Question 1

How do I calculate price per square meter for land valuation?

Accepted Answer

Calculate price per square meter by dividing the land value by the land area: Land Value ÷ Land Area = Price per m². For example, a $500,000 land value on 600m² equals $833/m². Compare this rate across your selected comparables to identify if your property's valuation aligns with the local market.

Question 2

What makes a property comparable for valuation purposes?

Accepted Answer

A truly comparable property should match on: zoning classification, land size (within ±20%), location characteristics, and sale timing (within 12-24 months). It should be an arm's length transaction with no unusual circumstances. The most critical factor is similar land value per square meter, not total sale price.

Question 3

Should I use improved or unimproved sales for comparison?

Accepted Answer

For land valuation objections, focus on unimproved land sales or properties where the house value is minimal. If using improved sales, you must estimate and subtract the building value to isolate land value. Using total sale prices of renovated homes will skew your analysis and weaken your objection.

Question 4

How many comparable sales do I need for a strong objection?

Accepted Answer

You need 5-7 strong comparable sales for a compelling objection. Quality matters more than quantity—three excellent comparables beat ten weak ones. Each comparable should clearly support your case with documented land values, dates, and explanations of why it's relevant to your property.

Question 5

What common mistakes should I avoid when selecting comparables?

Accepted Answer

Common mistakes include: using improved sales without adjusting for building value, selecting properties with significantly different zoning, ignoring time factors (using old sales in changing markets), choosing properties with unique features not present on your land, and failing to document your selection criteria.

Property Comparison Analysis: How to Compare and Select the Best Comparables

Selecting the Right Comparables

Essential Factors

Quality Indicators

Analyzing Comparable Sales

1. Price Per Square Meter Analysis

2. Market Trend Analysis

Presenting Your Evidence

Create a Comparison Table

Highlight Key Differences

Related Reading

How to Find Comparable Sales

When to Hire a Professional Valuer

Property Research Tool Guide