OnTheHouse -values jumped up beyond realistic recently?
- Thread starter Lawry
- Start date
I've recently "claimed" a couple of houses we own or control, and have changed the number of bedrooms, bathrooms etc to be correct. I've had to prove it they are "mine" by scanning and sending latest rates notice and have waited a day or two before being told my updated information and ownership is accepted.
Perhaps someone else has done that, claimed and updated or corrected wrong "guesses" or updated after renovations. There is also scope for non-owners to provide information, so perhaps that is also at work in changes you are seeing?
Perhaps someone else has done that, claimed and updated or corrected wrong "guesses" or updated after renovations. There is also scope for non-owners to provide information, so perhaps that is also at work in changes you are seeing?
Our PPOR was probably $200K too low, but once I claimed and adjusted it, it did go up considerably. I still think "onthehouse" is pretty rough and ready though.
Have you claimed your PPOR?
Excellent idea! I think i'll do that too. I suppose the more people that do this, the better websites like this will get.
so i did exactly that - entered legitimate information and selected a valid guesstimate value...
... now their guesstimate is almost $300k above the value i selected ? :S
My personal piece of advice
do not even look at these valuation sites or onsite valuations,
they are often so wrong, we are talking 50% off, and so even if it was right, you shouldnt be trusting it,
the only possibility of use is when you are comparing two very close by properties and then judging by the difference in price, then you can work out which is better, BUT on onthehouse, people/owners can submit what they think their is worth or how much it sold for so once again it can change greatly
I think even looking at these figures is a very dangerous game
do not even look at these valuation sites or onsite valuations,
they are often so wrong, we are talking 50% off, and so even if it was right, you shouldnt be trusting it,
the only possibility of use is when you are comparing two very close by properties and then judging by the difference in price, then you can work out which is better, BUT on onthehouse, people/owners can submit what they think their is worth or how much it sold for so once again it can change greatly
I think even looking at these figures is a very dangerous game
They probably don't know that you put in downlights and now it's worth at least 50k more.
I would suggest this site be used with caution. However, if you know the area well, you may be surprised how accurate they often can turn out to be. The house we just sold went for exactly (to the dollar) for the middle of the top and bottom range, and so did the house sold by friends a week later.
I think the more houses that sell nearby, the more accurate information is provided, the better the "guess" can be.
Our own house, even after claiming it, isn't terribly accurate but often it is hard to value your own house.
I agree they can be wildly "out", but just use the site as part of your checks, and don't rely on it too much.
4B Yeo St, Neutral Bay, 2089...
OTH value: $877-989k
Sold 14.4.14: $1.31 million.
Whoops, missed. Also, are you kidding?
OTH value: $877-989k
Sold 14.4.14: $1.31 million.
Whoops, missed. Also, are you kidding?
No. I'm not kidding (if you are asking me). I'm saying two recent, nearby sales were spot on. Many others are not. I'm saying (again) you can use this site with great care. It is helpful in many ways other than picking the correct value. It is often wrong, but just as often can be right in my experience, with houses very recently sold nearby. Did I mention you should use it with great care?
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Sorry, bad context on my part there. No, the kidding bit was the price for that sized property. A year or 2 ago you could have bought much bigger houses & land just around the corner for the same or less.
It's also opposite a busy corner.
All good. I thought you were having a go at me
.For me this site's strength is knowing what has sold recently (inside and out) means I can compare it to another local place that is comparable. I'd never want to use the site for somewhere that I have no idea about prices though.
What does skew things is when (as happened recently in our street) a house sells for a premium due to someone really, really wanting this particular street, then others in the street think "if that 3 bed, one bath house went for $XX, then my 4 bed, two bath and pool must be worth $XX". This can be dangerous, and it has happened just recently in our street. Unless you know (as I do) that they paid over the odds just to buy in a particular street, it could skew someone else's research.
This website is like reading Chinese bazi (reading of your fate/pre-destined fortunes). If you get a good reading, it's probably not true, but makes you feel good. If you get a bad reading, it's probably not true, but makes you feel bad.
My folks have a piece land valued at $1.5m based on that website. Only a triple frontage across 5 addresses, 800sqm land in the middle of the CBD opposite BHP HQ and with laneway access to Chinatown; can probably get permits to build 70 stories.
Can I buy it for $2m?
I've noticed a pattern where the auto valuations just so happen to have the minimum value x amount below the current advertised price, and the maximum value x amount above the current asking price. eg. $150000-160000 if currently advertised at $155000 or $200000-$240000 if currently advertised for $220000 etc........Coincidence much?
