Comparable sales are often unavailable at valuation date and pre- and post-valuation date sales are used as a reference point for a valuation. There are also instances where purported comparable sales from a geographically different area or different market segment to that of the subject property are referenced in a valuation. We often receive purported supporting sales data in property valuations without any explanation as to why the data is comparable.
Comparable sales must withstand objective scrutiny of their comparability. If post- valuation date sales or remote-area sales are to be used, these must have commentary as to why the valuer considers it reasonable to use these sales to establish the subject property value.