How can I be confident that the valuation is fair?
Valuations are undertaken independent of the Taskforce and ACT Government with the process managed by the Australian Property Institute (API).
Valuers use a range of factors to determine the value of a property. Importantly they are ignoring the presence of loose fill asbestos, any maintenance issues and including unimproved structures on the site.
They also factor in comparable suburb sales, suburb profile, noting improvements made to the house and the actual fittings and fixtures of the house among other considerations. Each house will get two independent valuations from different valuation firms, with the average of the two valuations offered by the ACT Government as the purchase price.
Should homeowners be dissatisfied with the initial valuations, they may request a Presidential Determination through the API, at their own cost. The value sum returned from a Presidential Determination is binding on both the homeowner and the Taskforce, regardless of whether it is less than or more than the original offer sum (which is the average of the two initial valuations).