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Online Valuation variances?

Discussion in 'Property Finance' started by TomRK, 10th Oct, 2016.

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  1. TomRK

    TomRK Member

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    Hi All,

    just wondering if anyone had noticed the differences between property valuations on different websites?

    For my 1bdr in Top Ryde, Sydney;

    real estate.com 550k - 690k
    on the house.com 430k - 525k (477k)

    is it a case of different providers having different agendas (ie realestate.com would want to encourage an owner to sell?)

    Cheers, Tom.
     
  2. gman65

    gman65 Well-Known Member

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    REA valuation within 25% ? I could throw a dart at the wall and get a better indication than that.. :rolleyes:

    OTH not worth the electrons it is printed on. I believe they were winding up their public site anyhow? Data seems to becoming more and more out of date.
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Why do you need a val? Depending if you're looking to buy or get equity etc, speak to a broker and they should be able to hook you up with something to help.
     
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  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Most of these vary between WFG and NFI. None of them are worth much unfortunately.
     
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  5. TomRK

    TomRK Member

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    Understood, thanks guys.

    Hi Jess, Will certainly be doing that.

    Cheers, Tom.
     
    Jess Peletier likes this.
  6. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Free online valuation tools like those are just fluff which are very basic as they need to cover a broad spread of properties across Australia. They may give a very basic understanding of what a property can go for, but for the most part are of little value to anyone trying to extrapolate from the figures.

    As Jess has said, get a broker to issue a valuation on the specific property, that will be a lot more telling and valueable in terms of showing accessible equity available.
     
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  7. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Generating which type of val & when is an art-form in and of itself that a savvy broker will understand simply through experience, holistic thinking and trial and error.
     
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  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I wouldn't rely on them at all.

    Even some lender desktop vals will vary dramatically from bank to bank.

    Jamie