Assignment Task:
Question 1: Property B: 8c Saxon Street Mill Town is described in attachment.
i) Explain why it might be suitable to appraise Property B by using the CMA method.
ii) Explain why it might be suitable to appraise Property B by using the Capitalisation of Income method.
Question 2: Refer to the attachments 1, 2, 3 & 4 showing recent sales and properties currently on the market, and prepare a CMA for Property B using attachment 8.
In your CMA, include as comparisons:
- 5 recent sales.
- 5 properties currently on the market.
Recommend an asking price or price range for Property B in your CMA appraisal.
Question 3: Explain how you reached your suggested asking price for Property B by explaining why you selected the properties that you included in your CMA and how they compare with Property B.
Question 4: Appraise Property B using the Capitalisation of income method.
Rental incomes applicable to properties in the area are included with the information for Property B, attachment 6.
Specify an appraised value for Property B based on your calculations.
Question 5:
i) Combine results from your CMA appraisal and capitalisation of income appraisal and recommend a price range for marketing Property B.
ii) Explain how you reached the recommended price range for Property B.
Follow these steps:
- Calculate the return (capitalisation rate) % for each of the sample properties using the table in your assessment.
- Calculate the average return % for the sample properties.
- Apply the average return rate % to the subject property.
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Attachment:- Saxon Street Mill Town property.rar