A property valuation is when a real estate agent visits a property, evaluates it and produces a sales appraisal document. The outcome, is to identify a expected sale price for the property.
The value is calculated by many factors, such as market demand, recent sales, land size, building quality, investment opportunity and council planning for that region.
It is not a legal requirement to have a property valued prior to selling. The document is not used for legal processes, such as identifying land tax or stamp duty. It is simply an appraisal so you have a better idea of the property’s value in the current market.