Market appraisal

In general, a market appraisal is something that an owner obtains from a valuer or real estate agent to ascertain the value of their property. The Commissioner will generally accept a written market appraisal from a registered valuer or real estate agent who are able to support their opinion with at least 3 recent comparable sales in the last 12 months.

If it is not possible to give at least 3 recent comparable sales—for example, because the residential property is located in an area where sales are infrequent—the Commissioner will consider the evidence of market value submitted. Further corroboration may be required based on factors like the location of the property, the type of property and the interval between sales.