current market value

Transcription

1002 OHAUITI ROAD
TAURANGA
Rural Valuation Report
PREPARED FOR:
Mr George and Mrs Barbara Bragulla
1002 Ohauiti Road
Ohauiti
TAURANGA 3173
1002 OHAUITI ROAD
TAURANGA
DATE:
13 August 2014
1002 Ohauiti Road
Ohauiti
CONTENTS
1.0
EXECUTIVE SUMMARY ............................................................................................................. 2
2.0
INSTRUCTIONS ......................................................................................................................... 3
2.1
2.2
2.3
2.4
3.0
3.1
3.2
4.0
4.1
4.2
4.3
4.4
4.5
4.6
4.7
5.0
5.1
5.2
5.3
5.4
5.5
5.5.1
5.6
5.7
5.8
6.0
6.1
6.2
7.0
7.1
7.2
PROPERTY ADDRESS ............................................................................................................................ 3
INSTRUCTING PARTY ............................................................................................................................. 3
PREPARED FOR .................................................................................................................................... 3
MARKET VALUE DEFINITION .................................................................................................................. 3
LOCATION ................................................................................................................................. 4
LOCALITY .............................................................................................................................................. 4
SURROUNDING DEVELOPMENT ............................................................................................................. 4
LAND DETAILS .......................................................................................................................... 5
TITLE PARTICULARS .............................................................................................................................. 5
RATEABLE VALUATION .......................................................................................................................... 5
RATES................................................................................................................................................... 5
ZONING ................................................................................................................................................. 5
ZONING EFFECT .................................................................................................................................... 5
LAND DESCRIPTION............................................................................................................................... 6
SERVICES ............................................................................................................................................. 6
IMPROVEMENTS ....................................................................................................................... 7
PROPERTY DESCRIPTION ...................................................................................................................... 7
YEAR BUILT........................................................................................................................................... 7
FLOOR AREAS....................................................................................................................................... 7
CONSTRUCTION DETAILS ...................................................................................................................... 7
ACCOMMODATION ................................................................................................................................. 8
OTHER FEATURES ................................................................................................................................ 8
HOUSEHOLD CHATTELS ........................................................................................................................ 8
CONDITION & REPAIR............................................................................................................................ 8
SITE IMPROVEMENTS ............................................................................................................................ 9
IMPROVEMENTS – OTHER BUILDINGS ................................................................................. 10
IMPLEMENT SHED ............................................................................................................................... 10
GARDEN STORE SHED ........................................................................................................................ 10
COMPARABLE SALES ............................................................................................................ 11
SALES HISTORY .................................................................................................................................. 11
SALES EVIDENCE ................................................................................................................................ 11
8.0
MARKET CONSIDERATIONS .................................................................................................. 12
9.0
VALUATION DETAILS ............................................................................................................. 13
9.1
9.2
9.3
9.4
VALUATION.......................................................................................................................................... 13
MORTGAGE RECOMMENDATION.......................................................................................................... 13
EXPECTED SELLING PERIOD ............................................................................................................... 13
RISK ANALYSIS ................................................................................................................................... 14
10.0
VALUATION CERTIFICATE ..................................................................................................... 15
11.0
COMPLIANCE STATEMENT .................................................................................................... 16
12.0
VALUATION EXCLUSIONS AND LIMITATIONS...................................................................... 17
APPENDIX A:
PHOTOGRAPHS ..................................................................................................... 19
APPENDIX B:
COPY OF COMPUTER TITLE REGISTER .............................................................. 24
Hills Haden Limited | Rural Lifestyle Valuation | 13 August 2014
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1.0
EXECUTIVE SUMMARY
Property Address:
1002 Ohauiti Road, Ohauiti, Tauranga
Client(s):
Instructing Party:
Mr George Bragulla
Purpose of Valuation:
Current market value.
Property Type:
Rural lifestyle block
Land Area:
2.3470 hectares
Brief Description:
This is a 2.3470 hectare lifestyle block which supports a
large, good quality home comprising four bedrooms, four
bathrooms and double integral garaging, as well as an
office. It features an impressive partially enclosed timber
decking structure and other buildings comprise a large
implement shed and a garden store shed. There are very
good views obtained from the house site and the property is
contained in the Ohauiti district, south of Tauranga city.
Date of Inspection:
13 August 2014
Date of Valuation:
13 August 2014
Current Market Value:
$1,100,000
(One million and one hundred thousand dollars)
Unless otherwise stated, all figures are GST inclusive (if
any).
Mortgage Recommendation:
We confirm that we believe this property provides suitable
security for the advancement of mortgage funds.
Prepared By:
HILLS HADEN LIMITED
REGISTERED VALUERS
ALEX HADEN ANZIV SPINZ
REGISTERED VALUER
This executive summary must be read together with the full valuation report attached herein. All
comments, exclusions and limitations contained in the full report relate directly to this executive
summary. No part of this report should be read in isolation.
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2.0
INSTRUCTIONS
The instructions to Hills Haden Limited are summarised below:
2.1
Property Address
1002 Ohauiti Road, Ohauiti, Tauranga
2.2
Instructing Party
Mr George Bragulla
2.3
Prepared For
1002 Ohauiti Road
Ohauiti
TAURANGA 3173
2.4
Market Value Definition
The Property Institute of New Zealand (PINZ) has adopted the international definition of Market
Value, namely:
“Market Value is the estimated amount which a property should exchange on the date of valuation
between a willing buyer and willing seller in an arm’s length transaction, after proper marketing,
wherein the parties had each acted knowledgeably, prudently and without compulsion”
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3.0
LOCATION
3.1
Locality
The property is situated on the western side of Ohauiti Road in the rural part of the Ohauiti
district. It is approximately 10 kilometres from its intersection with Welcome Bay Road. The
Tauranga Central Business District is approximately 16.5 kilometres in distance. The nearest
shops are the local Ohauiti shops, nine kilometres away, whilst the nearest primary school is
Maungatapu, approximately 11 kilometres is distance.
Subject property
3.2
Surrounding Development
Surrounding properties are generally a mixture of dry stock grazing units with a significant
lifestyle block influence which has been driven by the excellent views many properties enjoy.
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4.0
LAND DETAILS
4.1
Title Particulars
We have searched a copy of the Title Register dated 8 August 2014. Our valuation assumes that
there has been no change to the title since the last search. In the event that there has been a
change, we reserve the right to the reconsider our assessment. The details are as follows:
Legal Description:
Lot 1 DPS 87225 C/T SA69B/85
Area:
2.3470 hectares
Tenure:
Freehold
Interests:
Subject to Section 206 Land Act 1924
Land Covenant
Mortgage to The National Bank of New Zealand Limited dated
5.3.2004
Registered Proprietor:
Reiner George Bragulla and Barbara Berta Bragulla
See Appendix B for an attached computer title register.
4.2
Rateable Valuation
(as at 1.7.11)
Land Value
Value of Improvements
Capital Value
4.3
$440,000
$520,000
$960,000
Rates
The current annual rates are $2,850.55 inclusive of GST.
4.4
Zoning
Under the Western Bay of Plenty District Council's Operative District Plan, the land is zoned Rural.
4.5
Zoning Effect
None adverse. The land is not further subdivisable at the current time under the general
provisions of the Operative District Plan.
Our valuation has been made on the basis the property has all necessary consents and permits
including Resource Consent and Code of Compliance.
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4.6
Land Description
Lot 1 is an irregular but compact shaped parcel of land with an area of 2.3470 hectares. As can be
seen from the aerial photograph beneath, the existing dwelling is contained in the southern part of
the property in an elevated position. From this house site there are excellent views obtained
including local rural land, Kaimai Ranges, Mount Maunganui, the inner Tauranga harbour, the
ocean and offshore islands.
The balance of the property has what can be described as a rolling contour, predominantly falling
to the north and west. In our opinion, the majority of the land is of a contour which is able to be
traversed by tractor.
4.7
Services
The property is connected to utility services including electricity and telephone. Water supply is via
a bore on the subject property with a filtration and pressure pump system as well as a water tank.
Sewage disposal is by way of septic tank.
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5.0
IMPROVEMENTS
See Appendix A for attached photographs.
5.1
Property Description
Residential dwelling
5.2
Year Built
Estimated originally 1970s, with subsequent substantial additions and upgrading 2000s
5.3
Floor Areas
259m2
51m2
24m2
334m2
Living
Double integral garage
Office
TOTAL
45m2
Partly enclosed timber deck
5.4
Construction Details
Detail
Description of Materials
Foundations:
Concrete and piles
Floors:
Concrete, tongue and groove timber
Exterior cladding
Plastered brick, plastered weatherboard
Joinery:
Double-glazed aluminium
Roofing:
Asphalt shingles over marine ply
Internal walls:
Plasterboard
Ceilings:
Plasterboard
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Ohauiti
5.5
Accommodation
-
Lounge with feature brick fireplace, front entry door and ranchslider to covered deck
Dining area with ranchslider to tiled terrace
Kitchen with granite benchtops including island bench, dish drawers, butlers sink, six-hob gas
cooktop, canopy rangehood, wide underbench oven and good quality cupboards and drawers
Master bedroom with two built-in double wardrobes, large walk-in wardrobe with lift up door to
basement storage below
Ensuite bathroom with claw foot bath, tiled and glazed shower cubicle, toilet, twin hand basin and
tiled vanity
Guest bedroom with dual entry, built-in wardrobe and Ensuite bathroom with granite and glass
shower cubicle, toilet, pedestal hand basin, skylight, rimu vanity unit attached to the wall
Bedroom 3 with built-in wardrobe
Bedroom 4 with built-in wardrobe
Main bathroom with claw foot bath, granite and glass shower cubicle, toilet, pedestal hand basin
and rimu wall-mounted vanity
Laundry with stainless steel tub and cupboard under with external access adjacent
Fourth bathroom with granite and glass shower cubicle, toilet, pedestal hand basin, skylight and
rimu wall-mounted vanity unit
Double integral garage, fully lined and decorated with tiled floor and access via a timber autoopening double sized sectional garage door, diesel tank, Marshall heater
5.5.1
-
5.6
Other Features
Tiled and polished tongue and groove timber flooring
Feature partly enclosed timber deck with rimu sarking, Brazilian hardwood beams and Indonesian
hardwood flooring including 12mm toughened glass sides
Outdoor lighting
Water feature at entry
Tiled terraces and paths
Marshall heater providing options to centrally heat the property via wood, diesel or electricity
Ducted heat pump
Central vac
Additional insulation
Security alarm
Some timber soffits
Skylights
LED lighting throughout
Intercom and electric gate opener
Water filter system
Colonial architraves
Household Chattels
These comprise good quality drapes, vertical blinds, roman blinds, light fittings and modern dish
drawers.
5.7
Condition & Repair
The dwelling is presented in very good condition, both internally and externally. The home has a
high standard of specification and a fresh standard of décor.
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5.8
Site Improvements
Site improvements are of a high standard and include an extensive asphalt drive and parking /
turning area, a mixture of stone and timber garden retaining walls, brick pillars at entry as well as
electric opening entry gates, gravel driveway extension to the implement shed, mixture of post
and rail and agricultural stock fences, stockyards and stock water reticulation, mature trees,
shrubs and attractive gardens. There is also a cold water bore, water tank, pressure pump and
filtration equipment.
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6.0
IMPROVEMENTS – OTHER BUILDINGS
6.1
Implement Shed
This is a 78m2 structure with concrete foundation and floor, steel portal frame with corrugated iron
cladding and roof. Internally the structure is unlined and it is accessed via sliding iron doors to the
front. The structure is presented in tidy condition.
6.2
Garden Store Shed
Contained adjacent to the above implement shed is a small garden store shed of 14m 2. It has a
timber frame, timber flooring with fibrolite sheet, exterior cladding and a corrugated iron roof.
Internally it is unlined, electricity is connected and access is via timber folding doors to the front.
The structure is presented in average condition.
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7.0
COMPARABLE SALES
7.1
Sales History
There is no recent recorded sales evidence for the subject property
7.2
Sales Evidence
Representative sales in this location and price bracket include:
Address:
Sale Date:
Sale Price:
402 Crawford Road
4/14
$1,400,000
This is a very large, good quality home which was recently constructed. The
home has a floor area of approximately 529m2 and a high standard of
landscaping including an Astroturf tennis court. It is contained on a 12.6825
hectare grazing block.
Address:
Sale Date:
Sale Price:
55B Sagewood Road
4/14
$1,187,000
This is a 6.31 hectare rural lifestyle block, supporting a large good quality
home with an area of 400m2 including double integral garaging as well as
120m2 of attached decking. The block supports a large three-bay implement
shed and there are extensive olive plantings. Good views are obtained from
the house site.
Address:
Sale Date:
Sale Price:
20 Waikaraka Drive West
3/14
$1,150,000
This is a large, 1980s style home with subsequent extensions, comprising a
floor area of 476m2 including extensive integral garaging. The improvements
are situated on a well-landscaped 1.694 hectare lifestyle block with views of
the Te Puna estuary.
Address:
Sale Date:
Sale Price:
282 Joyce Road
12/13
$1,050,000
This is a recently constructed home of 354m2 including double integral
garaging. It is situated on a very well landscaped 9626m2 block with
improvements including an inground swimming pool and Astroturf floodlit
tennis court, as well as a stables building.
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8.0
MARKET CONSIDERATIONS
The Western Bay of Plenty rural lifestyle market is operating at a steady level so far in 2014.
Increased activity levels for superior lifestyle properties in the higher price bracket is where the
greatest change has occurred following a number of years of very slow activity for these properties.
Properties which are well presented and appropriately priced are selling in shorter time frames.
Strong competition among buyers for some properties is a sign that confidence is certainly
returning to this market following on from an increase in the residential market as well.
We are seeing some instances where values appear to have firmed but this is not to a substantial
degree and in most cases we believe values have been relatively static.
An improvement in confidence in the kiwifruit market is also serving to underpin the value of gently
sloping, horticultural suitable land.
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9.0
VALUATION DETAILS
9.1
Valuation
In assessing the current market value of the property, we have considered comparable sales as
set out in Section 6.0.
Land
Site Improvements
Dwelling and Decks
Implement Shed
Garden Store Shed
Household Chattels
$350,000
60,000
646,000
25,000
4,000
15,000
CURRENT MARKET VALUATION
$1,100,000
Unless otherwise stated, all figures are GST inclusive (if any).
9.2
Mortgage Recommendation
We confirm that we believe this property provides suitable security for the advancement of
mortgage funds.
Our valuation and mortgage recommendation do not in any way purport to confirm the ability of a
mortgagor to meet the financial commitments associated with any such mortgage.
9.3
Expected Selling Period
Having regard to all characteristics of the subject property and the prevailing market conditions,
our assessed valuation amount has been based on an expected selling period of three – six
months.
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9.4
Risk Analysis
Property Risk Ratings*
1
Location & Neighbourhood
Land (incl. planning, title)
Environmental Issues
Improvements
1
1
1
1
Market Risk Ratings*
1
Reduced Value Next 2-3 Yrs
Market Volatility
Local Economy Impact
Market Segment Conditions
*Risk Ratings:
2
3
4
5
2
3
4
5
2
2
2
2
1 = Low, 2 = Low to Medium, 3 = Medium, 4 = Medium to High, 5 = High
Market Risk
Market Risk Ratings ‘2’
The residential housing market in the Western Bay of Plenty has seen a recent softening in sales
volumes. Properties for sale which are positioned in desirable locations are currently attracting a
high amount of interest which provides vendors with good negotiating power to achieve a good
sale price.
We caution however that if confidence in the local and global economy deteriorates, this may
impact on future property prices. Other factors such as rising unemployment rates and rising
interest rates could have a negative effect on property prices.
The recently implemented restrictions on high loan to value ratio lending is likely to have somewhat
of a cooling effect on activity levels and reduce levels of house price inflation.
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10.0
VALUATION CERTIFICATE
Hills Haden Registered Valuers confirm that they undertook an inspection of the property at
1002 Ohauiti Road, Tauranga on 13 August 2014 in order to assess the current market value.
Subject to comments noted within this report, we hereby assess the current market value of the
property to be:
$1,100,000
Unless otherwise stated, all figures are GST inclusive (if any).
Our report is subject to the attached Exclusions & Limitations.
We thank you for your instructions and should you have any further query please contact the undersigned.
Yours faithfully,
ALEX HADEN ANZIV SPINZ
HILLS HADEN LIMITED
REGISTERED VALUER
15
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Ohauiti
11.0
COMPLIANCE STATEMENT
We confirm the following:
-
The statements of fact presented in the report are correct to the best of the Valuer’s
knowledge.
-
The analyses and conclusions are limited only by the reported assumptions and
conditions.
-
The Valuer’s fee is not contingent upon any aspect of the report.
-
The valuation complies with the NZIV and PINZ Code of Ethics and with Practice
Valuation Standards for residential properties including:o
o
o
o
o
o
o
o
o
o
IVS
IVS 101
IVS 102
IVS 103
IVS 230
IVS 300
IVS 310
ANZVGN 1
ANZVGN 2
ANZVGN 10
Framework
Scope of Work
Implementation
Reporting
Real Estate Interests
Valuation for Financial Reporting
Valuation of Real Property Interests for Secured Lending
Valuation Procedures – Real Estate
Valuations for Mortgage and Loan Security Purposes
Valuation of Agricultural Properties
-
The Valuer has satisfied continuing professional development (CPD) requirements.
-
The Valuer has experience in the location and category of the property being valued.
-
The Valuer has made a personal inspection of the property.
-
No-one, except those specified in the report, has provided professional assistance in
preparing the report.
-
The Valuer holds a current annual practising certificate and is an Associate Member of the
New Zealand Institute of Valuers.
-
Hills Haden Limited holds Professional Indemnity insurance.
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12.0
1.
VALUATION EXCLUSIONS AND LIMITATIONS
Publication
Neither the whole nor any part of this Valuation Report or any reference to it may be included in any published document,
circular or statement without the prior written agreement of Hills Haden Valuers.
2.
Information
Where it is stated in the Valuation Report that information has been supplied to us by another party, including the party to whom
the valuation is addressed, this information is believed to be reliable but Hills Haden accepts no responsibility for the accuracy,
reliability or otherwise of the information.
3.
Liability to Third Parties and Purpose
This Valuation Report is prepared solely for the party to whom it is addressed and for the purpose stated in the report. Hills
Haden disclaims any responsibility and will not accept any liability to any other party whether using the report for the specific
purpose stated or otherwise.
4.
Financial Interest
Hills Haden Limited and its employees have no direct or indirect pecuniary or other interest in the property being valued and we
are not subject to any actual or potential conflict of interest in respect to the valuation.
5.
Title Boundaries and Measurements
Hills Haden has made no survey of the property and assumes no responsibility in connection with such matters. Unless
otherwise stated it is assumed that all improvements identified lie within the title boundaries.
Unless otherwise stated breakdowns of land area by contour and distances etc are made as best estimates using information
made available to us. We make no warranty as to the accuracy of this information
6.
Plant & Equipment
Unless otherwise stated the valuation is conditional upon any lifts, hot and cold water systems, drainage systems, electrical
systems, air-conditioning or ventilating systems and other installations being in proper working order and functioning for the
purpose for which they were designed.
7.
Site or Environmental Contamination
The valuation and report is conditional upon the land being free of any contamination or industrial waste problems unless
otherwise noted.
8.
Building Act 2004. Health and Safety in Employment Act 1992, and Evacuation of Buildings Regulations 1992.
Disabled Persons Community Welfare Act 1975.
Unless otherwise stated in our report, the valuation has been prepared on the basis that the property complies with this
legislation or that the legislation has no significant impact on the value of the property.
9.
Registrations
Unless otherwise stated, our report is subject to there being no detrimental registration(s) affecting the land other than those
appearing on the title(s) valued in this report. Such registrations may include wahi tapu registrations and Historic Places Trust
registrations.
10.
Valuation Basis
Our valuation is based on analysis of property sales in the area.
Unless specifically noted otherwise, for the purpose of the report Hills Haden has made the following assumptions (but no
representation or warranty is given in respect to the correctness or otherwise of same):
(a)
The land provides a stable building platform
(b)
The building has been competently designed and built, is structurally sound and watertight.
(c)
There is no rot, termite or pest infestation, deleterious substances such as calcium chloride or asbestos (including asbestos
products and/or products containing asbestos), chemical contamination, other hidden defects or outstanding requisitions in
respect to the subject building
(d)
The building does not contain any latent or patient defects which could result in:
(i)
(ii)
(e)
The building ceasing to be watertight
Gradual decay of the building including its structure
Where applicable, the building complies with the Building Act 2004 and the Building Code referred therein.
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(f)
The land and improvements comply with the terms and conditions of all relevant legislation and the requirements of the
territorial authorities.
11.
Consumer Guarantees Act 1993
Hills Haden has a policy of not contracting out of the provisions of the Consumer Guarantees Act. Where there is any conflict
between any statement in the report and the Consumer Guarantees Act, the latter shall apply.
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Appendix A: PHOTOGRAPHS
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Appendix B: COPY OF COMPUTER TITLE REGISTER
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25

current market value

Transcription

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