By Thivakar Pushparaj

When buying a house it is easy to get confused with all the different types of property valuations that are available. These are often referred to by your agent, mortgage adviser, lawyer and bank and it is important that you know the difference.

Registered Valuation RV

Registered Valuation is a valuation on a specific property that is determined by a qualified registered valuer who has visited the particular property. The valuer will note the details of the property including its size, condition, number of bedrooms and bathrooms, layout and age of the property taking note of any improvements.

They’ll then compare it to other properties in the area that have recently sold and provide a formal document called a registered valuation.

Banks normally ask for these if your deposit is less than 20%. A registered Valuation normally costs around $600, but can be less or more, depending on the size and complexity of the property.

Government Valuation 

Measured by the local council and is a valuation figure that is determined by statistics on the area. These come at no cost and are publicly available online. It is also used for your council to determine your rates cost and is also referred to as a Rateable Valuation or RV. Banks normally accept these if your deposit is 20% or higher.

Market Appraisal

A Market is an appraisal of a property’s sale range by a licensed Real Estate Agent. These are normally provided to the people who currently own the house. Banks do not accept these at all.

Estimated Valuation (EV)

Also known as an E-Valuer. This is a valuation that is done online using recent sales data of comparable sales in the area. These normally cost less than $100. Banks normally accept these if your deposit is 20% or higher.