 bedrooms, 2 bathrooms and 2 lockup garage in the 194 of total floor area. 3 Arpege Crecent has 2 toilets, one for a ensuit and another for share between 3 bedrooms. All essential services have been provided in this property.
Comments
The property has been built with only 1 floor, built-in wardboardes, and the material of floor is carpet floor. The property is situated in a quiet street, and the front and rear of access to the property. Two separate living areas, formal lounge and dining main, and the ensuit have Spa bath and separate toilet. The property can easy access with schools, shops, transport and public parks. New air-condition, carpet, and insulted.
Comparison
The value of 3 Arpege Crescent Eight mail Plains is higher than 84 Holmea Road. Firstly, the land area and M2 total floor area is larger than 84 Holmead Road. Secondly, the condition and improvements of 3 Arpege Crescent is better than 84 Holmead Road, the air condition, carpet and insulted is new improvement of the property. The road access of 84 Holmead Road is better, but is not influence 84 Holmead Road valued higher than 3 Arpege Crescent.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale 4: 15 Manmarra Crescent Eight Mile Plains, QLD, 4113
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Sale date: 12 May 2019

Sale price: $1,155,000

Land area: 1006

Land value: $650,000

Description
Property attributes: 6 bedrooms, 3 bathrooms, 2 lockup garages house, which been built at 1990.

Property feature: 1 ensuites and 4 toilets, fully fenced, rendered brick external wall, concrete roof. 367 of m2 total floor area. All services such as water, sewage, and air condition are provided.

Comments
Almost 30 years old big house with well maintenance, and good appearance. The big land area is rare in a developed suburb Eight Mile Plains, the land can be subdivided to build townhouses to achieve higher capital gain. The style is little obsolete that required a further refurbishment and modernization.
Comparison
The market value of 15 Manmarra Crescent is much more higher than 84 Holmead Road. The land value and building value of 15 Manmarra Crescent are both higher than 84 Holmead Road, 15 Manmarra Crescent has bigger land and huger building construction.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale 5: 103 Bolton Street Eight Mile Plains, QLD, 4113
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Sale date: 15 Mar 2019

Sale price: $657,700

Site area: 425

Land value: $320,000

Description
Property attributes:

103 Bolton Street is a 4 bedrooms, 2 bathrooms, and 2 garage house that been built at 2000.

Property feature:

1 ensuit and 1 toilet. The material of external wall is rendered brick, the materials of roof is tile, fully fenced, access security installed, walk-in wardrobe pergola, and all essential services had been provide. North-South aspect 425m2 block.

Comments
A house with handy location to access bus stops (150, 155, 156, N154, N157), and Eight Mile Plains neighborhood shopping center. Good appearance with minimum maintenance and modern decoration style. Recently refreshed, new carpets have been laid and paint touch ups.
Comparison
The property value of 103 Bolton Street is similar with 84 Holmead Road, and might be slight lower than 84 Holmead Road. The land size, floor area, feature of location, over all condition and maintained are both similar with 84 Holmead Road. However, 84 Holmead is built at 2012 which is newer than 103 Bolton Street, and 84 Holmead is in better overall condition.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19.2 Summation valuation (check method)

Subject property: 84 Holmead Road Eight Mile Plains, QLD, 4113.

 

Estimated Value: V=L + (C-D) + O

Land (L)

Assessed value of land                           $400,000

Comparable vacant land sales

House (C-D)

New house cost per            $ 720/

Depreciation rate @ 8%

Valuation rate per                            $662/

Main     172 @ 662(C)                     $ 113,864

 

Other Improvements (O)

Depreciated value of patios                        $5,000

Depreciated value of garden shed                   $ 700

Depreciated value of ground improvement           $12,500

Patio (O)                                      $ 6,500

Garden shed (O)                                $ 800

Ground improvement                            $ 13,000

Garage (O)                                    $ 6,000

Total Improvement                            $44,500

Main     172 @ 662(C)                     $ 113,864

Land (L)                                      $ 500,000

Summation value                              $ 658,364

 

 

(V)       $ 658,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20.0 Reference List

Brisbane City Council. (01 Jan 2019). Priority project: Queens wharf and William Street precinct. Retrieved form https://www.brisbane.qld.gov.au/planning-and-building/planning-guidelines-and-tools/city-centre-master-plan-2014/priority-projects/queens-wharf-and-william-street-precinct

Brisbane City council. (21 May 2019). Eight Mile Plain gateway neighborhood  plan. Retrieved from https://www.brisbane.qld.gov.au/planning-and-building/planning-guidelines-and-tools/neighbourhood-planning-and-urban-renewal/neighbourhood-plans-and-other-local-planning-projects/eight-mile-plains-gateway-neighbourhood-plan

Brisbane City Council. (30 May 2019). Flooding in Brisbane. Retrieved form https://www.brisbane.qld.gov.au/community-and-safety/community-safety/disasters-and-emergencies/be-prepared/flooding-in-brisbane

CoreLogic. (2019). 84 Holmead Road Eigh Mile Plains, QLD, 4113. Retrieved from https://rpp.rpdata.com/rpp/property/detail

Trading Economics. (2019). Australia Q1 inflation rate at 2-1-2-year low of  1.3%. Retrieved form https://tradingeconomics.com/australia/inflation-cpi

Trading Economic. (2019). Australia GDP growth at over 2-year low in Q4. Retrieved from https://tradingeconomics.com/australia/gdp-growth

Trading Economic. (2019). Australia Consumer Confidence. Retrieved from https://tradingeconomics.com/australia/consumer-confidence

 

 

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