PriceFinder now offers property investors access the same price estimate tool used by thousands of professional real estate agents and valuers all over Australia.
How it works
PriceFinder Estimates allows users to generate accurate sale and rental estimates for almost any residential property in Australia based on current market conditions. The PriceFinder model takes into consideration the quality differences of 6 comparable sales in the immediate area and allows the user to adjust the end estimate based on these differences, resulting in a much better price estimate than an automated computer model alone. PriceFinder automatically matches 6 comparable recent sales to a subject property and using photos from sales and listings and/or Google Street View, users can compare these recent sales to the subject property. The final price is derived via both computer modelling estimates and user interaction.
How are the comparable property selected?
Once the property address has been entered, PriceFinder will automatically locate 6 comparable sales and 6 comparable rentals and an estimated starting price will generate based on the below criteria:
- The property address. A radius is used to locate matching comparable sales close to the subject.
- Street type. PriceFinder searches for comparable sales that are located in similar street types and positions where possible.
- Sale date. The system will search for recent sales and move back in time as required to locate a suitable match.
- Land size. The system looks for properties with close matching land sizes. However smaller or larger land sizes are usually inevitable, and the system automatically adjust for these differences.
- Bedrooms. Comparable sales are determined by the number of bedrooms. Any differences in bedroom counts will automatically be accounted for the estimate.
- Bathrooms. Comparable sales are determined by the number of bathrooms. Any differences in bathroom counts will automatically be accounted for the estimate.
- Parking. Whilst the system seeks to locate properties with similar parking space counts, this often has less impact on the end result. Parking usually has an impact on inner city locations only.
The real power of PriceFinder is the power of the end user to adjust for the quality differences between properties.
Things we are adjusting for:
- Views. The system can not automatically adjust for a view. Users can adjust the slider once you determine if the comparable sale has views or not.
- Street appeal. Looking from the street and comparing the subject property to the other sales, a user can determine the overall street appeal using Google, listing photos or a drive by inspection.
- Overall build quality. Users can compare the quality of finishes, specifically looking at images of bathrooms and kitchens if they are available.
Our test results have shown that in over 95% of cases the correct price is found within 30 seconds, especially when the user is aware of the properties used in the shortlist and has local experience. For harder properties, traditional valuation techniques may be required. If a comparable sale enters the shortlist that is not suitable, a user can easily remove it. The selected property is then automatically replaced with the next best matching sale.
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The above information is supplied by PriceFinder.
Disclaimer: while due care is taken, the viewpoints expressed by sponsors do not necessarily reflect the opinions of Your Investment Property.
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