Automated valuations analyse sales data from comparable properties to come up with their estimate.
They look at the property type, number of beds and maybe ULV and land size when comparing properties. However they don't take into account the condition of the property. For example it won't know whether the property has been renovated.
Nonetheless it's a useful tool if used appropriately. It also provides you with a list of comparable properties that you can use to manually compare your property against and adjust the value it estimates.
Cheers
Andrew
They look at the property type, number of beds and maybe ULV and land size when comparing properties. However they don't take into account the condition of the property. For example it won't know whether the property has been renovated.
Nonetheless it's a useful tool if used appropriately. It also provides you with a list of comparable properties that you can use to manually compare your property against and adjust the value it estimates.
Cheers
Andrew