Property Price estimating websites

Hi all

I was wondering how reliable websites like www.onthehouse.com.au or the domain/real estate property prices estimating sites are.

I was doing a comparison of my PPOR and there was quite a difference between all of them 2 said there was high degree of accuarcy in the prediction.

Has anyone used them to found that they are accurate or are there other you sites that you prefer to use.

 

price estimating from these websites are never accurate, the property veterans here will tell you.

 

Take as grain of salt... I only use them as range. Broker can get you residex report with list of sales history in the area for comparison

 

Maybe for very common median priced property with a high number of sales, they would be accurate.
Anything else would have too many variables, as the value is really what someone is willing to pay at that particular moment in time.

 

You better off just doing a simple comparables check on something like realestate.com.au. Search the suburb and look at the recently sold properties in that area. Look for properties that are similar to the one you want to compare to. That is - same bedrooms, bathrooms, block size etc. Also note how recent the sale was. This is more likely to be far more accurate than onthehouse.

 

That definitely sounds like the best option only problem being I have found a lot the prices are being withheld lately and there is not a huge turnover. But never mind it was just for curiosity sake.

 

The Property Value (by CoreLogic) estimates I found the worst for my property. My house in Sydney is currently estimated $690,000 to $869,000 (High Confidence). and the property right next door which is exact same build/make/year and almost same land size is $870,000 to $1,099,000 (High confidence). That doesn't fill me with any "confidence".

 

50% difference from lowest to highest between the two almost identical properties

 

Just found it funny that it said "High Confidence". Of course its high if you have such a wide price range!

 

These websites are owned by those that provide RP Data or Residex and other reports. They're coming up with the same figures. Some are accurate, some aren't, and not always at the same time.

You can't look at the quoted price range and simply call that the value. These results are based on statistics with quite a few assumptions. Sometimes those assumptions are reasonable but not always.

The full CMA reports Residex and RP Data produce present a significant amount of data for you to look through in addition to the price summary. It's that data which is of real value not the figure on the front page. You can use that data as part of your research to get a better understanding of the market and come up with your own value for the property.

Many mortgage brokers provide free CMA reports to clients. They're far more useful and relevant than a simple price summary.