Why you can’t use council rates notice valuations when assessing a property’s worth
You see your home as a castle, the bank values your property as a shed, and we pay council rates worthy of a mansion, so what property valuation should property owners and prospective buyers be looking at?
Buying a property is a significant journey for most buyers and appraising the property prior to making an offer (or bidding at auction) is essential. (Image source: Shutterstock.com)
Prospective buyers will often refer to the council valuation when setting a bidding limit for a property auction, but this is not a reliable indicator for likely price.
In fact, I’ve seen remorseful bidders regretting their price-setting methodology when they’ve watched the bidding (and reserve) sail past their council rates valuation figure.
In the vast majority of cases, properties sell for a far greater figure than the council rates notice a…
