The client has agreed to proceed with the property appraisal. You must now perform a market appraisal on the clients' home and prepare the sales appraisal report.

The inspection must be conducted in an actual property. This may include your house/unit, your friend's/relative's house/unit.Discuss with your assessor to find out all acceptable options for inspection to occur.Please note that the selected property must be in the same geographical area as the commercial property you will inspect in your next assessment (Assessment Event 3).

1. Property inspections
2. Before inspection, you need to verify the ownership of the property through a property database (as advised by your assessor). You must ensure to include this information in theResidential property inspection form in Task 3 below.You will also need to collate all required documents to complete an appraisal for this property.
3. In a separate documentidentify the regulatory and legislative requirementsthat were applied in the property appraisal process. (Estimated word limit - 420 to 460 words)
4. Inspect the residential property and location and complete theResidential property inspection form by applying regulatory and legislative requirements.
5. Market Appraisal Report: Residential - Sale

Prepare a comprehensive residential sales market appraisal report of the client's home, using theSales market appraisal report template.

You are required to include comparable properties in your report and analyse the information provided in the market indicators below to determine the expected sales price range of the property.

Residential Property market indicators:

Australia's housing markets rebound continued over the last month, led by strong price growth in our two biggest cities, Melbourne and Sydney.

Home buyers are back, sellers are putting their properties up for sale, first home buyers are getting a foot on the property ladder and investors are slowly returning.

They are all buoyed by falling interest rates, the prospect of another rate cut, less stringent lending criteria and a generally positive media.

As a result, auction clearance rates are up, asking prices are up, property values are increasing and some property commentators are even forecasting double digit capital growth next year.

1. Provide a description of the home and its features, including the style of the home and pictures.(Estimated word limit - 100 to 120 words)
2. Analyse the market indicators provided and the comparable properties (2 or more) and then include the expected price range in your report. (Estimated word limit - 250 to 300 words)
3. Research and analyse the market conditions and indicators that can affect the value of the property for sale and document them in your report. (Estimated word limit - 90 to 120 words)