Suite 21 Ph (02) Old Northern Road Fax (02) Baulkham Hills NSW 2153 Mobile: RESIDENTIAL VALUATION REPORT

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1 Independent Property Valuations Pty Ltd REGISTERED VALUERS & PROPERTY CONSULTANTS ABN Suite 21 Ph (02) Old Northern Road Fax (02) Baulkham Hills NSW 2153 Mobile: PO Box 899 Baulkham Hills NSW Our Ref: RESIDENTIAL VALUATION REPORT INSTRUCTED BY : OLIVE: AMANDA ON ACCOUNT OF : OLIVE: AMANDA ADDRESS OF PROPERTY : 14 BREAD ROAD, KELLYVILLE RIDGE NSW TITLE DETAILS. Lot No : 601 DP : Land Area : sqm Registered Proprietor : The First Schedule of Title Search indicates the registered proprietors as: AMANDA OLIVE BILL OLIVE AS TENANTS IN COMMON IN EQUAL SHARES Easements and encumbrances : Nil other than disclosed on Second Schedule of the attached Title Search. Zoning & Planning Instrument : Residential 2(a). Blacktown LEP 1988 (as amended). Effect of Planning Instrument : The existing land use is a conforming land use under the prescribed Scheme and the provisions of the EPA Act and SEPPs as applicable. 2. LOCALITY / NEIGHBOURHOOD. The subject property is located within an established residential estate being situated between Butter and Peanut Streets on Spoon Road at Kellyville Ridge. Surrounding and adjoining properties comprise a predominance of free-standing residences on the eastern side of Spoon Road being of single level and two storey design typically offering four bedroom accommodation with most having double garages. This medium density development is situated opposite comprising courtyard/townhouse style homes typically offering three to four bedroom accommodation with garages. External presentation varies throughout the locality. Site description & Topography : Rectangular shaped land having a minor cross fall. Drainage satisfactory. Services : Electricity, water, gas and sewer. Environmental Hazards : Nil disclosed by enquiry at Council. 3. IMPROVEMENTS. Type : Single level free-standing residence. Age : Approx. 7 years. Additions : Side pergola. Construction : Conventional brick veneer construction supported on concrete raft slab having aluminium framed windows and tiled roof. Accommodation : Comprises four bedrooms, three with built ins, main with ensuite bathroom, entry foyer, lounge/dining combined, kitchen/meals, living room, internal hall, main bathroom, laundry, front verandah, side pergola and double garage under main roof. PC Fixtures : Bath, two shower recesses, two vanity basins, sink, cook top, under bench oven, range hood, dishwasher, laundry tub and cabinet, two vitreous toilet suites, water heater, laminated kitchen cupboards, two split system room air-conditioners, alarm system and linen cupboard. External Condition : Satisfactory. Internal Condition : Well maintained and presented. Ground Improvements : Lapped and capped timber paling fences to side and rear boundaries and stencil concrete driveway, entry path and side paving in satisfactory condition. Liability is Limited by the Australian Valuers Co-op Institute Scheme, approved under the Professional Standards Act 1994 (NSW) Page 1

2 4. BUILDING AREAS. Living Areas: sqm Porches: 38.91` sqm Garage: sqm 5. TRANSPORT & FACILITIES. Distance to rail station : The nearest rail station is Quakers Hill within 8.0 kms to the south west. Other public transport : Bus passes. Nearest Major Centre : The nearest major regional centre is Rouse Hill Town Centre within 7.0 kms to the north west. 6. GENERAL COMMENTS. The subject improvements comprise a seven year old single level brick and tile home constructed by Mirvac. Accommodation is considered to be of a good standard with internal fit-out comprising carpet and tile floor coverings with holland blinds to most windows. One of the two panel-lift garage doors is remotely operated and an alarm system has been installed to the premises. A metal roofed pergola has been constructed adjacent to the lounge/dining and kitchen providing a large covered entertaining area. Spoon Road is a feeder road from the surrounding residential estate and increased traffic loads are more pronounced during peak periods. 7. SALES EVIDENCE. Address Contract Date Sale Price Description 8 Fork Crescent, Kellyville Ridge 13/12/2010 $495, Land Area: sqm Established single level brick and tile project home comprising four bedroom accommodation, main with ensuite and walk in robe, kitchen/meals with adjacent covered entertaining area, formal lounge/dining, double garage and perimeter landscaping. Ducted air conditioning. Quieter back street position. Inferior. 7 Orange Circuit, Kellyville Ridge 25/11/2010 $559, Land Area: sqm Near new single level brick veneer and tile project home comprising four bedroom accommodation with ensuite to main, built in robes, formal and informal living areas, kitchen/meals/family combined, ducted air conditioning, alarm system and double garage under main roof. Superior. 47 Milk Road, Kellyville Ridge 07/01/2011 $565, Land Area: sqm Established single level brick veneer and tile residence comprising four bedroom accommodation with ensuite and walk in robe to main, built in robes to remainder, formal lounge/dining, kitchen/family combined, separate rumpus room, large pergola and established gardens. Superior. Sales evidence has been obtained from the Land Titles Office or Commercial Property Monitor and is subject to confirmation by search. 8. DEMAND AND MARKETABILITY. Current demand is slowing within this locality and values appear to be stabilising as a result primarily since the November 2010 interest rate increase. Marketability is considered to be average. 9. SITE CONTAMINATION. At the time of inspection, there were no obvious signs of contamination. It is presumed there are no toxic wastes affecting surface or sub soil conditions that would adversely affect the marketability, existing or potential uses of the land or adjacent sites. No environmental studies or soil test reports have been made available to us and we reserve the right to review and amend our assessment if information to the contrary becomes available. ENCROACHMENTS. A current survey report has not been sighted. This report assumes there are no encroachments of improvements by or upon the subject land. We reserve the right to amend our assessment should any encroachments be disclosed in a survey report. Page 2

3 EASEMENTS / ENCUMBRANCES. Unless otherwise stated in this report a Title Search has not been undertaken in relation to the subject property. We reserve the right to amend this report should any easement or encumbrance, which has not been noted in this report becomes evident. PEST REPORT. At the time of inspection, there were no obvious signs of termite or borer activity to the visible sections of the improvements inspected. It is assumed the subject improvements are free of any infestation. This should be confirmed by a licensed pest control company. APPROVALS. This report assumes that all relevant statutory approvals have been obtained. 10. MARKET MOVEMENT CLAUSE. This valuation is current at the date of valuation only. The value assessed herein may change significantly and unexpectedly over a relatively short period of time (including as a result of general market movements or factors specific to the particular property). We do not accept liability for losses arising from such subsequent changes in value. Without limiting the generality of the above comment, we do not assume responsibility or accept any liability where the valuation is relied upon after the expiration of ninety (90) days from the date of the valuation, or such earlier date if you become aware of any factors that have any effect on the valuation. ========================================================================================= 11. CERTIFICATE OF VALUATION I certify the property was inspected on: 13 February, 2011 and assess the freehold value of the property in its present condition on a vacant possession basis to be: TOTAL VALUATION : $530, ( Five Hundred and Thirty Thousand Dollars ) ========================================================================================= VALUER: M D ELLIS QUALIFICATIONS: B Bus (Land Economy) AAPI AAVI DATE: 14/02/2011 Signature: Reg No (3574) FOR INDEPENDENT PROPERTY VALUATIONS PTY LTD ========================================================================================= 12. DISCLAIMER. This valuation report is made at the express request of Mrs Amanda Olive as registered proprietor for the purpose of an amicable property settlement and the assessment of stamp duty by the Office of State Revenue. It is not available to, nor shall it be relied upon, by any third party, person or Institution, other than the instructing party to whom it is addressed. This report is copyright to Independent Property Valuations Pty Ltd and the author and may not be copied in whole or in part without the written consent of the signatory to this report. This report is not a structural survey. There was, however, no observable evidence of structural defects from a cursory inspection of the main structure and internal inspection. I have not inspected inaccessible timbers forming part of the roof structure or floor frame. I am not, therefore, able to comment on the presence of subterranean termite or borer activity, or the adequacy of flashings, damp courses, or the condition of reticulated services. This valuation report is made in accordance with the Australian Property Institute (API) Supporting Memorandum dated 1 June 1994 (as amended) and must be interpreted with that Memorandum End of report. Page 3

4 The subject property 14 Bread Road, KELLYVILLE RIDGE Page 4

5 DEPOSITED PLAN Page 5

6 TITLE SEARCH DATED 20/10/2005 Page 6