PROPERTY

How can you find out how much your property is worth?

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Ever wondered how much your home is worth? What about the property down the road you often dream about buying if it ever came up for sale?

Both onthehouse.com.au and propertyvalue.com.au allow you to view an estimate or 'guesstimate' of how much a property is worth and now realestate.com.au has just launched a similar tool.

realestate.com.au allows you to search for properties by address and view a property's sold history. You can also research median suburb prices and neighbouring properties. If you are looking to sell, the tool also allows you to connect with local agents.

property worth

Henry Ruiz, the chief digital officer of realestate.com.au, says providing price estimates for properties not currently on the market helps people research the local market and understand what a property could be worth.

"Estimates are based on similar properties in the area so we'll be providing details for local agents who can provide more detailed property appraisals," says Ruiz.

"When you're starting to think about buying or selling, we appreciate there can be a bit of guesswork about what a property might be worth. With a page for every property in Australia, we're making it easier to research the market where you can see the previous sold histories, research property values and monitor what's happening in your local market."

The price estimate generated by the realestate.com.au site is calculated by CoreLogic RP Data, as is the data for propertyvalue.com.au.

The estimate is based on multiple property and local market data points, such as prior sales of the property, year built, number of bedrooms and bathrooms and lot size.

According to onthehouse.com.au, its 'guesstimates' are determined by a "complex mathematical calculation taking into account as much detail as we know about the property, and similar properties as possible."

Interestingly enough, when I entered my address in the realestate.com.au tool, the higher end of my property estimate was the lower end of my property estimate on the onthehouse.com.au tool.

So, as you would expect, it's not an exact science.

But it's still interesting to gauge where your property currently sits in the market (or your neighbour's if you're a bit of a nosy parker).

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