This is the quickest, easiest method and there is no cost for the service. Each state government has a valuation division that sets the value of all properties in the state. Valuations are established to determine the amount of tax and service charges payable. Charges are based partly or wholly on the improved or unimproved value of the property.
The unimproved value of a property is the value of the land and the improved value is the value of the land plus buildings and other improvements. These valuations are used to determine charges and taxes, including council rates, land tax, water and sewerage charges.
Because government valuations are adjusted annually they will normally be below the current market value in rising markets and may be above the current market value in declining markets. They do, however, provide a guideline and, where the asking price of a property is significantly above the government valuation, it is possible that the price is inflated.