Hi,
Has anybody researched which online property valuations are actually reliable? RP Data and APM seem (used on domain.com.au) to be fairly accurate but Hometrack used by realestate.com.au is a long way out and that’s kind of surprising given the large size of the customer base that uses realestate.com.au.
Which ones do the:
1. banks use?
2. realestate agents use? (I assume they don’t use any but do their own)Also if anybody knows of any free trials for such services, it would be appreciated if you could let me know.
Thanks
I would suggest they are as accurate as you expect. And that is only so accurate. There is a reason banks don’t use them at the moment.
Valuations are done mainly using direct comparison (residential), which as it suggests compares similar property types against each other (that have sold) to determine what the market value is.
As property investors we all have this skill I would say, and then it comes down to is it a specialist or high value property type? Maybe a valuation should be paid for.
When investing large amounts of money, do we want to rely on something that is free and also has no accountability for what it is providing?
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