Online property valuations: what you need to know
If you’re thinking about buying or selling property, there are now several online property valuation tools which provide estimates of property value. These valuations are based on data from public sources such as council records.
It’s important to remember that online property valuations are only indicative of property value. They don’t factor in the condition of a property, if it has special features or if there are any variations to current market trends. These factors can significantly change the value of a property.
You should only use online property valuation tools as a starting point for making decisions about buying or selling property.
Talking to a qualified real estate agent will provide you with better and more accurate information. Real estate agents determine property values by doing a comparative market analysis, which considers many more factors than online tools.
You can also do any or all of the following to get more information about the value of a property.
- Contact a professional property valuer for a formal valuation
- Contact a qualified professional to do a building inspection
- Obtain a LIM from your local council
Contact us if you want more information about property valuations.