I'm curious to know how people view the site "onthehouse". I've just been looking with more than idle curiosity and one of our IPs is sitting at $915K - $1.03M (labelled moderate guess). There is just no way is it worth that. I reckon it is worth $700K. Last bank valuation was $750K pre GFC and I reckon it is worth $700K now (maybe increasing now with the market improving).
The house right next door, identical but each room slightly larger has had a new kitchen, lovely (double size of our IP) bathroom and just is a better house, same size block, higher up the hill. It is sitting at $760K - $860K (labelled moderate guess).
I've never put much faith in the values on this site, but do find it useful in lots of other ways.
I know I can go in and adjust the estimate by claiming the house and putting information on to help make the guess more realistic. Maybe I'm just being too conservative. A friend today just had an agent give her an appraisal for a house very similar to ours and the appraisal was close to $1M. I don't think our house is worth anything near that but she insists it would be worth more than my estimate of $750K, and it is likely the agent is trying to buy her listing by being generous in her appraisal, but it is much more than my estimate of our PPOR.
What do others think about the accuracy (even loosely accurate) of this site. I love the site but just find the values hard to believe sometimes. I wouldn't like to use it to due any due diligence regarding price. Does anybody have any similar thoughts about using it to pick a realistic value?
I like ksou site better when trying to find price comparisons because it lists actual sale prices and rental prices (very helpful), and think it is possibly more realistic because it is using sold figures rather than a "guess". Does anyone have any comments on this? I'm trying to work out whether it is worthwhile having our places revalued to release security on one house to give us some flexibility down the track.
The house right next door, identical but each room slightly larger has had a new kitchen, lovely (double size of our IP) bathroom and just is a better house, same size block, higher up the hill. It is sitting at $760K - $860K (labelled moderate guess).
I've never put much faith in the values on this site, but do find it useful in lots of other ways.
I know I can go in and adjust the estimate by claiming the house and putting information on to help make the guess more realistic. Maybe I'm just being too conservative. A friend today just had an agent give her an appraisal for a house very similar to ours and the appraisal was close to $1M. I don't think our house is worth anything near that but she insists it would be worth more than my estimate of $750K, and it is likely the agent is trying to buy her listing by being generous in her appraisal, but it is much more than my estimate of our PPOR.
What do others think about the accuracy (even loosely accurate) of this site. I love the site but just find the values hard to believe sometimes. I wouldn't like to use it to due any due diligence regarding price. Does anybody have any similar thoughts about using it to pick a realistic value?
I like ksou site better when trying to find price comparisons because it lists actual sale prices and rental prices (very helpful), and think it is possibly more realistic because it is using sold figures rather than a "guess". Does anyone have any comments on this? I'm trying to work out whether it is worthwhile having our places revalued to release security on one house to give us some flexibility down the track.
