CBRE Sunshine Coast

Polite Staff, very courteous and friendly, but, the valuation was grossly inaccurate.

Within the last 12 months, only 1 property within our whole suburb (out of approximately 40 sales) has sold for as low as the estimate given by CBRE to us and zero sold for any lower. The property that sold for the estimate given to us was one bedroom less than ours, on a smaller block, a smaller floorplan and not suitable for a restoration. On our street alone, the only sales in the last 12 months were all above one million dollars except for two, (like ours without water frontage) that sold for $810,000 (unrenovated, one less bedroom, but with pool) and $757,000 (smaller building, larger block but abondoned renovation project sold unfinished with windows missing from one side of the house). Our valuation came in substantially under those two examples, the worst case scenarios for our street.

If engaging CBRE it is important to understand their valuation is, like all opinions, no more than a qualified guess. But, with the ample evidence at their disposal (or perhaps they do not have access to this data?), their estimation should have been far more quantitative than the qualitative assessment they have skewed toward.

I believe their estimation to be loaded toward the cynical for self preservation. They will get into less trouble by being cynical with their estimates, than they would by over estimating and exposing their clients to higher risk, but, thier job is to be accurate and the result is far from accurate. I understand their motivations, and sincerely appreciate the inspector that visited the site, but they are trying to reduce their risk to exposure by simply applying the lowest number they could possibly consider, and I just don’t think that is appropriate.

Grossly inexperienced with house evaluation uneducated and a complete waste of time would look else where!