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Discussion in 'The Buying & Selling Process' started by Whitecat, 13th Jul, 2016.

  1. Whitecat

    Whitecat Well-Known Member

    3rd Jul, 2015
    In your opinion what order should these go in in terms of accuracy. I know that some of them are better than others on certain properties however across the range of properties what ranking would you give to accuracy. Assuming that those that give a range you use the midpoint to be fair to Commonwealth Bank and OTH which gives an exact figure.

    1. Commonwealth Bank app
    2. Domain price guide.
    3. Onthehouse
    4. home price guide
    5. Bank of qld app (runs an rp data report)
  2. bob shovel

    bob shovel Well-Known Member

    18th Jun, 2015
    Somewhere in the land of Oz
    Diy with sold prices
  3. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    19th Jun, 2015
    6. None of the above

    These kind (any kind really) of auto-generated reports work fine if you are trying to say, put a price on a 4,2,2 when there are dozens of 4,2,2 sales in the suburb in the last 6 months. They fail big time with trying to value unique properties with for example, more land, different zoning, better views, premium street etc. which require a good deal of user intervention / local knowledge.
  4. Big Will

    Big Will Well-Known Member

    18th Jun, 2015
    Melbourne, Australia
    @Whitecat like others use your own knowledge and thought process.

    I do use 2 3 and 4 as a check but I have seen valuations be so different to real life. Even my 4B 2B 2C renovated PPOR is valued less than the neighbor across the road who is 3/1/2 un renovated on the same size block (no views).

    I prefer Homehero of these sites as it shows things like how long it has been on the market for and the dashboard easy to read/understand and find usually it is around what value might be but your own DD beats it however it is a good starting point to compare properties at that price to see how they compare to the property in question.

    To give you an idea on how their pricing adds up, I received a bank valuation in May 2016 for the PPOR and using the service to compare to my bank valuation is as follow;

    Homehero is about 7% below bank valuation
    Domain is about 16% below my bank valuation.
    RE.Com as it gives a range makes it difficult but either 8% below or 16% over, this is useless - however if you take an average of the range it is 4% above the bank valuation.
  5. Chilliblue

    Chilliblue Well-Known Member

    18th Jun, 2015
    ^^^ what he said. You could have a newly built home on an existing property and the computers algorithms would not take that into account. Or an extension, alterations etc.
    Fiona likes this.