The Complete Guide to Comparable Market Analysis (aka Property Appraisals) in Queensland
Understanding your property’s potential value is key when buying or selling in Queensland. A Comparable Market Analysis (CMA), often referred to as a Property Appraisal, is a vital tool for determining your home’s worth in today’s market. This guide covers everything you need to know about CMAs, including how they work and the legal requirements outlined in the Property Occupations Act 2014.
What Is the Difference Between a Property Appraisal and a Valuation?
- Property Appraisal:
A property appraisal is an informed opinion, provided by a real estate agent, of how much a property could sell for in the current market. While backed by market research, an appraisal is not legally binding. - Property Valuation:
A valuation is conducted by a licensed property valuer and is legally binding. It is used in situations requiring a formal, precise assessment of value, such as securing finance from a bank.
Both are valuable tools, but an appraisal is typically the first step for homeowners looking to understand their property’s market potential.
How Is a Property Appraisal Conducted?
At Mamic Real Estate, our appraisal process is designed to be thorough, transparent, and personalized to your property:
- Initial Research:
Before visiting your property, we research the local market, including recent comparable sales in your area. - Property Inspection:
During the visit, we evaluate your home’s features, condition, and unique selling points. We’ll also ask about any disclosures or improvements that may affect the property’s value. - Analysis and Estimate:
Based upon our local knowledge and experience, we will refine our findings and compare them against similar properties sold recently to provide an accurate market range for your home. - Report and Feedback:
You’ll receive a detailed CMA report with an evidence-based estimate and advice tailored to your property goals.
Legal Requirements for Property Appraisals in Queensland
The Property Occupations Act 2014 establishes strict guidelines for conducting property appraisals to ensure accuracy and transparency. These include:
- Comparable Sales Data:
- At least three comparable properties must be used.
- Sales must be from the past six months.
- Properties must be within a 5km radius of the subject property.
- Written Reports:
- If the criteria above cannot be met, a written explanation must be provided detailing how the estimate was calculated (Clause 215).
These regulations ensure that appraisals are based on reliable, current data and that clients receive clear, honest information about their property’s potential value.
Why Choose Mamic Real Estate for Your CMA?
At Mamic Real Estate, we understand that your property isn’t just an asset—it’s your home and investment in the future. Here’s why you can trust us:
- Compliance and Accuracy:
Our CMAs strictly adhere to the Property Occupations Act 2014, ensuring you receive reliable and evidence-based insights. - Local Expertise:
As a family-owned, independent business, we bring deep local knowledge and a personalized approach to every property we appraise. - Tailored Advice:
We take the time to understand your goals, providing clear, actionable recommendations to help you achieve the best results.
Unlock Your Property’s Potential with a CMA
Whether you’re considering selling, buying, or refinancing, a CMA is an essential tool for understanding your property’s value in the Queensland market.
Contact us today on 1800 462 642 or use our online property appraisal tool to start your property journey with confidence.
Warmly,
Anthony Mamic
Founder & Director