Propell National Valuers’ recent merger into a single national business makes the company one of the largest independent property advisory firms in Australia, with a significant edge over its competitors.
Among its broad range of services, the property valuation firm is using its national reach to provide to the public specialist market research about topical issues, such as the impact of the recent Queensland floods.
“The expansion of our company is a significant milestone and highlights the achievement and dedication of our strong team across the country," Propell CEO, Bart Mead, said. "We believe that by positioning ourselves as a single company and with our existing national organisational structure, we will lead the industry in customer satisfaction, quality and delivery of service and professionalism.”
Propell’s scope of services gives organisations, banks, investors and home buyers up-to-date information on the property market in which they operate in, are looking to expand, or are interested in entering. The national business’ expertise is not limited to real estate surveying but also encompasses business valuations, company and asset valuations and investment advice through to costing and depreciation.
When environmental, social and political events create upheaval in the economy and significantly affect commercial and residential property markets, Propell keeps abreast of emerging trends through their specialist market research department and provide economic outlooks in regular research reports.
Propell’s latest market research report highlights the impact of the Queensland floods. In the wake of the floodwaters, an estimated 10,000 households will seek temporary accommodation during the clean-up and rebuilding operations, struggling against rising rates and greater competition.
Compared to the median weekly rents in greater Brisbane for the quarter ending 31 December 2010, reports have already emerged of landlords in suburbs near flood affected areas seeking revised rentals of $400 per week or more. An increase of 10% in rental prices, along with strong competition for furnished properties, is expected to continue for 6-12 months.
For homeowners, affected properties will be almost unsaleable until all flood damage is repaired, and with limited buyer demand, property prices are expected to decrease by between 5 and 10 per cent for those worst affected. However, the period following other national disasters, such as bushfires, indicate that property values tend to recover to pre-event levels within 6-12 months.
In the meantime, the market is likely to be supported at lower price levels by speculators and people prepared to take the flood risk in return for being able to enter the market at a lower price.
For more market news, research and information please visit: http://www.propellvaluers.com/
Propell National Valuers
Propell prepare valuations for lending institutions, mortgage purposes, litigation purposes, Family Courts of Australia, statutory bodies, GST assessment for the Australian Taxation Office, land tax, stamp duty, probate, assets and local, state, federal government and authorities. Propell National Valuers does not operate as sales or leasing agents or property managers, which means they have no conflict of interest when preparing a valuation.
The Propell National Valuers head office is located in Melbourne, with over 200 employees working in 21 offices nationwide in Queensland, New South Wales, South Australia, Western Australia, Tasmania, ACT and Northern Territory.
P: (08) 8114 6166