I listen to Singaporeans complaining about COV everyday...
In Australia, it is understood that any property price is going to be the result of market forces and there is nothing that matters except the price that a buyer and seller agree on. Either the potential buyer or seller could get their agent to do an independent valuation beforehand, just to get some idea of the range they should be negotiating in, and if the agent is competent then their estimate of the market value will be reasonably close to the sale price: maybe higher, maybe lower. At auction there might be a blow-out, or for some reason it might be sold under the estimate, but those are the breaks.
In Singapore I read about the average COV being 50k for some classes of property. So who is doing these valuations? If the actual market price is consistently higher than someone's valuation, then surely this just means that the person or body doing the valuation is doing a really lousy job, consistently underestimating the market price. So who is doing these valuations and why do they matter so much?
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