Property valuation company based in Melbourne specialising in valuations of large properties, luxury property, government projects and developments
Welcome to Blue Flamingo Property Valuers
your premier property valuation firm in Melbourne
Our Valuation Services
Residential Property Valuations
We provide accurate market valuations for all types of residential properties including houses, townhouses, apartments, vacant land and subdivisions.
Commercial Property Valuations
Our experienced valuers undertake thorough valuations of retail, office, industrial and mixed used commercial properties of any size across Melbourne.
Development Site Valuations
We work closely with property developers to assess the valuation potential of potential development sites, factoring in costs, zoning, approvals and market demand.
Hotel & Leisure Valuations
We undertake valuations for hotels, motels, resorts, caravan parks and other leisure properties using validated valuation methodologies.
Compulsory Acquisition Valuations
We act on behalf of home owners and businesses to determine fair compensation for compulsory acquisition by government bodies.
Insurance Valuations
We provide accurate valuations of residential and commercial properties for insurance purposes in the event of disasters, damage or total loss.
Why Choose Blue Flamingo Property Valuers?
Certified Valuers
Our team comprises fully certified valuers accredited by the Australian Property Institute. You can be confident in our expertise.
Local Knowledge
With deep roots in Melbourne, we have intimate knowledge of the local property market across all sectors.
Quality Reports
We produce comprehensive, compliant reports that reflect the highest industry standards. Our valuations stand up to scrutiny.
Personalized Service
Each valuation receives customised attention based on the property specifics and intended use case.
Highly Responsive
We understand the need for timely valuations and aim to deliver reports promptly to meet your requirements.
Professional Insights
Our experience allows us to provide meaningful insights on the property in the context of current market dynamics.
Cost Effective
Our fees are competitive and offer excellent value given our level of expertise and quality of service.
For an accurate, robust and cost-effective property valuation in Melbourne, contact the trusted team at Blue Flamingo today.
Valuer Updates
When Do I Need a House Valuation?
Understanding the right time for a property valuation can significantly impact your financial decisions, especially in a changing market. This article aims to guide homeowners on when to seek a new valuation of their home.
Recognising the Right Time for Property Valuation
Market Changes and Property Values
Property markets are dynamic, and changes can greatly affect your home’s value. Keeping abreast of market trends is key to deciding when to get a property valuation.
Personal Circumstances
- Major life changes like marriage or retirement
- Financial shifts like income changes or investment plans
Property Improvements
Significant upgrades or renovations can increase your home’s value, necessitating a new valuation.
The Benefits of Regular Property Valuations
Financial Planning and Investment Strategies
Regular property valuations help in effective financial planning, providing insights for investment decisions or property portfolio adjustments.
Insurance Purposes
Updated valuations ensure your home is adequately insured, reflecting its current market value.
Preparing for Sale or Refinancing
A current valuation gives a clear picture of your property’s worth, aiding in setting a competitive selling price or negotiating refinancing terms.
Frequency of Property Valuations
Market-Driven Frequency
In rapidly changing markets, more frequent valuations are advisable to keep pace with current values.
Event-Based Valuations
- Post-renovation or major repairs
- After significant local economic or infrastructural changes
Routine Valuations
A general guideline is to consider a valuation every two to three years, or as your circumstances change.
Utilising Valuation Updates Effectively
Strategic Decision Making
Use valuation updates to make strategic decisions regarding property investment or adjustment to your financial portfolio.
Leveraging Equity
Understanding your property’s current value can help in leveraging equity for further investments or financial ventures.
Refinancing and Loan Applications
An updated valuation is often required for refinancing applications or securing loans, ensuring better terms based on your property’s current worth.
Understanding CBD vs Suburban Commercial Values in Melbourne
Assessing Commercial Property Values: CBD vs Suburbs
The valuation of commercial properties in Melbourne varies significantly between the Central Business District (CBD) and suburban areas. These differences are primarily influenced by factors such as foot traffic, accessibility, and amenities. This guide delves into these key elements, offering valuable insights for investors considering a commercial property purchase in Melbourne.
The Impact of Location on Commercial Property Values
CBD Commercial Value: A High-Traffic Hub
The CBD of Melbourne, known for its high foot traffic and dense concentration of businesses, typically sees higher property values. This area attracts a diverse range of customers and offers extensive networking opportunities, driving up the commercial value.
Suburban Commercial Value: Community-Focused and Accessible
Suburban areas in Melbourne, while having less foot traffic than the CBD, offer a more community-focused environment. These areas are often more accessible to local residents, leading to a loyal customer base.
Key Factors Influencing Property Values
Foot Traffic and Accessibility
- CBD: High foot traffic due to tourism, office workers, and city dwellers.
- Suburbs: Steady local foot traffic, often with easier parking and accessibility.
Amenities and Services
- CBD: Proximity to major transport hubs, a wide range of services, and diverse dining and retail options.
- Suburbs: Community-centric amenities, local schools, and parks.
Assessing Potential for Commercial Property in Melbourne
CBD Commercial Properties
Investing in CBD commercial properties in Melbourne can offer higher returns due to the premium location. However, investors should be prepared for higher initial costs and competition.
Suburban Commercial Properties
Suburban properties may provide more affordable entry points and the potential for long-term tenant relationships. These properties often cater to the needs of the local community, offering stability.
Pre-Purchase Advice for Melbourne Commercial Properties
Conducting Comprehensive Market Research
Understanding current market trends in both the CBD and suburban areas is crucial. Investors should consider factors like future development plans and changes in consumer behaviour.
Evaluating Return on Investment
Considering the potential return on investment is key. CBD properties might offer higher rental yields, but suburban properties could have lower vacancy rates and maintenance costs.
Property Valuer Methods Explained
Property valuers use three main approaches to determine the market value of real estate – the sales comparison approach, the cost approach, and the income approach. Each method analyses different factors to arrive at an estimate of the property’s current worth. Understanding how property valuers calculate value can help property owners and investors make informed decisions when buying, selling or investing in real estate.
Sales Comparison Approach
The sales comparison approach, also known as the market approach, is the most common method used by property valuers to determine a property’s value. This approach analyses recent sales of comparable properties to estimate the subject property’s current market value.
The valuer researches and analyses data on recently sold properties in the same area that are similar to the subject property in terms of key characteristics like location, size, age, condition, amenities and other features. The sales prices of the comparable properties or “comps” are adjusted for any differences compared to the subject property. This helps the valuer determine the likely sales price if the subject property were to be sold in the current market.
Skilled property valuers have access to sales databases to find relevant comps. They verify the sales by checking public records. Adjustments are made for date of sale, location, lot size, living area, bedrooms/baths, garages, pool, upgrades, and condition differences. The adjusted sales prices of the comparable properties are correlated to arrive at a likely market value for the subject property.
Cost Approach
In the cost approach, the value is based on the current cost to reconstruct or replace the improvements on the property. The land value is estimated separately and added to the depreciated improvement cost.
The valuer first estimates the value of the land as if vacant by analysing sales of comparable vacant land parcels. Then a replacement cost estimate is made for all buildings and other improvements on the property. The replacement cost is adjusted for depreciation due to age, wear and tear, and obsolescence. The depreciated improvement cost is added to the estimated land value to arrive at the property’s overall value via the cost approach.
This method provides a good indication of value for newer buildings that have minimal depreciation. It is commonly used for special purpose properties like schools, churches and hospitals which are rarely sold on the open market.
Valuing Heritage Homes in Melbourne
Melbourne is renowned for its beautiful heritage architecture and historic homes. Valuing these unique period properties requires special consideration compared to modern dwellings. Here are some tips for arriving at an accurate valuation for heritage homes in Melbourne.
Assess Architectural Significance
A key factor is assessing the architectural significance of the home. Properties with rare or distinctive period details often attract a premium. Original features like leadlight windows, decorative ceilings, stained glass and ornate fireplaces contribute to value. Homes designed by notable architects or displaying certain styles like Victorian, Federation and Art Deco can be highly prized.
Researching the history and provenance of the home can reveal its importance. Listing on a heritage register also enhances prestige and scarcity value.
Analyse Condition
While period details are desirable, their condition is critical. Well-maintained original features in good working order add more value compared to deteriorated elements needing restoration. Upgrading electrical, plumbing and insulation to modern standards also boosts value.
On the other hand, extensively modified or poorly renovated homes may be less appealing to buyers seeking an authentic heritage property. Strike a balance between updating facilities while retaining original charm.
