1/99 Ireland Road, Panmure, Auckland 爱尔兰路 99 号第1段。
This property is coming into the market for sale and we are assessing the value of this property from a buyer’s viewpoint. How much is this property worth in the current market condition?
该物业即将上市出售，我们正在从买方的角度评估该物业的价值。在当前的市场条件下，该房产的价值是多少呢？
The property 1/99 Ireland Road has a 999-year cross-lease title and is one end unit in a block of three units. The three single-storey, brick-and-tiled units were built in the year 1960. 1/99 Ireland Road has an internal area of 60 square metres, and has two bedrooms, one bathroom and one external garage. There is also a fenced backyard garden area and a garden shed. The yard area is approximately 150 square metres.
爱尔兰路 1/99 号物业拥有 999 年的交叉租赁所有权，是三个单元块中的第一个末端单元。三间单层砖瓦单位建于1960年。爱尔兰路 1/99 内部面积60平方米，设有两间卧室、一间浴室和一个外部车库。还有一个带围栏的后院花园区和一个花园棚。院子面积约150平方米。 内部布局简单，一侧是前面的休息室，后面是厨房。旁边是两间卧室，一间在前，一间在后，浴室位于阅读卧室和厨房之间。该物业目前出租给一个三口之家，租金为每周 480 元。
The internal layout is simple, such that on one side is the lounge at the front and the kitchen at the back. On the next side are the two bedrooms, one in front and one at the rear with the bathroom between the read bedroom and the kitchen. The property is currently rented to a family of three at a rental of $480 per week.
内部布局简单，一侧是前面的休息室，后面是厨房。旁边是两间卧室，一间在前，一间在后，浴室位于阅读卧室和厨房之间。该物业目前出租给一个三口之家，租金为每周 480 元。
The Government Value for Property Tax (Rating) purpose is $670,000 (basing on values as at 1st July 2017).
政府财产税（评级）价值为 670,000 元（基于截至 2017 年 7 月 1 日的价值）。
We shall be using the three established methods of valuation before we finalise a value from the purchaser’s viewpoint. We shall use the investments method, the market comparable method, and the replacement method in that order.
在从买方的角度确定价值之前，我们将使用三种既定的估值方法。我们将依次采用投资法、市场可比法和重置成本法。我们将考虑位于 Panmure 的同一条爱尔兰路沿线最近交易的 10 处房产。
We shall consider ten recently transacted properties all located along the same Ireland Road, in Panmure.
Comparable # 1:
Sold: 21 Apr 2021 for $900,000.
Address: 1/115 Ireland Road, Mount Wellington, Auckland
2 Bedrooms. 1 Bathroom. 1 External Car Garage.
Internal area: 86 m2.
Brick walls, Tiled roof.
Government Value for Rating (July 2017) $700,000.
类似的房地产销售分析#1: 售出时间：2021 年 4 月 21 日，售价 900,000 元。 地址：奥克兰惠灵顿山爱尔兰路 1/115 号. 2 间卧室。 1 间浴室。 1 个外部车库。 内部面积：86 平方米。 砖墙，瓦屋顶。 政府评级价值（2017 年 7 月）700,000 元。
Comparable # 2:
Sold: 23rd March 2021 for $981,500.
Address: 2/50A Ireland Road, Mount Wellington, Auckland.
2 Bedrooms. 1 Bathroom. 1 External Car Garage.
Internal area: 70 m2.
Brick walls, Tiled roof.
The Government Value for Rating (as at 1 July 2017) is $560,000.
类似的房地产销售分析#2: 售出时间：2021 年 3 月 23 日，售价 981,500 元。 地址：奥克兰惠灵顿山爱尔兰路 2/50A 号. 2 间卧室。 1 间浴室。 1 个外部车库。 内部面积：70 平方米。 砖墙，瓦屋顶。 政府评级价值（2017 年 7 月）560,000 元。
Comparable # 3:
Sold: 16th February 2021 for $1,650,000.
Address: 98 Ireland Road, Mount Wellington, Auckland.
4 Bedrooms. 2 Bathrooms, 3 inside Car Garages.
Two Level Home.
Internal area: 256 m2.
Weather board walls, Iron roof.
The Government Value for Rating (as at 1 July 2017) is $1,175,000.
类似的房地产销售分析#3: 售出时间：2021 年 2 月 16 日，售价 981,500 元。 地址：奥克兰惠灵顿山爱尔兰路 98 号. 4 间卧室。 2 间浴室。 3车库。 两层的家。 内部面积：256 平方米。 天气板墙。铁屋顶。政府评级价值（2017 年 7 月）1,175,000 元。
Comparable # 4:
Sold: 10th August 2021 for an undisclosed amount but agents believe that the sold price was $1,250,000.
Address: 2/78 Ireland Road, Mount Wellington, Auckland.
3 Bedrooms. 1 Bathroom, 1 inside Car Garage.
Two Level Home.
Internal area: 140 m2.
Boarded walls, Tiled roof.
The Government Value for Rating (as at 1 July 2017) is $800,000.
类似的房地产销售分析#4: 售出时间：2021 年 10 月 10 日，金额未公开，但代理商认为售价 1,250,000 元。 地址：奥克兰惠灵顿山爱尔兰路 2/78 号. 3 间卧室。 1 间浴室。 1车库。 两层的家。 内部面积：140 平方米。 板墙。瓦屋顶。政府评级价值（2017 年 7 月）800,000 元。
Comparable # 5:
Sold: 20th July 2021 for $1,216,000.
Address: 2/34 Ireland Road, Mount Wellington, Auckland.
4 Bedrooms. 1 Bathroom, No Car Garage.
Single Level Home.
Internal area: 128 m2.
Timber boarded walls, Iron roof.
The Government Value for Rating (as at 1 July 2017) is $870,000.
类似的房地产销售分析#5: 售出时间：2021 年 7 月 20 日，售价 1,216,000 元。 地址：奥克兰惠灵顿山爱尔兰路 2/34 号. 4 间卧室。 1 间浴室。 0 车库。 内部面积：128 平方米。 板墙。铁屋顶。政府评级价值（2017 年 7 月）870,000 元。
Comparable # 6:
Sold: 16th October 2021 for an undisclosed amount. Was sold previously in March 2018 for $1,150,000.
Address: 90B Ireland Road, Mount Wellington, Auckland.
4 Bedrooms. 2 Bathrooms, 1 Car Garage.
Three Levels, Concrete Construction Home.
Internal area: 205 m2.
Land Area: 328 m2.
The Government Value for Rating (as at 1 July 2017) is $1,080,000.
类似的房地产销售分析#6: 售出时间：2021 年 10 月 16 日，售价 1,150,000 元。 地址：奥克兰惠灵顿山爱尔兰路 90 B 号. 4 间卧室。 2 间浴室。 1 车库。 内部面积：205 平方米。土地面积：328 平方米。三层，混凝土建筑之家。政府评级价值（2017 年 7 月）1,080,000 元。
Comparable # 7:
1F/47 Ireland Road, Mount Wellington. Apartment on the ground floor.
Sold in November 2020 for $550,000. Concrete construction; 2 bedrooms, 1 bathroom, no car garage, but with common public car parking spaces.
类似的房地产销售分析#7: 售出时间：2021 年 11 月，售价 550,000 元。 地址：奥克兰惠灵顿山爱尔兰路 1F/47 号. 2 间卧室。 1 间浴室。 0 车库。一楼的公寓。
Comparable # 8:
3D/47 Ireland Road, Mount Wellington. Upper third floor apartment. Sold in January 2021 for $625,000. 3 Bedrooms, 1 bathroom and no car garage.
类似的房地产销售分析#8: 售出时间：2021 年 1 月，售价 625,000 元。 地址：奥克兰惠灵顿山爱尔兰路 3D/47 号. 3 间卧室。 1 间浴室。 0 车库。三楼的公寓。
Comparable # 9:
64/51 Ireland Road, Mount Wellington, Auckland. This is a terrace house in three levels with three bedrooms, 1 bathroom and 1 indoor car garage. This property has been sold in August 2021 for $770,000.
类似的房地产销售分析#9: 售出时间：2021 年 8 月，售价 770,000 元。 地址：奥克兰惠灵顿山爱尔兰路 64/51 号. 3 间卧室。 1 间浴室。 1 车库。三层的排屋。
Comparable # 10:
Address: 71/51 Ireland Road, Mount Wellington, Auckland. Two storey terrace house with two bedrooms, one bathroom and one indoor car garage. The price sold is not disclosed but the local agents said that the price sold was over $790,000 and the sale date was July 2021.
地址：奥克兰惠灵顿山爱尔兰路 71/51 号。两层排屋，有两间卧室、一间浴室和一个室内车库。售价未透露，但当地代理商表示售价超过79万元，发售日期为2021年7月。
Market Analysis: 市场分析：
#1: Investment Yields: 投资收益：
To make a decision on the value of No. 1/99 Ireland Road, Mount Wellington, Panmure, we need to make three types of market analysis on the ten properties recently sold along the same road. The first analysis is to uncover the Internal Rate of Return (IRR) of each sale. What investment yield are those ten sales reflecting? With that annual yield known we can use the concept of Years Purchase (YP) to get the estimated Investment Value of 1/99 Ireland Road. What is YP? YP is actually the reciprocal of yield percentage and reflects the number of years required to earn back the capital sum invested. As an example, if we have a yield of 50%, the YP is 2 or two years to return our capital. YP is equal to 100 divided by the yield. In this example, the capital outlay is $1 million but the yearly return is 50% or $500,000. Therefore our $1 million will be “earned back” in two years. Similarly a 10% return has a YP of 10; and a 7% return has a YP of 100 divided by 7, that is 14.29 years to recoup capital invested.
为了对 Panmure 惠灵顿山爱尔兰路 1/99 号的价值做出决定，我们需要对最近在同一条道路上出售的十处房产进行三种类型的市场分析。第一个分析是揭示每笔销售的内部收益率 (IRR)。这十次销售反映了多少投资收益？知道年收益率后，我们可以使用年购买 (YP) 的概念来获得 1/99 Ireland Road 的估计投资价值。什么是YP？ YP 实际上是收益率的倒数，反映了收回投资资本所需的年数。例如，如果我们的收益率为 50%，则 YP 是 2 或两年来返还我们的资本。 YP 等于 100 除以产量。在此示例中，资本支出为 100 万美元，但年回报率为 50% 或 500,000 美元。因此，我们将在两年内“收回”我们的 100 万美元。同样，10% 的回报的 YP 为 10； 7% 的回报的 YP 为 100 除以 7，即收回投资资本的时间为 14.29 年。
Using the details of Comparable Property # 1, 1/115 Ireland Road, we can analyse the sale price of $900,000 and apply the Years Purchase to obtain a value of $ 906,000 for our property at 1/99 Ireland Road.
Market Analysis # 2: Market Comparable Scores and Market Analysis # 3: The Replacement Cost Index will be discussed later, after our Investment Yield Analysis.
| Analysis # 1.1 Property: 1/115 Ireland Road | ||
| Estimated Annual Gross Rental at $560 per week | $29,120.00 | |
| Less: Allowance for voids or period of no rental income (say 4 weeks in a year). | $2,240.00 | |
| $26,880.00 | $26,880.00 | |
| Less Outgoings: | ||
| (1) Government’s Property Tax | $2,500.00 | |
| (2) Insurance | $850.00 | |
| (3) Normal maintenance and repairs | $1,456.00 | |
| (4) Major repairs every five years | $4,368.00 | $9,174.00 |
| Total Outgoings: | $9,174.00 | |
| Net Rental Income per annum: | $17,706.00 | |
| Price Sold: | $900,000.00 | |
| Internal rate of return per annum (IRR): | 1.97% | |
| Years Purchase (YP): | 50.83 | |
| Value of another property # 2: 1/99 Ireland Road | ||
| Estimated Net Rental Income per annum: | $17,836.00 | |
| Multiplied by YP as analysed above: | 50.83 | |
| Estimated Investment Value of the Subject Property: | $906,607.93 |
Analysis # 1.1 - #1.5 Investment Yields
| Property: | 1/115 Ireland Road | 2/50A Ireland Rd | 98 Ireland Road | 2/78 Ireland Road | 2/34 Ireland Road |
| Estimated Annual Gross Rental Income | $29,120. | $24,960. | $39,000. | $32,000. | $36,400. |
| Estimated Net Rental Income | $17,706. | $15,500. | $25,470. | $22,700. | $23,150. |
| Price Sold: | $900,000. | $981,500. | $1,650,000. | $1,250,000. | $1,216,000. |
| Internal rate of return per annum (IRR): | 1.97% | 1.58% | 1.54% | 1.82% | 1.90% |
| Years Purchase (YP): | 50.83 | 63.32 | 64.78 | 55.07 | 52.53 |
| 1/99 Ireland Road | 1/99 Ireland Road | 1/99 Ireland Road | 1/99 Ireland Road | 1/99 Ireland Road | |
| Estimated Net Rental Income per annum: | $17,836. | $17,836. | $17,836. | $17,836. | $17,836. |
| Multiplied by YP as analysed above: | 50.83 | 63.32 | 64.78 | 55.07 | 52.53 |
| Estimated Investment Value of the Property # 2: | $906,607.93 | $1,129,421.55 | $1,155,453.47 | $982,158.59 | $936,871.53 |
Analysis # 1.6 - # 1.10 Investment Yields:
| Property: | 90 B Ireland Road | 1F/47 Ireland Rd | 3D/47 Ireland Rd | 64/51 Ireland Road | 71/51 Ireland Road |
| Estimated Annual Gross Rental Income | $37,700. | $27,040. | $28,600. | $32,000. | $26,000. |
| Estimated Net Rental Income | $20,700. | $11,200. | $12,700. | $13,800. | $15,150. |
| Price Sold: | $1,150,000. | $550,000. | $625,000. | $770,000. | $790,000. |
| Internal rate of return per annum (IRR): | 1.80% | 2.04% | 2.03% | 1.79% | 1.92% |
| Years Purchase (YP): | 55.56 | 49.11 | 49.21 | 55.80 | 52.15 |
| 1/99 Ireland Road | 1/99 Ireland Road | 1/99 Ireland Road | 1/99 Ireland Road | 1/99 Ireland Road | |
| Estimated Net Rental Income per annum: | $17,836. | $17,836. | $17,836. | $17,836. | $17,836. |
| Multiplied by YP as analysed above: | 55.56 | 49.11 | 49.21 | 55.80 | 52.15 |
| Estimated Investment Value of the Property # 2: | $990,888.89 | $875,875.00 | $877,755.91 | $995,197.10 | $930,062.05 |
Using this Investment Analysis Approach, therefore, the value of 1/99 Ireland Road is the average of the ten values found, that is $978,029.00. 因此，使用此投资分析方法，1/99 Ireland Road 的价值是找到的十个价值的平均值，即 $978,029.00
Market Analysis # 2: Market Comparable Scores
For such an analysis, we choose five features of this type of properties for comparison, giving a top score of 10 for each ideal feature. In this instance, we have selected the five features as (1) Internal Floor Area; (2) Construction; (3) Age; (4) Number of Bedrooms and Bathrooms; and (5) Easy Flow in internal layout. We give the property to be value, that is, 1/99 Ireland Road, the scores against the ideal of 50 (5 features at a score of 10 each). Then we assign scores to each of the properties to be analysed and equate the sale price with each score, to get the average value per mark scored. Multiplying the average value per mark scored by the total score for 1/99 Ireland Road, we can get the estimated value by this method.
对于这样的分析，我们选择了此类属性的五个特征进行比较，每个理想特征的最高得分为 10。在这个例子中，我们选择了五个特征作为（1）内部建筑面积； (2) 施工； (3) 年龄； (4) 卧室和浴室的数量； (5) 内部布局的Easy Flow。我们给属性以价值，即1/99 Ireland Road，对理想的分数为50（5个特征，每个10分）。然后我们为要分析的每个属性分配分数，并将销售价格与每个分数相等，以获得每个分数的平均值。将每个分数的平均值乘以 1/99 Ireland Road 的总分，我们可以通过这种方法得到估计值。
Market Comparable Scores for Properties # 1 - # 3
| Address | Ideal | 1/99 Ireland Rd | 1/115 Ireland Rd | 2/50A Ireland Rd | 98 Ireland Rd |
| Useable Area | 150m2 = 10/10 | 6 | 7 | 6 | 10 |
| Construction | Brick / Tile = 10/10 | 10 | 10 | 10 | 7 |
| Age | under 2 years = 10/10 | 6 | 6 | 7 | 7 |
| Bedrooms/Bathrooms | 3 brms; 1 bthrm = 10/10 | 8 | 8 | 8 | 10 |
| Internal Layout | Easy Flow = 10/10 | 7 | 7 | 8 | 6 |
| Total Score x / 50 | 50 | 37 | 38 | 39 | 40 |
| Sale price | $900,000 | $981,500 | $1,250,000 | ||
| Price per score | $23,684 | $25,167 | $31,250 |
Market Comparable Scores for Properties # 4 - # 7
| Address | Ideal | 2/78 Ireland Rd | 2/34 Ireland Rd | 90B Ireland Rd | 1F/47 Ireland Rd |
| Useable Area | 150m2 = 10/10 | 6 | 10 | 6 | 7 |
| Construction | Brick / Tile = 10/10 | 10 | 7 | 9 | 8 |
| Age | under 2 years = 10/10 | 7 | 6 | 6 | 8 |
| Bedrooms/Bathrooms | 3 brms; 1 bthrm = 10/10 | 8 | 10 | 10 | 8 |
| Internal Layout | Easy Flow = 10/10 | 8 | 6 | 8 | 6 |
| Total Score x / 50 | 50 | 39 | 39 | 39 | 37 |
| Sale price | $1,250,000 | $1,216,000 | $1,150,000 | $550,000 | |
| Price per score | $32,051 | $31,179 | $29,487 | $14,865 |
Market Comparable Scores for Properties # 8 - # 10
| Address | Ideal | 3D/47 Ireland Rd | 64/51 Ireland Rd | 71/51 Ireland Rd |
| Useable Area | 150m2 = 10/10 | 6 | 9 | 6 |
| Construction | Brick / Tile = 10/10 | 8 | 8 | 8 |
| Age | under 2 years = 10/10 | 8 | 8 | 8 |
| Bedrooms/Bathrooms | 3 brms; 1 bthrm = 10/10 | 10 | 10 | 9 |
| Internal Layout | Easy Flow = 10/10 | 6 | 6 | 6 |
| Total Score x / 50 | 50 | 38 | 41 | 37 |
| Sale price | $625,000 | $770,000 | $790,000 | |
| Price per score | $16,447 | $18,780 | $21,351 |
For this approach in the valuation, we need first to ignore all apartments as they are not exactly similar to the property 1/99 Ireland Road. After the analysis of the last four comparable properties concerning apartments are ignored, the average dollar value per score is $23,461 and when we multiply this to the score of 37 for 1/99 Ireland Road, we get a value of $868,067 for the property.
对于这种估值方法，我们首先需要忽略所有公寓，因为它们与 1/99 Ireland Road 的房产并不完全相似。在忽略有关公寓的最后四个可比物业的分析后，每个分数的平均美元价值为 23,461 元，当我们将其乘以 1/99 Ireland Road 的 37 分时，我们得到该物业的价值为 868,067 元。
| Address | Ideal | 1/99 Ireland Rd |
| Useable Area | 150m2 = 10/10 | 6 |
| Construction | Brick / Tile = 10/10 | 10 |
| Age | under 2 years = 10/10 | 6 |
| Bedrooms/Bathrooms | 3 brms; 1 bthrm = 10/10 | 8 |
| Internal Layout | Easy Flow = 10/10 | 7 |
| Total Score x / 50 | 50 | 37 |
| Value per score | $23,461.26 The Value is then 37 x $23,461.26 = $868,067. |
Market Analysis # 3: The Replacement Cost Index
This Replacement Cost Index Method can easily be done by looking at the Government Values for Property Tax and comparing these directly with the sales prices. Again, we shall not consider the apartments.
通过查看政府的财产税价值并将其与销售价格直接进行比较，可以轻松完成这种重置成本指数方法。同样，我们不会考虑公寓。
| Address | Government Value | Sale Price | Increase | |
| 1/115 Ireland Road | $700,000 | $900,000 | 1.286 | |
| 2/50A Ireland Road | $560,000 | $981,500 | 1.753 | |
| 98 Ireland Road | $1,175,000 | $1,650,000 | 1.404 | |
| 2/78 Ireland Road | $800,000 | $1,250,000 | 1.563 | |
| 2/34 Ireland Road | $870,000 | $1,216,000 | 1.398 | |
| 90B Ireland Road | $1,080,000 | $1,150,000 | 1.065 | |
| Average Increase | 1.411 | |||
| 1/99 Ireland Road | $670,000 | $945,556 |
The average increase of sales prices over government values is 1.411. Using this average increase and multiplying by the current government value of $670,000, we have a value of $945,556 for this property 1/99 Ireland Road.
销售价格高于政府价值的平均涨幅为 1.411。使用这个平均增幅并乘以当前政府价值 670,000 元，我们得到 1/99 Ireland Road 的这处房产价值 945,556 元。
SUMMARY: 总结:
Value of 1/99 Ireland Road by: (1) Analysis of yields is $978,029.
1/99 Ireland Road 的价值来自： (1) 收益率分析为 978,029 元。
Value of 1/99 Ireland Road by: (2) Analysis of Market Comparable Sales is $868,067.
1/99 Ireland Road 的价值来自：(2) 市场可比销售额分析为 868,067 元。
Value of 1/99 Ireland Road by: (3) Replacement Cost Index through Government Values, is $945,556.
1/99 Ireland Road 的价值来自： (3) 通过政府价值的重置成本指数，为 945,556 元。
The conclusion, from the purchaser’s prospective, is that the property is worth $930,000 - the average of $978,000; $868,000; and $945,000.
从购买者的角度来看，结论是该物业价值 930,000 元 - 平均为 978,000 元； 868,000 元；和 945,000 元。
English