VIC How accurate are realestate.com.au price predictions?

I'm referring to that little table at the bottom indicating the level of confidence vs actual sold prices? I know there is a lot of variables at play but how is data compiled and what sources? My best guess is that there is some sort of algorithm to compile nearby sales records recently and come up with some sort of best guess average and some basic info like land size and house size?

Searching two ips and they seem a little high vs what was actually sold nearby?

 

Not sure about the accuracy of the realestate.com.au site , however I tried out the propertyvalue.com.au site the other day. Compared to my own research and knowledge of my own properties (12 of them), I found the range they offered surprisingly accurate for all of them. I didn’t pay the subscription just used the free valuations. The site uses core logic data.

 

It’s fairly accurate if your property is fairly average for its specifications.

 

Just ran our house through the main sites.

Realestate.com.au really hedged their bets, giving a suggested range from $650K to $960K with a “medium confidence” suggestion of $805K.

Propertyvalue suggested $700K-$750K with “low confidence”.

Domain.com.au gave a low point of $800K, mid point of $930K and a high point of $1.06M.

Take your pick!

 

Thanks.

Interesting, when I entered into it:

IP1: Valued at circa 1.2mil to 1.3mil, realestate.com.au gives me a medium confidence range of 1.29mil. Seems plausible if I do a cross check against nearby properties.

IP2: 900k to 1mil, realestate.com.au gave me a high confidence of 864K. A bit of a difference here but I'm pretty confidence based on comparable surrounding houses sold within the last 4-6 months it would fetch at least 900K.

What's even more interesting though is I punched in my folks place, RE is about 400K too much valuation wise. It's just for the test cases I've run given cross checks provides wild fluctuations in both directions.

 

I was going to say, the range is fairly accurate! The valuations are lagging behind the perpetuating markets eg. Brissy

 

More accurate than an agents price guide I'd say

 

I just pulled one out of the air - RE.com.au gave a range with a $1m spread, this was more than 50% of the bottom of the range.

Domain's range was also a $1m spread but started $200k above the top of RE.com.au range.


I have more confidence using a random number generator.

 

Not accurate when you bought the property under priced, or when you built / renovate the house

 

The estimate for my place is $1.05m with high confidence

My property was listed a week ago with a price range of $1.45 to $1.55m

 

I'd be highly confident that it'd achieve $1.05m too!

 

Never accurate when ever I checked

1.8 property went for 2.3
2.2 went for 1.9
1.5 property went for 1.9
900k property went for 1.2

Like someone said above each website gives different range

 

All good news stories except for the 2nd one though?

 

The accuracy of any automated estimate is going to depend largely on whether the property has been renovated and whether there are many similar properties that have recently sold in the area. If you can find a couple of recent comparable sales, you should be able to come up with a ballpark estimate that is going to be more useful.

 

Has it sold yet?

 

27 November auction

 

Probably 8 weeks to late imo. Having been going through home opens non stop for about 12 weeks and having my own property on the market, the markets slowing by the day

 

I find Nab property insight aligns with prices than other websites.

 

Is that a Christmas thing or sensing hesitancy in the market (they haven't set up a vax clinic in the front yard?)

 

Just apply the median property price percentage increase to your property.