Commbank App valuations going down?

This is not a debate on the utility of auto valuations.

Commonwealth banks' valuations (shown in netbank and as well as on their property app) seem to be going down (5-10% on average across the board) according to someone I know who works there plus I can see conservative values on some of my properties with them as well.

They are based on APM values for most part but Commonwealth bank applies their own market factors to arrive at the final number.

Has anyone else noticed this? If so does this indicate CBA is going to get conservative with valuations and lending in line with other top 4 banks.

Cheers

 

Nothing noted here - they very well may be tinkering with it on a market level but I doubt they are actively influencing it on a brute level to make their lending more conservative.

AVM's in general at the moment are all over the place - one of the other guys in the office did three AVM's for a client which came back at 290k, 330k and 350k. All for the same property within the same day.

 

Well, they probably should be for some areas. A lot of banks, including the Commonwealth, put up interest rates in December. This decreases, even if only slightly, peoples lending capacity, which also decreases what they can spend, which subsequently has a negative impact of the property market.. one can only hope it takes some steam out of the Sydney market. Some area's of Sydney did not experience any growth last year, with a few suburbs going backwards, but of course, there were plenty of suburbs that did shoot ahead.

 

I've had a 70K increase on mine (Comm Bank app) since last week. Thought it was very under valued last week, and think it's more in line now with recent sales around my area.

 

I have all - up, down and stay the same

 

One up, one down. I'm not convinced either is perfectly correct on comparables, but they are probably closer than before.

 

One of mine has gone crazy and the only has gone up just a little according to CommBank portfolio. I'd say about 5-10 percent over the price I reckon I could get for them at present.

 

Please excuse my ignorance when it comes to this but does the Netbank valuations in the Portfolio section translate to the same amount given with CBA desktop Val's?

 

I don't know, but mine is now pretty much equal to the desktop val - dropped $40k in the app.

 

From a couple of CBA desktop val figures, yes they seem quite close...

One of mine went up so no they are not all going down.

 

One of mine went up $60k? Although i think that's probably 40k more than it's worth.

 

I've been checking out the 'affordability' auto Val on the combank app for properties in Logan lately and they almost always seem to show a price which is anywhere from 5-20% higher than market Val...

 

2 low
1 high

 

Thanks for alerting me to this feature! I wasn't aware of this and have now added our properties- super useful. For what it's worth, they seem to be about on par with what I would expect.
@Coota9 - to sort of answer your question, we had our PPOR revalued for equity release in November last year and the value assigned in this app is exactly the same as that (and the number ended in 440 so it's not even a "rounded" amount

 

@Corey Batt intrigued to know with which lenders which vals came in if you don't mind sharing?