onthehouse.com.au now has 'Guesstimates'

[Propertunity]

For those who want freebie 'valuations' (software driven like Residex et al) on property they may be interested in:

onthehouse.com.au now has 'Guesstimates' available for free online (I wonder for how much longer??) - giving you an automated 'Guesstimate' value on almost every property in Australia.

Guesstimates are available from our Property Profile Reports within the property values section of our site. Guesstimates are calculated using the Residex valuation technology which is utilised by some of Australia's leading banks. onthehouse.com.au also gives you the opportunity to interact with and adjust Guesstimates on individual properties by providing more up-to-date information about the property so we can re-calculate its Guesstimate.

 

[Rixter]

I just received their email with the above too Alan.

Did a few searches and they all come back way lower than my estimate on a fair market valuation. To be expected I suppose, even more so if Bank Valuers are taking the data into consideration

 

[CHam]

I just received their email with the above too Alan.

Did a few searches and they all come back way lower than my estimate on a fair market valuation. To be expected I suppose, even more so if Bank Valuers are taking the data into consideration

Its funny but our PPOR came in way higher than I expected but the IP was lower. Hard to know how accurate it will be.

At a guess it appears 10-15% out either way.

Fun to play with though.

 

[amiaow]

Quite low estimates here too (especially for houses that have not been sold for some time- I'd guess up to 100k out in some cases), but the data for my street and those surrounding is only rated 'moderate'.

 

[Peter_Tersteeg]

Knock off 10% to 20% if you're going to want a bank valuation for a loan increase.

Add 10% if you're looking to buy in a mining town (although the banks valuation will likely be similar to the guestimate).

The information is great, but we're finding many valuers have a different opinion at the moment.

 

[Tillie]

Bought IP in September and 'guesstimate' shows $50k higher figure than our purchase price.

Also we bought another one in April and it's guesstimate is spot one, clearly the purchase price found their way to Onethehouse database.

The potential IP we are currently looking shows a huge guesstimate. Hopefully the price does not climb up so high on the day. We are out well before that.

 

[twobobsworth]

The ones that came in lower than expectations did you find the "rough guess", "moderate guess" or "good guess" had any bearing?

 

[Aaron_C]

LOL that website is so wrong. My property worth $3m on bank valuation is valued at $2m. Other property valued at $2.5m is worth $1m. Another valued at $1.5m is 'worth' 900k.

 

[tvadera]

Hi,

It comes out to be correct or in the range for my properties

Regards,
TV

 

[ldriver]

LOL that website is so wrong. My property worth $3m on bank valuation is valued at $2m. Other property valued at $2.5m is worth $1m. Another valued at $1.5m is 'worth' 900k.

The gap is a bit too wide for a rough guess- I'd be hitting the bank if I could buy 700 sqm in prime Hawthorn for 1.1M

 

[jaycee]

Can't seem to find any of my properties on their system

 

[buzzlightyear]

Can't seem to find any of my properties on their system

They must be priceless!

 

[jaycee]

They must be priceless!

yeah that's what I figured it meant

 

[Tillie]

Jaycee,

Also our PPOR is 'priceless' or let's call it 'free'. It can not be found even if a couple of houses were sold here recently, so there should be precedents.

 

[RedCat]

Can't find my Ashfield or Richmond properties on there which is annoying. Everything is being valued this week so it would be good to compare.

 

[Propertunity]

Looks like you might get what you pay for when using a 'free' site.

Seems like there is still a job then for BAs & MBs doing desktop vals

 

[Andrew_A]

There are a few auto valuation tools, all tend to be very good for computer generated results but throw in the stray figure so far off the mark you can never really trust them anyway.

RPData, Price Finder, APM are a few of the autovals I use, Price Finder with it's ability to user adjust the comparable properties is the best.

 

[Rixter]

I use, Price Finder with it's ability to user adjust the comparable properties is the best.

Yes I use Price Finder also....IMHO its far superior to its competition.

 

[Jacque]

Agree re: PDS (Pricefinder). I've always found the auto val tools pretty much useless, as they are statistically generated by sales only and cannot take into account variables including property features, renovations, nearby infrastructure, road positioning impact etc etc. I ignore them actually....

 

[bnicklin]

Hope so. Says my house was 327,000. Should be worth 420,00. I hope so.