Property Apps - be careful if using them for research purposes

Agree - seem to be very inaccurate in my experience and almost getting worse.
It seems the comps used are the problem as I find they often comparing units to houses, wrong bedroom count and are way out in estimates.

 

Even if the figures were realistic I’m not sure how useful a $200k range in sales price would be anyway!

 

I have seen fairly accurate results from REALas, but it only covers properties for sale I think.

 

We have a property for sale at the moment.

REALas couldn’t even come up with a price . How useful is that?

At least BoQ came up with a range. The offer we have on the table (currently conditional) is less than 4% above BoQ’s upper limit.

This property is difficult for a computer to come up with a price but, based on this sample of one, BoQ is a lot better than REALas

 

More useful than spitting out a completely inaccurate number as was the case in the OP.

"Better to remain silent and be thought a fool than to speak and to remove all doubt."

 

BoQ gets their information from CoreLogic/RP Data.

If a bank can come up with a good estimate (not their core business), one would have thought an organisation such as REALas who specialise in property price predictions would do better than a bank.

Lowers my faith in REAas.

 

Your single anecdotal example doesn't prove that they don't.

You seem to be good at confusing your limited personal experience with some sort of meaningful sample.

REALas is owned by a bank.

 

There is another property two doors up from ours that is on the market.

I ran a BoQ report and the current list price is at the bottom end of their range. I am impressed, as I stated earlier this area

This property has been on the market for over 12 months. Its initial listing price was near the top of the BoQ range.

REALas doesn't even list this second property. It looks like it takes more than 12 months for them to find out .

So, I did more research. I checked www.realestate.com.au and it shows 8 properties currently for sale in this area including the two in my sample.

REAlas shows 4 properties and one of those is not even on the market according to www.realestate.com.au and www.domain.com.au. So, they found 3 out of 8, that is 37.5%

On the REALas website, it states "We were sick of the BS too." AND "In 2011, our founders set out to develop the most accurate property price prediction service in Australia."

After 8 years, it looks like they have a lot more work to do.

My faith in REAas is lowered even more.

No confusion here.

In my earlier post, I did write:

After researching this whole suburb as advised above, I stand by this opinion.

You seem to be good at confusing your vast personal experience with no sample .

I know, the ANZ.

One would have thought that one of the BIG four, with all of their resources including financial, would do a lot better job at this than one of their smaller competitors.

BoQ offers its property prediction as complimentary service to their core business of banking whereas for REAlas it is their core business to be "the most accurate property price prediction service in Australia".

 

My sample is years of comparing REALas/BOQ/PropertyValue/OnTheHouse. When listed I have found REALas to be the most accurate.

Finding that a property isn't in their database doesn't have any bearing on their price accuracy.

 

You know there's valuers in Australia right...

 

I would term that your experience ...

But having 62.5% of the listed properties for a suburb missing makes in pretty useless.

 

Wow, a 10% price reduction in a month .

The Brisbane boom is definitely over .

TBH, I don’t find these price prediction websites “curious”; more like “”comical”.

Based on your post, I entered the address of one of our properties into onthehouse only to find that the house was built in 1988 (no, it was built in 2012) and the price prediction was basically land value.

Yep, good for a laugh .