How market value is calculated for house and car in Australia is based on comparable sales, condition, location, size and demand, with house market value $600K to $1.2M calculated via comparable sales average of 3 to 5 recent sales, car $10K to $30K via RedBook and sales. For house, market value calculated via comparable sales method, looking at 3 to 5 recent sales of similar houses within 1km in last 6 months, average $600K to $800K, adjusting for size, condition, land $300K to $600K, age and improvements $20K, with valuer fee $400 to $600 for formal valuation using direct comparison, income and cost approaches. For example, 3 bed house 150 sqm with 3 sales $700K, $720K, $680K average $700K, adjust for renovation $20K, market value $720K. For car, market value calculated via RedBook, Glass's Guide and Carsales, based on make, model, year, km, condition, with 2018 Toyota Corolla 100K km $18K private, $15K trade-in, calculated from 10 comparable sales $18K to $20K average $18.8K, adjusting for condition $1K, service history $500 and rego $500. For insurance, market value calculated via RedBook and sales data at time of loss. So market value calculated via comparable sales average 3 to 5 houses $600K to $1.2M or 5 to 10 cars $10K to $30K, adjusting for condition, size, km and location, with valuer $400 to $600 for house and RedBook free for car.
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