Compensation Property Valuation
Although it is rare, the Australian Constitution allows the Australian state and territory governments to acquire your land for public works. When the process begins it can take a significant amount of time before it is finalised. The state and territory governments will normally compulsorily acquire your land if they need it for a new motorway, other roading, infrastructure or public safety reasons. Usually when the government acquires your land you will be eligible for compensation. The total value of the compensation will be based on the value of your property, so the higher your property value, the greater the compensation that you receive will be.
It is rare that you will successfully contest the compulsory acquisition from happening, so the best you can hope for is to receive a fair and reasonable compensation figure.
What is a compensation valuation?
Generally, when the government is acquiring your land you will be entitled to compensation. The compensation that you receive is based on the value of the property, so the more your property is worth, the greater the compensation will be. To determine the value of your property, a compensation valuation will take into consideration: Your property’s size;The location of the property;The property’s zoning;The improvements made to the property;Recent sales in the area;
All of this information will be used to ascertain the value of the property. Once the value of the property has been determined then you will be able to use the valuation to support your compensation claim.
Why choose West Coast Valuers?
West Coast Valuers are completely independent and reliable so you can trust that any valuation you receive from us is an accurate indication of the value of your property. We do not have ties to any government agencies, banks or real estate agents. Our sole driving force is to determine the true market value of your property. Our company has operated for over 20 years with each of our valuers completing at least 15 years of property valuation experience before we allow them to value properties.
If you have received a letter from your local council or the state government saying that they’re going to acquire your property and you want to get compensation then give us a call on (08) 6245 2131 so we can help you with your compensation valuation.