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Getting an independent valuation is the best way a prospective home buyer could protect themselves during the traditional spring selling season, NSW President of the Australian Property Institute Mr Robert Hecek said today.

“Spring is always a popular time for auctions in Sydney. With still low interest rates, and the impending winding up of the First Home Owner Boost, this spring promises to be no different.

“In the excitement of an auction, it is easy to be caught in the heat of the moment. Obtaining an independent valuation is the best tool prospective buyers have to ensure they pay no more than what a property is worth,” Mr Hecek said.

Mr Hecek said there were a number of ways in which consumers could get information on a property, but there was no substitute for getting a valuation.

“Many online tools now allow prospective buyers to research information such as past sales and median prices in a given area. While this information can be a good research starting point, it is no substitute for a full valuation by a registered valuer.

“A valuer will inspect the property, taking into account its unique characteristics, its setting and also look at recent sales of comparable properties. This comprehensive information cannot be replicated online,” Mr Hecek said.

Mr Hecek said the small cost in getting a valuation prior to going to auction could save a prospective buyer tens of thousands of dollars in the long run.

“The most important aspect of getting a valuation is that it is impartial. The valuer will provide an evidence based assessment of the value of a property.

“The valuation they provide isn’t an estimated sale price and isn’t influenced by a commission – it is based purely on the characteristics of the property in question.

“In obtaining this information, prospective purchasers know prior to an auction what a property is worth – and this can help them avoid a bidding war and paying too much,” Mr Hecek said.

Mr Hecek also said that obtaining an independent valuation was a prudent step vendors should take before putting their property on the market.

“A valuation by an independent valuer provides possible vendors with a more accurate insight into the worth of their property in lieu of a market appraisal.

“This is information would allow families to better plan their financial future and decide whether selling is the best option for them,” Mr Hecek said.