MMP111 Undertaking The Valuation Of A Dwelling - Assignment Solution

Identification and Description

Narre Warren a neighborhood which is comes under the council area of Casey is approximately 14 square km, having nearly 150 parks and population around 26,000+ with an age group of 20-29 years (Property Value 2019).

1.1 Internal Features:

Situated in the prime spot of Narre Warren The Unit 2/10 Azalea Court was built in the year 1989 having land size of 273 m² and building size is calculated to be about 91.2m². It has 2 bedrooms both have wardrobes, 1 bathroom with separate shower and tub which has a direct access from master bedroom, 1 car space garage and a low maintenance rear garden kitchen has been renovated and now has electric oven, gas hp, and dishwasher with white ceramic tiles. The unit has a formal dining room with wall to wall carpeting with split air conditioning, with heating and cooling system (Domain 2019).

1.2 External Features:

Build from red bricks the Unit shows no sign of physical obsolescence; the architectural structure follows a balanced construction where the unit has not covered 50% of the site, and a private open space of 20 % of the lot having access from living room and Front Fence size with 20% transparency enhancing the living experience it has great schools, shops and public transport all nearby.

1.3 Planning and Zone:

It is an ideal location for a young couple with couple of kids; it comes under General Residential Zone - Schedule 1 (GRZ1) where there is no planning overlay (Casey Planning Scheme 2013). Lot/Plan 2/SP33079 Narre Warren VIC is the unit selected was planned and built keeping all factors in, which enhances its market value and increases the probability of being successfully listed for rent.  

1.4 External Factors:

The Unit Council Property Number: 26088 situated in the area where the average household income is $60,000 - $130,000 and there is no sign of economic obsolesces with over 25% property is tenant-occupied it is a healthy sign of investment (Australian Bureau of Statistics 2019). Visits per listing have been constantly increasing by 30% which shows a high demand in market for the neighborhood. 

30 units of 2 bed were sold in the year 2018 having $433,000 median value of the property. Over 65 rental deals of 2 bed units in Narre Warren, VIC 3805 were agreed upon in the year 2018 with $320 per week rental value. Rental deals have seen a 27% growth in the past year increasing from 51 rentals to 65 rentals (Real Estate 2019A). This Unit is estimated to be worth around $420,000, with a range of “410,000 to 450,000” (Domain 2019).