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Getting a property valuation: What you need to know


The information on this page does not apply to ANZ Plus products

With your home likely to be your biggest financial asset, you might be wondering, “What’s my property worth?” A property valuation could help you estimate how much your property is worth. Find out how and when to get a property valuation.

Why you might need a property valuation

If you're applying for a home loan

A property valuation is an important step in the home loan application process that helps your lender calculate your Loan to Value Ratio (LVR). When you apply for a home loan, a property valuation will be required by your potential lender. This is sometimes referred to as a bank valuation and will be done on your behalf. Note that your lender will still need to complete their own property valuation even if you have one.

If you're refinancing

Refinancing is similar to applying for a home loan, so your lender will arrange to have a bank valuation done to assess how much your property is worth.  

When a property valuation could be helpful

Given how quickly the property market moves, if you’d like to have a better idea of your house value, organising a property valuation through a licensed valuer is one way to get an estimate. Remember, there will be a cost associated with these valuations.

Other times you might want to get your property valued include:

Before selling your property

If you’re thinking of selling your property, you could organise a property valuation report to help give you a clearer indication of how much your property is worth. Having a potential selling price in mind may help you decide whether to sell or not. It could also help you budget for your next home.

Before making a will

Arranging to get a property valuation report before making a will could give you a better understanding of what your assets are worth and help you in distributing your estate.

Before making other financial decisions

Keeping a close eye on the value of your home may help you make decisions about home insurancehome equity and your overall financial position.

The difference between property valuations and appraisals

Valuations and appraisals both give an indication of the value of a property but there are some key differences between them.

Real estate agents will often offer a free appraisal of your property based on their experience and recent sales in the area.

On the other hand, a property valuation conducted by an accredited valuer is a formal report that can be used for legal matters such as home loan applications. It is a more comprehensive valuation of your property that usually takes two to three days to complete and comes at a cost.

An appraisal has no legal standing and cannot be used for your home loan application. 

How can I find an accredited valuer?

If you have decided you need a property valuation, consider an independent certified valuer with no vested interests in the property being valued. The Australian Property Institute (API) runs an accreditation scheme for Certified Practicing Valuers (CPV). The relevant body in your state or territory will usually have a list of qualified valuers that you can choose from.

How much does it cost?

The exact cost of a property valuation varies depending on the location, accessibility, type, style and age of the property, as well as the valuer’s rates. Most valuations typically cost between $300 to $600. It may be worthwhile to get a written quote from the valuer before going ahead with the valuation.

Getting a property price prediction

If you don't need a formal property valuation but would like to get an idea of the value of your property, an ANZ Property Profile Report might help. It’s a free report that provides a price prediction for properties listed for sale and an estimated price range for properties that aren’t listed for sale. It is not as specific as a property valuation, but it may provide a useful indication as to what your property might be worth.

The property report includes:

  • Prediction from Australia’s most accurate free property price predictordisclaimer
  • Comparable sales results in the area
  • Sales and rental listings in the area
  • Interesting suburb insights and trends
  • Any recent sales history of the property

To sum up

A property valuation:

  • gives you an indication of what your property is worth;
  • will be arranged by your lender when applying for a home loan or refinancing;
  • if conducted by a certified professional, can be used for legal matters; and 
  • could be helpful when you are selling your property or making a will.
Getting a property valuation: What you need to know
Home Loans Specialist

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The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditionsProduct Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product. 

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ANZ Property Profile Reports are not personal advice or a recommendation. They contain general information only and do not take into account personal needs and financial circumstances. They are for personal use only. Price range estimates and estimated total equity are estimates only. They are based on certain available information and/or equity estimates provided when ordering an ANZ Property Profile Report. An ANZ Property Profile Report is not a valuation of the property or a guarantee of its market value or future sale price. Price range estimates may change daily and the actual sale price (if the property is sold) may be different.  Customers should make their own enquiries and obtain independent financial and legal advice before deciding whether to use their equity to invest in property, renovate or deciding the price they are willing to pay for a property. Sales history and past performance are not indicative of future price or performance.