What impacts the property valuation on a property?

Factors that can affect property value:

• The state of the market (this reflects whether it’s a buyers’ or sellers’ market) impacts supply and demand as well as the recent selling prices of other properties in the area.
• Interest rates and where the country is in the interest rate cycle, and whether increases/decreases are anticipated in the future.
• Significant and carefully thought out renovations on a property can improve its value.
• Location – this takes the state of the neighbourhood into account, and whether there have been any improvements to the facilities such as hospitals, malls or schools.