Automated property valuations

Are they reliable or just a waste of money?
 
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02.What you get in a report

Each website offers a range of reports, including individual property, suburb and postcode profiles. Free sample reports are available on each of the websites, so you can see what you're likely to get.

Single property reports include varying amounts of information, including:

  • Price estimate or valuation, usually with a big disclaimer. The estimates are based on past sale prices, information from estate agents and statistics.
  • Price ranges.
  • Sales history.
  • Recent sales in the area.
  • Property attributes, such as the number of bedrooms, area size, the presence of a car space or pool, nearby amenities.
  • Photographs.

New initiatives on the way

On 1 March 2008 Residex plans to launch a website that will allow the public, vendors and agents to add their opinions on its estimated property prices.

RP Data plans to offer more accurate electronic valuation reports, a hybrid between an automated valuation model and a physical valuation, using both the automated data and a licensed valuer. Reports are expected to be available in about five hours for less than $200.

 

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