If you are waiting on a valuation to settle a purchase, refinance or finish a legal matter, timing matters. There is no single answer, because turnaround depends on the type of valuation, the property and how quickly access and documents are arranged. The figures below come from lender and valuer guidance and are indicative only.
Typical Turnaround by Valuation Type
Macquarie's broker guidance, which reflects how lenders order valuations, describes three common levels:
- Desktop valuation. Based on data and records without a physical inspection, generally within one business day.
- Short-form valuation. An inspected valuation in a shorter report format, generally up to five business days.
- Long-form valuation. A full inspected report, generally taking more than five business days on average.
Independent valuation firms describe similar timeframes for private clients. Acumentis, for example, says a report is generally supplied within five working days of instruction and receipt of all required documents, and commercial reports are typically delivered in a similar period. A consumer finance site puts the report at about two days after inspection for a standard valuation. Because these sources measure from different starting points, treat them as rough ranges rather than guarantees.
The Steps
- Instruction and scoping. You provide the address, purpose and valuation date. The valuer confirms scope, fee and what documents are needed.
- Booking the inspection. For lender-ordered valuations, Macquarie's guidance says the valuer should try to book an appointment with the access contact within four hours of the order. Delays often start here if the contact is hard to reach.
- Inspection. One valuation firm says a residential inspection is generally completed within about 30 minutes, with commercial and agribusiness properties taking longer.
- Research and analysis. The valuer checks title and planning information, reviews comparable sales and adjusts them for differences.
- Report and review. The report is written, checked and issued, and may be reviewed internally before it is released.
What Slows a Valuation Down
- Difficulty arranging access, particularly with tenants or occupants.
- Missing documents such as plans, leases, approvals or contracts.
- Unusual, rural or very high-value properties with few comparable sales.
- Retrospective valuations, which need historical evidence for a past date.
- Peak periods when valuers are busy, such as end of financial year.
- Late instructions that change the purpose or valuation date.
Plan Around Your Loan Timeline
If the valuation is part of a purchase, remember it is only one step in the loan process. One conveyancing guide suggests buyers allow at least 14 to 21 days after signing a contract to complete a loan application. Start early, and ask your broker when the lender will order the valuation.
Tips to Avoid Delays
- Give accurate instructions and the correct purpose at the outset.
- Provide the best contact for access, and give tenants notice.
- Have documents ready before the inspection.
- Tell the valuer about any deadline early so it can be planned.
- Respond to queries quickly, since the report cannot be finalised until they are resolved.
If your timeline is tight, contact us early and we will advise on realistic timing for your property. You can also read about the different levels of valuation advice to see which suits you.
