Are "HomeHero" valuations a good indicator of St George valuations?

[spludgey]

St George launched a new(?) website HomeHero that appears like it might become their answer to CBA's MyWealth, though currently it does have very limited functionality. I'm assuming that the plan is that St George will progressively add more functionality into it.

But one of the things that's currently in there is an estimated property value. I was wondering if anyone knew how this compared to a St George desktop valuation? Can this value be taken as an indicator? That would obviously be very useful if that was the case.

 

[Martin Walmsley]

It is powered by RP Data and Homely. RP data provides the data behind St George desktop valuations. The figures generated will not be exact though you will not see a huge difference. When applying for a loan the valuation will also factor in sale price if it is a purchase (RP Data will not for at least 3 months) some element of the customer estimate (which is entered into the loan application) will also be factored in. If there are too many differences or the desk top comes in short and pushes the LVR too high a full valuation with a approved valuer will be required. Hope this has helped

 

[Bunlee]

Hey all

On are rare day off and up early and can only do 'quiet' things as family still pushing up zzzzzzzzs.

I registered for Homehero and ran our 2 Sydney properties through their system.

Guessing that they are about 15-20% below what I feel is a 'fair' value for them. Additionally, the properties are close together and have a distinct quantifiable relativity between them, the valuation comes up with a 2% difference whereas I believe 10% is nearer to reality.

Even factoring vendor / owner bias I feel that the valuations are a way under what would be reasonable given sales in the area.

Anyone else done the same?

regards

 

[wombat777]

Hey all

On are rare day off and up early and can only do 'quiet' things as family still pushing up zzzzzzzzs.

I registered for Homehero and ran our 2 Sydney properties through their system.

Guessing that they are about 15-20% below what I feel is a 'fair' value for them. Additionally, the properties are close together and have a distinct quantifiable relativity between them, the valuation comes up with a 2% difference whereas I believe 10% is nearer to reality.

Even factoring vendor / owner bias I feel that the valuations are a way under what would be reasonable given sales in the area.

Anyone else done the same?

regards

Does onthehouse.com.au give the same result? I'm wondering if homehero is using the same data.

 

[Bunlee]

Good question

Just did a quick search on both On the House & Home hero.


Property 1 $758-854k (midpoint $806k) - on the house
$785k - home hero

Property 2 $796-898k (midpoint $847k) - on the house
$802K - home hero


Differential b/w properties

Onthehouse 5%
Homehero 2%

I follow the area reasonably closely and if we put them up for sale for anything under $900k I think it would be a stampede.

all the best

 

[wombat777]

Thanks.

A good comparison. I tried for my PPOR, however as I bought vacant land, neither site has an estimate for the value with the house on it.