Free property price estimation tools?

Discussion in 'Property Information Resources & Tools' started by ms420, 4th Oct, 2019.

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  1. ms420

    ms420 Well-Known Member

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    Hi,

    Can you please advise what free property price estimation tools are reliable?

    I have tried domain. Just looking for suggestions.

    Thanks.
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Myself and several other mortgage brokers on this forum have full RP Data subscriptions and are happy to generate all sorts of reports for clients.
     
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  3. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    None of them are reliable, even the paid ones. Trying to gain on-the-ground knowledge and immersing yourself into a particular market for 2-3 months will be the most reliable price estimation tools. :)
     
  4. thydzik

    thydzik Well-Known Member

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  5. Marg4000

    Marg4000 Well-Known Member

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  6. Marg4000

    Marg4000 Well-Known Member

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    None of them.

    They simply take known sale prices (the more recent sales may be more accurate) and apply suburb average growth rates.
    They totally ignore any improvements or renovations done by the current owner.
    Or even if the house had burnt down since the last sale!
     
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  7. significance

    significance Well-Known Member

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    These use machine learning models which will give reliable estimates in some circumstances, and very unreliable estimates in others. If you are looking at a house in a consistent market in a typical suburban area and the property is in typical condition for the area, then they should all be pretty reliable as they are all fed with similar information. Even more so if the property in question has itself already been sold within the last few years.

    If you are looking in an area with a volatile market, or with few recent sales, or if there is something special about the property (in a good way or a bad way) or something special about its recently-sold neighbours, then they are all going to be unreliable.
     
  8. PaulH

    PaulH New Member

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    Have you had a look at REALas? It gives you a dollar estimate.
     
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  9. Redwing

    Redwing Well-Known Member

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    @PaulH
    Looks to be for properties listed for sale (or sold) only
     
  10. Todd Fraser GS Property

    Todd Fraser GS Property New Member

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    Hi Ms420,

    Unfortunately none of the free tools are reliable as they generally don’t take into account individual features or live market examples, only previously sold.

    The best way is a paid service like RP Data as it has the most comprehensive dataset, which you can tailor for individual features etc.
     
    Last edited by a moderator: 16th Jan, 2020
  11. lightbringer

    lightbringer Active Member

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    I feel like, the important figure here is what the bank says, not necessarily what the market pays for. Since at the end of the day, the realised equity is being released by a financial institutions anyway. So RP Data may be a reliable way to figure out what banks are willing to pay for (not account for renovations though).
     
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  12. Baileyrose

    Baileyrose Member

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    Hi Peter,do you charge to generate reports for people?
     
  13. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    No charge. I'm happy to share any of my resources with clients.
     
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  14. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The bold element is often misunderstood. Most brokers are happy to assist and support their clients as a means to add value. Its yet another benefit broker relationships can produce
     
  15. tonyvooz

    tonyvooz Active Member

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    Commbank property app is free but they don't work for property that is on the market. Domain & Realestate property report can give an indicator of price range but do not solely rely on them as they do not take into account unique or value added features. I also look at similar properties sale in last 6 months as guide
     
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