Essays on Valuation of the Subject Property for Shane Simmons Case Study

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The paper "Valuation of the Subject Property for Shane Simmons" is a good example of a marketing case study.   Highest and best use – According to ( Australian Property Institute (API) 2014), the highest and best use is better referred to as the use of an asset that maximises its potential and that it is physically possible, legally permissible and financially feasible. Therefore, the highest and best use of the property would be a private residence to a large family. Factually, this is influenced by the fact that the house has four bedrooms with an attached well-spaced entertainment and bay in the exterior thus giving the residence a family look.

In addition to single-family occupancy, the residence has a favorable landscape and good open space for free personalisation for the family. Zoning and assessment Zoning shown by planning and development online for Toowoomba puts the property in a mixed housing thus typical for residential housing and high-density accommodation. Typically, prior to the evaluation date, familiar land sales were booked to be on the west of baker street, Darling Heights in Grace View Estate, a 27 Lot residential subdivision with an average price sold per lot is $325 per sq. m in 2015/2016.

In addition, notable sales were; 3 Harrison court ( Lot 7 SP173979) for 734m2 at $220,000 and 93 Platz St ( Lot 22 SP272772) for 526m2, $ 197,000. Location This private residence is located in the suburb of Darling Heights near the southern edge of the Toowoomba City boundary. Toowoomba City is 120km east of Brisbane, the capital city of Queensland; it has a favourable climate with adequate rainfall throughout the year. The population of the town ranges at 163,000 people as at 2016 with a large portion being retirees.

Due to the good climate, Toowoomba is the regional focus of the rich Darling Downs farming and grazing region. (ERP 2016) Access The property is accessible through the distributor/ collector streets with two-lane bitumen carriageway with well-maintained kerbing and channelling. Services and amenities The following services and utilities are available: Electricity Gas Town water Sewerage Telecommunications Refuse collection Public transport – bus The following amenities are available: Parks for recreational use. Schools (secondary and primary) University of Southern Queensland Child care centres Hotels, shopping centres, fast food chains and petrol stations in the vicinity. Sporting ovals such as rugby union, rugby league, touch football, softball, soccer and baseball are played. Regional data The relevant information on the private residence is accessible through the Toowoomba regional council (TRC) online platform, the planning and development section _ PD online.

On this platform data such as dimensions, zoning, applications, parcel conditions and mapping can be accessed. Realestate. com. au is a very resource online platform that offers necessary, sufficient and efficient knowledge on the property and adjacent properties. This website facilitates the relay of data on the specifics of the residence while offering a recommendation on its highest and best use.

On this specific property, it offers a moderate value to be $390,000 - $400000. On the other hand, comparable unit sales are accessible. They pinpoint that property 20 Salisbury Street, darling heights and just adjacent to the property on valuation was sold at $420,000 on August 2015. Land/ site description The property is situated along in the Salisbury Street in the suburbs of Darling Heights near the southern edge of the Toowoomba City boundary. Salisbury Street is a dual-purpose street with two-lane bitumen carriageway full with good condition kerbs and well-maintained channelling.

Basically, the residence is turfed at road level and has red soil. The property has a levelled lot thus does not require any earthworks.

References

Australian Property Institute 2015, ‘IVS Online’, retrieved on 4th October 2016 http://www.api.org.au/menuitem/professional-and-technical-standards/ivs-online

Brisbane Times 2016, ‘Stamp duty calculator’, retrieved on 4th October 2016 http://www.brisbanetimes.com.au/money/tools-and-guides/calculators/stamp-duty

Home Design Directory 2016, ‘Construction cost calculator’, Viewed 4th October 2016

http://www.homedesigndirectory.com.au/calculators/construction-cost-estimator.php

Office of Fair Trading Queensland 2016, ‘fees and charges’, retrieved on 4th October 2016, http://www.fairtrading.qld.gov.au/regulated-sectors/property/managing-your-property/fees-

Mürle, M., Böser, W., 1997, Comparable method of valuation for real estate – represented for plots with terrace houses in the city Karlsruhe, Zeitschrift für Vermessungswesen (ZfV), 9000, pages 235-243, Stuttgart, Deutscher Verein für Vermessungswesen e.V.

Toowoomba Regional Council 2014, ‘PD online’, Viewed 4 October 2016,

http://www.toowoombarc.qld.gov.au/payments-and-self-service/pd-online

Profile.id 2016, ‘Toowoomba estimated resident population (ERP)’, Viewed 4th October 2016, http://profile.id.com.au/toowoomba/population-estimate

https://www.realestate.com.au/sold/property-house-qld-darling+heights-121697658

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