We provide regular property related news blogs to keep our clients informed of what effect important economic, financial and business events and reports will have of the Perth and Western Australian property market.If you wish to receive our regular blogs:
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Unimproved Value Objections for Unimproved Site Value
Thursday, March 24th, 2022The Licensed Valuers at Garmony Property Consultants undertake numerous Valuations for the objection of the assessed Unimproved Value which is the basis for Land Tax assessments in Western Australia. If, following our valuation investigation it is decided an objection is warranted, our Licensed Valuers can submit the prescribed objection form as your “Agent” and liaise with the Valuer Generals Office throughout the objection process. Land Tax is an annual tax, based on a rate in the dollar of the Unimproved Value (UV) of the land, assessed by the Valuer Generals Office at Landgate. Under the Valuation of Land Act 1978, “Any ...
Read moreDevelopment Site Feasibility Analysis
Thursday, February 24th, 2022Our licensed valuers and property valuation consultants often assist clients with development site feasibility analysis to determine what a potential purchaser could afford to pay for a site that has development potential. The property valuer’s feasibility analysis can also determine if a project is economically viable. The valuers analyse and interpret the market sales evidence, review other consultants town planning and engineering cost advice and prepare a Hypothetical analysis or Discounted Cash Flow approach to determine the highest and best use Market Value. This method of analysis, along with the comparable sales method, provides owners or potential purchasers with an accurate, ...
Read moreExpert Witness Valuations
Friday, January 28th, 2022Garmony Property Consultants Licensed Valuers have extensive experience in preparing Expert Witness Valuations for numerous Western Australian Court and Strata Administrative Tribunal matters for Land Compensation, Litigation, Strata Title issues, Family Court matters and Rental Valuation disputes. As an expert witness, our licensed valuers have provided detailed critiques and forensic expert witness valuation reviews for our clients’ complex property matters. Garmony Property Consultant’s experience and understanding of the court process, eye for detail and broad knowledge of valuation methodologies and industry practices for a wide range of property types, enables us to assist our clients with their litigation proceedings. For more ...
Read moreUnimproved Value Objections for Land Tax Assessments
Tuesday, December 21st, 2021The Department of Finance – Office of State Revenue’s Land Tax notices are being delivered to landowners. The Government has not altered rate in the dollar amount for the calculation of Land Tax payments based on the assessed Unimproved Land Value. Landowners often question the amount of Rates that are required to be paid. In most circumstances, commercial property landowners pass the cost of Land Tax onto tenants, who then dispute the amount of rates to be paid. Only the Unimproved Value or UV can be objected to. Not the rate in the dollar. This requires an Unimproved Value Objections ...
Read moreMerry Christmas from Garmony Property Consultants
Tuesday, December 21st, 2021The Perth property valuation team at Garmony Property Consultants would like to wish all our clients a very Merry Christmas and a prosperous 2022. We will close our office on Wednesday 22 December 2021 and will re-open on Wednesday 5 January 2022. We look forward to being of assistance with any of your property valuation needs when we return in 2022. This year our chosen Christmas charity is the Prostate Cancer Foundation of Australia. https://www.prostate.org.au/donate/
Read moreProud Supporter of the Como Rotary Club Car Show
Thursday, September 16th, 2021Garmony Property Consultant’s property valuation team is once again a proud supporter of the Como Rotary Club Car Show, being held Sunday 3rd October 2021 from 10am to 3pm at Wesley College South Perth. Come along to view an fantastic range of well loved classic cars and modern beauties. Net proceeds go to Como Rotary and Wesley College charities.
Read morePerth Residential Property Market is Improving
Tuesday, February 2nd, 2021The Perth residential property market is improving as we start 2021. There is increased buyer activity, building activity is booming and the residential vacancy rate is at an all-time low. REIWA (Real Estate Institute of Western Australia) reported on 4 January 2021, there has been a “significant increase in buyer activity” in December which is traditionally a quieter month. Although Perth Median House Price remains stable at $480,000, REIWA reported “December sales saw 3067 transactions for the month which is an increase of 42.5 percent when compared to the same time last year.” REIWA further reported on 1 February 2021 that ...
Read moreOwners and tenants rights to compensation
Tuesday, January 12th, 2021Owners and tenants rights to compensation
The Licensed Valuers at Garmony Property Consultants are highly experienced in providing expert compensation valuations outlining land owners and tenants rights to Compensation as a result of land being required for State and Federal Governments road and rail infrastructure. The State Government is investing significantly in road and rail infrastructure, spending approximately $6.5 billion in an unprecedented building program including major projects such as Metronet, Armadale Road & North Lake Road Bridge and the Bunbury Outer Ring Road (BORR). With most infrastructure projects, additional privately owned land is required and is acquired (often compulsorily) ... Read moreGarmony Property Consultants – Part of Civic MJD Australia – National Property Valuers
Tuesday, November 10th, 2020Garmony Property Consultants is a Principal Partner Firm of Civic MJD Australia – National Property Valuers
Garmony Property Consultants is proud to be a Principal Partner firm of Civic MJD Australia – National Property Valuers(formerly Oceanic Property Valuations). Civic MJD Australia (Formally – Oceanic Property Valuations (OPV)) are a national property valuation company who operate across Australia and comprises multi-skilled property valuers and professionals with extensive senior property valuation and consulting experience, which specialises in offering independent and impartial property advice to a private, corporate and government client base in a co-ordinated property valuation service across Australasia. Civic MJD Australia is not a subsidiary of any ... Read moreLicensed Valuation for the HomeBuilder Government Grant
Monday, July 27th, 2020HomeBuilder Grant Valuations – How the Licensed Valuers at Garmony Property Consultants can help
The Australian Government HomeBuilder provides eligible owner-occupiers with a $25,000 federal government grant to build a new home or substantially renovated an existing home. One of the requirements of HomeBuilder is to obtain a written valuation by a licensed valuer of the existing value of your home. This is know as the Market Value “As is”. The licensed valuers at Garmony Property Consultants can provide you with a Licensed Valuation for the HomeBuilder Government Grant application of the existing value of your home or vacant lot. To access ... Read moreObjecting to the Gross Rental Value Assessment
Monday, July 27th, 20201 July 2018 will be the effective date for the updated Gross Rental Values used by Local Councils to assess their Council Rates. These Council Rates will be based on the latest Gross Rental Value assessment or GRV by the Valuer General with the Date of Valuation being 1 August 2018. This is the first re-assessment of the GRV since the previous date of assessment in 2015 when the rental market across all property sectors was stronger. We are expecting Landowners and their Tenants will be questioning if the latest assessments are correct and if it is worthwhile objecting to ...
Read moreMandatory Code of Conduct for Commercial Leasing Principles during COVID-19
Thursday, April 9th, 2020In response to the COVID-19 global pandemic The Federal Government has legislated the Mandatory Code of Conduct for Commercial Leasing Principles during COVID-19 (Code) which imposes a set of ‘good faith leasing principles’ to eligible businesses. The Code applies to all tenancies that are suffering financial stress or hardship as a result of the COVID-19 pandemic as defined by their eligibility for the Commonwealth Government’s ‘JobKeeper’ programme. The JobKeeper programme is a wage subsidy programme and is designed to cover the cost of employee’s wages to support employees and businesses significantly impacted by the Coronavirus. To be eligible, businesses have to prove ...
Read moreCOVID-19 affecting the Perth residential property market
Tuesday, April 7th, 2020Since mid-March of 2020, the Coronavirus (COVID-19) has had a major impact on the world economy and is now showing signs of affecting the Perth residential property market. The Australian reported on the 2 April 2020 that “A collapse in residential property sales numbers is inevitable but the extent of price falls may be dependent on government intervention, according to UBS analysts.” The UBS analysts also stated “We also revise our forecast for home prices to start falling, given the hit to demand from the looming sharp recession and spike in unemployment. The extent and duration of price falls is ...
Read moreValuation Protocol – Non-Inspection of Properties due to COVID-19 Restrictions
Friday, April 3rd, 2020API Valuatio Protocol COVID-19 Purpose of this protocol This protocol deals with valuations, undertaken by Australian Property Institute (API) members where, during a time of an API declared crisis and/or state of emergency, a full (physical or personal) inspection of the property cannot be undertaken. The protocol outlines guidelines that the Valuer may follow in order to correctly identify the property being valued and to collect property specific information for Non-Inspection of Properties due to COVID-19 Restrictions. For absolute understanding, for the time period prescribed by the API, the Valuer is required to undertake the most appropriate valuation inspection or research possible, taking ...
Read moreValuation Protocol COVID-19 – Time of Crisis/State of Emergency impacting physical inspections of real property
Wednesday, April 1st, 2020Australian Property Institute (API) State of Crisis/State of Emergency Declaration Effective 8am AEST Monday 30 March 2020, the API Board has declared a State of Crisis/State of Emergency in accordance with the API Valuation Protocol – Guidelines For API Declared Time Of Crisis and/or State Of Emergency Impacting Physical Inspections Of Real Property dated 29 March 2020. A copy of this Valuation Protocol is attached for consideration by all API members and stakeholders. We have also attached a copy of the ‘Australian Banking & Finance Industry (ABFI) “ADDENDUM Special Instructions Residential Valuations Standing Instructions – API Declared Crisis/State of Emergency”‘ This decision has ...
Read moreLeases, market reviews and rent relief – COVID-19
Friday, March 27th, 2020The COVID-19 global pandemic is rapidly affecting the retail and commercial property markets providing uncertainty to both Landlords and Tenants, their business and rental income/payments and their leasing arrangements. COVID-19 is likely to result in leases, market reviews and rental relief to be negotiated between Landlords and Tenants. There is often a minefield of legal and contractual clauses in leases which take into account unforeseen circumstance or force majeure events or common law concepts of ‘Frustration’ which can sometimes release parties from certain obligations. This requires advice from a suitably qualified property lawyer. Often Landlords rely on rental payments to cover ...
Read moreValuers response to COVID-19
Friday, March 20th, 2020To our valued clients and colleagues, With the COVID-19 situation continuing to evolve, please note that our company is taking all necessary precautions to protect our staff, clients and colleagues in accordance with official advice from the Australian Government, World Health Organisation and the Australian Property Institute in a response to COVID-19. We would like to assure our clients that we have a ‘business as usual’ management plan in place for our valuation services, which focuses on: Preserving the health of our team, clients and the wider community Continued in the office and remote working practices, and we have plans in place to all ...
Read moreThe Property Market Update and COVID-19
Wednesday, March 18th, 2020COVID-19 In mid-March of 2020, the Coronavirus (COVID-19) has had a major impact on the world economy. The Australian newspaper reported on 13 March 2020 that according to JP Morgan, “A global recession caused by coronavirus is now likely.” With the lock-down of numerous European countries, travel restrictions between the United States of America and Europe and self-isolation requirements in Australia for residents returning home from overseas, there are significant effects on the world economy. Major sporting events have been postponed or cancelled and some schools have already been temporarily closed. The government has imposed restrictions on mass gatherings of over ...
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