House valuation

As I've mentioned previously, I own an investment property with my brother, which we purchased in March 2007. We had a valuer come today to re-value it. Even those recently house prices seem to have dropped, they still look like they have increased a lot since we we bought the property.

We aren't planning on selling/refinancing anytime soon, but it would be nice knowing we had more equity in the house.

When we bought it, it had been originally listed for $449K, dropped to $429K and we ended up paying $420K. I'm hoping that at a minimum, the valuation comes back above $450K.