The value estimate tool relies on available market data to give the best estimate of what your property is worth and is indicative only. Often an estimate may be lower or higher than expected because of the uniqueness of that property, the lack of similar sales in the area to compare it to, or renovations and cosmetic updates that may not be considered.
If you live in a suburb where there are lower levels of properties being sold, it’s likely there will be less comparable properties in the area with a recent sale price. And if you live in a newly established area, there may not be enough data on property types and sales to give an estimate.
Differences in valuations can happen in the following circumstances:
If there are data points missing
- Information about the home, such as land size or the number of bedrooms can be added by following the steps outlined here.
- The home is unique, so the estimate tool doesn’t have many similar properties to compare it to
- There are few comparable sales in the immediate local area.
To obtain an accurate representation of the market, it is best to seek an appraisal from a local real estate agent. You can find a local agent by following the below link:
Estimated values are powered by Proptrack, sourced from realestate.com.au and update on a monthly basis. Queries about your property’s estimated value need to be directed to the source, and you can contact the realestate.com.au Customer Support team at email@example.com.