You are valuing the subject property, 17 Walnut Grove, Palmerston North, using the sales approach.

Note we are concerned with the direction of the adjustments and not the amount you are using as we appreciate you may not be familiar with the Palmerston North market.

You have three comparable sales as detailed in the table below;

	Sale 1	Sale 2	Sale 3	Subject Property
Address	55 Peppertree Glade	12 Sorrento Place	34 Logan Way	17 Walnut Grove
Net sale price	755,000	832,000	825,000
Months since sale	6	5	5
Land area	556	770	600	652
Floor area	157	194	139	158
Age of dwelling	18 years	16 years	18 years	15 years
Construction Walls/roof	Brick/steel	Brick/Steel	Brick/Steel	Stucco/Steel
Number of bathrooms	2 plus ensuite	2 plus ensuite	1	1 plus ensuite
Garaging	Internal access, 2 car garaging	Internal access, two car garaging	Internal access, 2 car garaging	Internal access, 2 car garaging
Site development	Well fenced with concrete driveway and lawn	Well fenced with concrete driveway and lawn	Well fenced with concrete driveway and lawn	Well fenced with concrete driveway and lawn
Location	Quiet cul-de-sac	Rear stie off quiet cul-de-sac	Quiet cul-de-sac	Quiet cul-de-sac

Complete the adjustment chart below making assumptions as necessary.

1. Using 2.5% increase per month, make a percentage adjustment for time since sale and calculate time adjusted sale price. [3 marks]
2. Make lumpsum adjustments for differences in property features for each sale and calculate adjusted sale price. [14 marks]
3. Use the adjusted sales to derive the current market value of 17 Walnut Grove giving reasons for your final value figure. [3 marks]

	Sale 1	Sale 2	Sale 3	Explain adjustment assumption
Address	55 Peppertree Glade	12 Sorrento Place	34 Logan Way
Sale price	755,000	832,000	825,000
Time since sale
Time adjusted sale price
Land area
Floor area
Age of dwelling
Number of bathrooms
Total adjustment
Adjusted sale price

Current market value of 17 Walnut Grove

Reasons