![]() ![]() The more information about the home the better. I’ve made changes to my home, can I get an updated price estimate? A low confidence estimate usually indicates lower availability of data and is not a reflection on your individual property. Likewise, if you live in a tightly-held area with a low amount of sales data, then there is less information available to estimate your property’s value. If you own a unique property that’s completely unlike any other in your neighbourhood, then the AVM will be unable to input sales data from similar properties. What is a 'low confidence' estimate?ĭon’t despair if your property returns a low confidence price estimate – there are a number of reasons why this can happen. Or it may be that there are other data points missing, such as land size or room configuration, which means the AVM calculates a potentially more conservative price estimate. It could be that there have been fewer recent sales of similar properties in your area, so the automation tool can’t accurately compare your home to others. ![]() There are few comparable sales in the immediate local area.Ī medium confidence estimate means that the available data is not as extensive as that needed for a high confidence estimate.The home is highly unusual, so the AVM doesn’t have many similar sales to compare it to.If there are data points missing – ie information about the home like land size or the number of bedrooms.And if you live in a newly established suburb, there may not be enough data on property types and sales to give an estimate.ĭifferences in valuations can happen in the following circumstances: If you live in a tightly-held suburb, it’s likely there are no comparable properties in the area with a recent sales price. Often an estimate may be too low or high for a property because of the uniqueness of that property or the lack of similar sales in the area to compare it to. The valuation tool relies on a richness of data to give the best estimate of what your property is worth, so the more data that’s available for the calculation the better. Property owners and tenants can claim and track their property to monitor the estimated value and learn about recent sales for similar properties. Tracking the value of a home, whether or not you're thinking of buying and selling, is a great way to keep an eye on the market in your local area. We also overlay data from databases, government bodies and other sources – pinpointing the value of a home by looking at all of its components – land plus building.Ī whole suite of data is used to calculate your home's value, including comparable sales. property characteristics, such as the number of bedrooms, bathrooms, garages, and the size of the property’s footprint.comparable sales (ie similar homes that have sold nearby).property type (ie house, townhouse, strata title etc).To calculate a property’s value, we analyse a whole suite of data, including There are different ways to value a property, including an agent appraisal, a bank valuation and other desktop and automated valuations.Īt we use many different data points and algorithms to automate a value estimate for the local market. What is an estimated value and how is it calculated? If the value is based upon old information, for example if the house has been renovated and more bedrooms and bathrooms added, you can submit a request to update the calculation.Be sure to read through the details to make sure they're correct. A page will come up with the price estimation and what the calculation is based upon.Type the address of the property for which you wish to find the value.Head to the property value section, click property value on the homepage or or select the 'Me' tab in the app.How to estimate how much your house is worthįinding out the value of your home is quick and easy using our property price calculator just complete the following steps: ![]()
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