RESIDENTIAL VALUATION and SECURITY ASSESSMENT for Mortgage Purposes
Standard Valuation Report
Prepared For: Report To: Client Fax/Email: Postal Address: Borrower:
Valuation Exchange Commonwealth Bank of Australia
[email protected]
Attention: Client Ref: Loan Ref No: Fee:
7860247 VOX000004303580 $211.75 inc. GST
SOREN GRAVERSGAARD STOKBAEK KIRRILLI MAREE STOKBAEK
1. Property Summary - Residential House Property Address: Title Details: Registered Proprietor: Encumbrances: Site Dimensions: Zoning/Instrument: Main Building: Built About: Car Accommodation: Accommodation: Approximate Areas: Marketability: Environmental Environmental Issues: Essential Repairs:
71 JAMES COOK DRIVE KINGS LANGLEY NSW 2147 Lot 741 Deposited Plan 253457 Volume Folio TWITCHIN, STOKBAEK None evident - please advise valuer if searches reveal otherwise Refer to Deposited Plan Site Area: R2 Residential LGA: Residential House with 3 bedrooms and 1 bathroom Current Use: Circa 1980 Addition(s): Single garage attached Car Areas: Living Areas: 118m² Outdoor: 97m² Good Heritage Issues: Known Unknown
97 m² Blacktown Council Residential 5m² Unknown
2. Risk Analysis * Must "comment" over page on any 3, 4 or 5 Risk Ratings Property Risk* Ratings Location & Neighbourhood: Land (incl. planning, title): Environmental Issues: Improvements:
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Market Risk* Ratings 1 Recent Market Direction: Market Volatility: 3 Local Economy Impact: 2 Market Segment Conditions: 1 = Low, 2 = Low to Medium, 3 = Medium, 4* = Medium to High, 5* = High Risk Ratings: 1
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3. Valuation & Assessments Summary Interest Valued: Value Component: Land: Improvements: Other: Value: Rec. Documents to Sight: Recommendation:
Fee Simple Vacant Possession Existing Property $610,000 $270,000
Rental Value Unfurnished: Unfurnished: Actual Rent: Replacement Insurance:
Other Assessments $600 per week N/A $435,000
$880,000 Eight Hundred & Eighty Thousand Dollars Certificate of Title, Deposited Plan Yes The Recommendation for security is subject to any issues discussed within the valuation report and subject o qualifications noted.
I hereby certify that I personally inspected this property on the date below and have carried out the assessments above as at that date. Neither I, nor to the best of my knowledge, any member of this firm, has any conflict of interest, or direct, indirect or financial interest in relation to this property that is not disclosed herein. This Report is for the use only of the party/s to which it is addressed and its mortgage insurers for f irst mortgage purposes only and is not to be used for any other purpose. No responsibility responsibility is accepted or undertaken to third parties in respect thereof. No responsibility is accepted or undertaken in the ev ent that the party/s to which it is addressed use this Report for any other purpose apart from that expressly outlined above. This Report is made in accordance with the PropertyPRO Residential Valuation and Security Assessment Assessment Pro- orma Supporting Memorandum Memorandum and must be interpreted with that Memorandum. The agreed parties are bound by the provisions of the Supporting Memorandum. The Supporting Memorandum is available at ww.api.org.au.
Inspection/Valuation Inspection/Valuation Date: Signature:
24 February 2017
Valuer: Qualification/Reg Qualification/Reg #:
Tony Chahine AAPI CPV 69463
Firm: ABN: Address: Phone: Fax: Email: Website:
LMW Residential Pty Ltd trading as LMW 30 109 670 671 Level 9, 100 George Street, Parramatta NSW 2150 (02) 8839-5700 1300 727-684
[email protected] www.lmw.com.au
Valuer's File Reference: 1702004942 Reference: 1702004942
LMW
71 JAMES COOK DRIVE, KINGS LANGLEY
4. The Land Property Identification: Identification: Title Search Sighted: Zoning Effect: Location: Neighbourhood: Site Description & Access: Services:
Site inspection, street address, cadastral map No Single use residential development appears to be permitted on the site. Council searches have not been undertaken to verify his. Kings Langley is located approximately 38 kilometres by road west of the Sydney CBD. The area is well serviced in relation to shops, schools and parks, with major shopping facilities and railway situated in a nearby suburb of Blacktown. This is a average quality, established residential locality. Surrounding development generally comprises similar quality properties. The property's neighbourhood is well serviced by public transport, schools, local shopping facilities, neighbourhood shopping facilities, regional shopping facilities and child care facilities. The land comprises a regular shaped, gently sloping, inside site located rising above road level. The site has good access quality. The property's main frontage is to a two lane bitumen sealed road with concrete kerbing and stormwater drainage and a concrete footpath. Mains gas, electricity, mains water, telephone and sewerage are connected to the property.
5. Main Building Style: Main Walls & Roof: Main Interior Linings: Internal Condition: Accommodation: Interior Layout: PC Items:
Fixtures & Features:
Conventional Good Street Appeal: Brick veneer & Concrete tile Aluminium Window Frames: Plasterboard Timber Flooring: Very good Very good External Condition: 3 bedrooms, 1 bathroom, 1 kitchen, 1 laundry, lounge, dining, pergola, porch. Good Kitchen: laminate wall and floor cupboards with stone benchtop, single bowl stainless steel sink, glass splashback, wall oven, electric cooktop with rangehood, dishwasher and pantry. The kitchen is very good quality and in very good condition. Bathroom: single bowl vanity. It has a shower recess with glass screen, bath and separate toilet. The bathroom is good quality and in good condition. Internal laundry: single tub, toilet, shower recess and floor and wall cupboards. The laundry is very good quality and in very good condition. The pergola and porch has floor with ceiling under a roof. Blinds, ceiling fan(s) and split system air conditioning. Floor coverings include: tiles and floating timber.
6. Ancillary Improvements Primary ancillary items include: inground fibreglass swimming pool with secure fencing. Fencing comprises good quality fencing to boundaries. Coloured concrete driveway. Overall the property's landscaping is of good quality.
7. Sales Evidence & The Market Address
3 James Cook Drive, Kings Langley
Sale Date
21-10-2016
Price
$845,000
Single level brick and tile detached residential dwelling. Circa 1980s. Accommodation includes 3 bedrooms, 1 bathroom. Vehicle accommodation includes attached single garage. External condition is good. Internal Internal condition is good. Covered outdoor area. area. Regular shaped allotment. Approximately 110m² living size. Area 697m² 697m² - Note: Local Local thoroughfar thoroughfare. e. outdoor door improvements. Comparison: Comparison: Inferior overall - similar age construction. Similar living size and vehicle accommodation. Inferior internal quality and out Similar land size and street appeal. 6 Young Street, Kings Langley
29-10-2016
$870,000
Single level brick and tile detached residential dwelling. Circa 1980s. Accommodation includes 3 bedrooms, 1 bathroom. Vehicle accommodation includes attached single garage. External condition is very good. Internal condition is very good. Partially updated. Covered outdoor area. Regular shaped corner allotment. allotment. Approximatel Approximatelyy 97m² living size. Area 717m² - Note: Situated Situated opposite opposite Vardys Road. Comparison: Comparable Comparison: Comparable overall - similar age construction. Similar living size and vehicle accommodation. Inferior outdoor improvements. Similar land size. Slightly superior locality. 2 Edgar Place, Kings Langley
16-11-2016
$930,000
One and part two level brick, clad and tile detached residential dwelling. Circa 1980s. Accommodation includes 4 bedrooms, 2 bathrooms. Vehicle accommodation includes detached double garage and attached double carport. External condition is very good. Internal condition is very good. Updated internally. Covered outdoor area. Inground pool. Regular shaped corner allotment. Approximately 140m² living size. Area 703m² - Note: Situated on corner of Edgar Place and Whitby Road. accommodation. Similar outdoor improvements and land size. Comparison: Comparison: Superior overall - similar age construction. Superior living size and vehicle accommodation. Slightly superior locality. 176 Joseph Banks Drive, Kings Langley
17-10-2016
$857,000
Single level brick and tile detached residential dwelling. Circa 1980s. Accommodation includes 3 bedrooms, 1 bathroom. Vehicle accommodation includes attached single garage. External condition is very good. Internal condition is very good. Updated internally throughout. Covered outdoor area. Inground pool. Regular shaped corner allotment. Approximately 142m² living size. Area 697m² Comparison: Comparable Comparison: Comparable overall - similar age construction. Superior living size. Similar internal condition. Similar vehicle accommodation. Slightly inferior outdoor improvements. Similar land size and street appeal. Current/Proposed Current/Proposed Sale of Subject Property: Prior Sale(s) of Subject Property (last 3 years):
$425,000 01/2011 - The market has improved since this time. The property has been mostly updated and improved since this time. Valuer's File Reference: 1702004942 Reference: 1702004942
LMW
71 JAMES COOK DRIVE, KINGS LANGLEY
7. Sales Evidence & The Market Level of Market Activity: Selling period greater than 6 months: Sale in line with local market: Copy of Contract of Sale sighted:
Stable Sales Activity No N/A N/A
8. Additional Comments Risk Comments: Risk comments below are to be read in conjunction with Section 2.0 (Risk Analysis). Comments relating to risk will be included where the valuer has noted there is a medium ('3') or greater risk associated with the subject property or market.
Property Risk Analysis - Environmental Issues The property is situated on James Cook Drive, a local thoroughfare, and is affected by minor traffic noise. Considered a minor detriment and is reflected in our overall assessment. Market Risk Analysis - Recent Market Direction Strengthening Prices - known signs of sale prices increasing / known increase in sales prices from previous sales that have occurred in the last 6 months. It is uncertain as to the duration of such trend and recommend the lender exercise prudent lending. Market Comments: There are signs the market is tending to the upside. The supply equation points to a slight decline in market conditions. The demand equation points to a slight improvement in market conditions. Rental vacancy rates are in balance and supports a stable market. Expectations in the marketplace are for a slight improvement in market conditions. Other Comments:
After an extensive search for comparable sales, we advise that the sales used in this report are the most recent and most comparable to the subject. We are unaware of any further comparable sales within 6 months and 15% of the market value of the subject. The property is readily saleable, with no adverse features other than those discussed in the report. The customers estimated market value of $900,000 is considered to be above market value. This is demonstrated by the comparison comments made within the sales evidence section of this report. The assessed market value is based on estimated selling period of 0 to 6 months. Valuation Risk Alerts: Are there any adverse marketability issues that would require an extended selling period of more than 6 months? The assessed market value is based on estimated selling period of 0 to 6 months.
No
Does the subject property comprise a higher risk or a non-residential property type?
No
Are the ex isting improvements on the property incomplete, under construction or requiring essential repairs?
No
Is the Subject Property critically affected by any Heritage, Location or Environmental Environmental Issues?
No
Is this the first sale of the subject property?
No
Is the subject property situated in a Unit/Townhouse Unit/Townhouse Complex that was completed within the last 24 mths?
No
9. Important Notes & Qualifications This valuation report is to be read in conjunction with the Notes and Qualifications relevant to the property type being valued. Lender Specific Information The valuation is subject to all the appropriate approvals (eg: town planning, building approvals etc.) from the relevant authorities being in place and fully complied with. Building & Construction This Valuation inspection and Report does not constitute a structural survey and is not intended as such. We have carried out an inspection only of the exposed and readily accessible areas of the improvements. Note, the Valuer is not a building construction or structural expert and is therefore unable to certify the Valuer's File Reference: 1702004942 Reference: 1702004942
LMW
71 JAMES COOK DRIVE, KINGS LANGLEY
9. Important Notes & Qualifications structural soundness of the improvements. Readers of this report should make their own enquiries. This Valuation has been based on the condition of the structural improvements and the property in general as at the inspection date, and if the property has to be sold in circumstances where its condition has deteriorated and/or essential fixtures/fittings removed there is likely to be a significant write down in the asset value when compared to the current assessment. Under these circumstances the Valuer will not be responsible for any reduction in value. In regards to the Insurance Replacement Cost estimate, the recipient of this report is advised that the Valuer is not a quantity surveyor and has relied upon published building costing guides to arrive at the opinion of the above re-instatement value. Improvements This valuation assumes that all improvements have been constructed in accordance with the appropriate planning and building regulations in force at the time of construction, and that all appropriate approvals have been obtained from the relevant authorities. The valuation is made on the basis that there are no encroachments by or upon the property. If the instructing party has any concerns regarding encroachments they should be referred to a Registered Surveyor for advice or current survey report. Number of Bedrooms in Sales Evidence The number of bedrooms listed in the above sales schedule are either as recorded in available property sales databases or have been assumed by the Valuer. As we have not physically inspected the interior of the sales evidence quoted we cannot guarantee the accuracy of the information provided. Land Dimensions/Area Unless stated as otherwise in this report we advise that we have not searched or been provided with a copy of the current Title or Registered Plans and that any dimensions or land areas quoted in this report have been obtained from third party information sources and whilst every endeavour has been made to verify such information we accept no responsibility for inaccuracy of any information provided and relied upon. Environmental The client acknowledges and recognizes that the Valuer is not expert in identifying environmental hazards and compliance requirements affecting properties. The Valuer has endeavoured to identify all matters of environmental concern and the effect they might have on the value of the property. However, the Valuer will not be held liable nor responsible for his/her failure to identify all such matters of environmental concern and the impact which any environmental related issue has on the property and its value including loss arising from site contamination; or the non-compliance with environmental laws; or costs associated with he clean up of the property to which an environmental hazard has been recognized, including action by the Environmental Protection Agency to recover clean up costs pursuant to the relevant Environmental Protection Act. Market Movement Clause This valuation is current at the date of valuation only. The value assessed herein may change significantly and unexpectedly over a relatively short period of time (including as a result of general market movements or factors specific to the particular property). Liability for losses arising from such subsequent changes in value is excluded as a liability where the valuation is relied upon after the expiration of 3 months from the date of the valuation or such ea rlier date if you become aware of any factors that have effect on the valuation. Prudent Lenders Endorsement This valuation is prepared on the basis that the Lender named in the val uation report (and no other) may rely on the valuation for first mortgage finance purposes provided that the Lender has complied with its own lending guidelines, as well as prudent finance industry lending practices and has considered all prudent aspects of credit risk for any potential borrower including the borrower's ability to service and repay any mortgage loan. Further the valuation is prepared on the assumption that the Lender is providing mortgage financing at a conservative and prudent loan to value ratio ("LVR"). The valuer accepts no liability whatsoever if prudent lending practices fail to be strictly observed and/or if the lender relies solely on this valuation, and no other criteria, to advance loan funds. This endorsement shall not apply where apply where the Lender is an Authorised Deposit Taking Institution within the meaning of the Banking Act 1959 (including but not limited to any bank, building society or credit union). Certificate of Title Unless stated as otherwise in this report we advise that a copy o f the current Certificate of Title has not been provided or searched. This valuation assumes clear itle. Should any encumbrances, easements, leases or other restrictions not mentioned in this report be known or discovered then the valuation should be referred to the valuer for comment. Definition of Market Value Market Value is defined as the estimated amount for which an asset or liability should exchange on the valuation date be tween a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
10. Capped Liability Liability limited by a scheme approved under Professional Standards Legislation.
Valuer's File Reference: 1702004942 Reference: 1702004942
LMW
71 JAMES COOK DRIVE, KINGS LANGLEY
Photographs
Front Elevation
Kitchen
Bathroom
Rear Elevation
Rear Elevation
Rear Elevation
Valuer's File Reference: 1702004942 Reference: 1702004942
