So the Valuer General Says your Property is worth more?

What does this mean for you?

If you haven’t heard, the Valuer General SA has done a review on all property values (which is actually their job) and surprise surprise! What you thought your property was worth, even with media speculation, has now been confirmed!

Many South Australians have started receiving their Council Rates for 2022/23 and along with the postman came a huge shock $$$ Rate increases in most Council areas! Upon investigation, many discerning Property Owners checked their previous Council Rates notices to compare and found the culprit is the Valuer General.

For example, one home owner we spoke with had a Property Valuation on their 2021/22 Council Rates of $830,000. The latest Notice has the Property Valuation now at $1.075,000!!!! Now you don’t need to be a Genius Mathematician to work out that is nearly $250k rise..in one year!

So let’s look at what this means to you.

Well, if you are considering selling your property then this is great news because many buyers often take the Valuer General’s property valuation as where they pitch their opening offer. Again as an example, if this home owner had been on the market last year potentially under the $1million mark would have been what they would expect. HOWEVER if they go to market this Spring they can definately be excited with being well above that and potentially more!

For Buyers, well…this isn’t as joyful for the obvious reverse reason we have just given. However again, in this current market and with the demand we continue to see on the rise in South Australia, people are keen to spend what it takes to get the property they want.

For the home owners who are considering selling at this point it does signal an increase of average $250 per year of their Council Rates which with the increase of cost of living as a whole, isn’t great.

A final example for Vendors though is recently a 4 bedroom 2 bathroom home a few streets back from the beach in Largs North on just over 610sqm realised the incredible price of $1,450,000 at Auction with several active and very keen bidders! This was AFTER the announcement of the Valuer Generals increase of property valuations.

So as you can see…the market in South Australia isn’t going to change any time soon. Higher interest rates, Valuer General changes….nothing is denting the market.

If you would like to discuss this or any other property topics of interest I would love to hear from you. At Stellar Real Estate, we understand the value of your property.

Give me a call 0448 095 241 or email me john@stellarrealestate.com.au

Photo Credit – The Real Property Experts UK