Essentially unlimited, free desktop valuations.

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
 
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


what is ULV?
 
Mywealth has now made a change and allows you to track up to 50 properties! I'm very excited about this.
Though they have changed the way that they get these values, so I'm not sure if they're still useful in terms of getting a gauge of what the valuation may be. My PPOR for example dropped by nearly $200k, I would put the market value somewhere near the middle of those two valuations.
Apparently now you no longer have to be a CBA customer to sign up either.

And before you ask, no, sadly I don't get a commission from them. ;)
I was fairly vocal to them to allow more properties to be tracked, hence my excitement.
 
Mywealth has now made a change and allows you to track up to 50 properties! I'm very excited about this.
Though they have changed the way that they get these values, so I'm not sure if they're still useful in terms of getting a gauge of what the valuation may be. My PPOR for example dropped by nearly $200k, I would put the market value somewhere near the middle of those two valuations.
Apparently now you no longer have to be a CBA customer to sign up either.

And before you ask, no, sadly I don't get a commission from them. ;)
I was fairly vocal to them to allow more properties to be tracked, hence my excitement.

Hmm thanks for the update. I just logged in to try to use it and got a notice saying i wasn't allowed to make any changes to properties due to having an application in progress. Sounds odd since ya declare actual values of existing properties & debts as part of the application, not the crap ya load up mywealth with.
 
Hmm thanks for the update. I just logged in to try to use it and got a notice saying i wasn't allowed to make any changes to properties due to having an application in progress. Sounds odd since ya declare actual values of existing properties & debts as part of the application, not the crap ya load up mywealth with.

But CBA have now linked the actual values in their systems at MyWealth. Now you can see (valuations, wealth positions etc) what the bank employees see if you do not change the values yourself. Quite useful when it comes to equity release.
 
Does anyone know if https://myprosperity.com.au/ uses the same valuation system, and can anyone comment on the accuracy of the values.
One of my properties was pretty accurate, the other a little bit overzealous (~10%).

If accurate, it's another essentially free source of valuations for everyone to use.
 
Mywealth has now made a change and allows you to track up to 50 properties! I'm very excited about this.
Though they have changed the way that they get these values, so I'm not sure if they're still useful in terms of getting a gauge of what the valuation may be. My PPOR for example dropped by nearly $200k, I would put the market value somewhere near the middle of those two valuations.
Apparently now you no longer have to be a CBA customer to sign up either.

And before you ask, no, sadly I don't get a commission from them. ;)
I was fairly vocal to them to allow more properties to be tracked, hence my excitement.

Anyone know where mywealth sourced their valuation from, now?
Last week, I checked the site and I think they are sourced from rpdata.
Today, the valuation changed. Much lowered than last week (and it's all round number, eg. 525000 (used to be 554867)).
I just need to know whether they are still sourced it from rpdata or somewhere else?

Thanks
 
Some of mine are similar on mywealth, they were up in the mid $400's and now saying high $300's a couple of months on and this is in an area where nothing has changed, no boomtown corrections or similar.
It's a bit of a bummer as I was hoping to look at tapping into the equity up to 80% early next year.
 
I could not find the function in mywealth to list property values (not being a CBA customer) but myprosperity is set up and working. I have shares in a property portfolio with a houses in Kewdale, WA, Cloverdale, WA and Heidelberg Heights, VIC. We are currently refinancing and have current bank valuations.
Kewdale: $540,000
Cloverdale: $725,000
Heidelberg Heights: $520,000

RP Data says:
Kewdale: $632,685 - $805,236
Cloverdale: $546,503 - $724,434
Heidelberg Heights: $492,242 - $723,171

my prosperity says:
Kewdale: $718,960
Cloverdale: $635,468
Heidelberg Heights: $607,706

So that is pretty much all over the place. I took the RP Data from my prosperity.

In the refinance, Heidelberg Heights is the one that put a spanner in the works at $520. I needed $550. I would have been happy with a desktop valuation of $607! :D
 
Hey Perthguy,

If you don't mind me asking what sort of LVR are lookinig to take the properties up to? Was there the option to just use desktop values supplied by you?
 
Hey Perthguy,

If you don't mind me asking what sort of LVR are lookinig to take the properties up to? Was there the option to just use desktop values supplied by you?
I have not seen the final figures, so I'm not sure yet what got approved. I applied for 74% but go knocked down to 71%. I am not sure if the final loans are coming through at 70% or 71%. From the bank's point of view, there are servicing issues if I push past 70%.
 
Has anyone else noticed that property prices have not changed on CBA mywealth since they updated it in November 2014? Before the update it used to update quite regularly.
 
Has anyone else noticed that property prices have not changed on CBA mywealth since they updated it in November 2014? Before the update it used to update quite regularly.

Yes, they have become completely useless now. A snapshot months ago is not a good indicator of values now, especially in markets that have been hot.
 
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