Valuing investment properties for Centrelink

How does Centrelink treat investment properties that have risen in value?

Does a pensioner have to get a valuation each year or act dumb till found out?

And do they need to get an acceptable valuation or would a letter from the local real estate agent be enough?

Department of Human Services general manager Hank Jongen tells me that customers of the department are required to inform them about any changes in the valuations of their investment properties.

To maintain the current market value of properties owned and declared by customers, the department obtains property market analytics on percentage growth, or decline, in real estate values for each postcode from an external provider specialising in this area.

The annual growth rate (positive or negative) for each postcode is applied to assessable properties that are subject to indexation (i.e. houses, townhouses and units/flats) within the relevant postcode.

The department automatically updates real estate values by applying an indexation amount each year to eligible properties to keep their value up to date but they may update it sooner if there’s been a significant change to the values.

Where indexation is not appropriate, they determine when an updated value of the property should be obtained and cover the cost of that valuation.

You can update real estate asset information using your Centrelink online account through myGov.


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Source: https://www.smh.com.au/money/super-and-retirement/valuing-investment-properties-for-centrelink-purposes-20190513-p51mwy.html

Marlene Liontis
Saturday, 1 June 2019

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