Website valiations

Discussion in 'Loans & Mortgage Brokers' started by Investaa, 14th Nov, 2019.

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  1. Investaa

    Investaa Well-Known Member

    Joined:
    20th Mar, 2017
    Posts:
    51
    Location:
    Melbourne
    Hi All,

    Two weeks ago, there was an auction for the next-door property to my IP, I went to the auction and house sold for 747K , 6 bidders (3 bedrooms, 1 bathroom and not carport or garage) the house condition was very dirty and bad, missing tiles in kitchen floors, damage plasters, stinky house, ugly garden was not in a good condition, in need of a major renovation, at least bathroom, kitchen, painting entire house and changing all carpets and maybe more,
    My IP condition is much better, renovated bathroom and kitchen, bigger land, 3 bedrooms, 1 bathroom, secure carport for 2 cars and a very nice garden, basically not comparable to this property, I bought the IP last year at the bottom of the market for 600K.
    Today I checked RE.com.au and Corelogic and check the value of my IP, and it says between 575 to 675, and in the list of comparable properties, I could not see the next-door house.
    How accurate are these valuations, I know if I want to sell now I will get at least 750 due to the market condition and comparable prices.
    Thank you,
     
  2. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    3,623
    Location:
    QLD/Australia Wide
    Not very accurate, get a market appraisal from a RE? Or order a full bank valuation
    Reason you won't see the property that sold at auction 2 weeks ago is because they will only have property sales that have settled, can be a month or two after the auction.
     
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  3. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    24,340
    Location:
    Sydney or NSW or Australia
    It is a computer generated model, does not take into account the current condition of the property, does not rely on an inspection, or any of the structures which are erected on the land. The methodolgy uses WFG technology and a series of complex algorithms to establish a range.

    Your best bet is to get an agent to poke their nose out there and have a look.
     
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