What is the property price information in the ANZ Property Profile Report?
The Property Profile Report provides two different price estimates sourced from two data providers:
- on unlisted properties, the price range estimate is from Australian Property Monitors (APM), and
- on listed properties, the single price prediction is from REALas.
The property price ranges or predictions in the Property Profile Report are:
- NOT a guarantee of what the final property sale price will be, but rather an estimate. On this basis you should consider carefully the price you are planning to pay and or bid for a property.
- NOT a valuation which may be required to assess how much a bank is willing to lend you. The valuation amount for a property can be different to the estimated or predicted price.
The APM estimate is based on many variables as mentioned in the Property Profile Report, which includes available public sales history and features such as property location, including proximity to services (e.g. train lines); property attributes, including bedrooms, bathrooms, parking, land size etc.; and property features, such as balcony, pool and timber floor.
The REALas price prediction is a computer-generated figure calculated by an algorithm developed by REALas, RMIT, property buyers and real estate experts. It should be used as a guide only, as it is an estimate of what a property might sell for when advertised for sale.
The property I’m looking at is listed for sale, why doesn’t it have a prediction in the Property Profile Report?
REALas provides predictions for the majority of listed properties. The prediction is based on certain variables which on occasion may not be available at the particular time a PPR is requested. In some instances, there may be a small delay between initial listing on other websites and a price prediction in the ANZ PPR, while the price prediction is calculated. Often a prediction will be available after a few days.
Currently, the prediction is not available for unlisted properties, commercial properties, new builds, off the plan and blocks of flats.
Why is the single price prediction more accurate?
As REALas only provides predictions for properties that are currently listed for sale it leverages the latest data. While this is not indicative of future predictions or a guarantee of sale price, the average accuracy of REALas’s predictions historically has been within 5% of the final sale price.disclaimer
If the property is not currently listed for sale, a property price range will be provided (instead of a property price prediction). A property price range for an unlisted property is not accuracy assessed in the same way as ANZ’s advertised ‘most accurate property price predictor’.
Why did I get an estimated value range instead of a single price prediction?
If the property is listed for sale, the REALas prediction will be shown where available. If the property is not currently listed for sale the range estimate will be shown. Both these figures are calculated using different algorithms with different inputs, and therefore will not necessarily give the same estimations for a property.
Why is the price estimate I received today different to what I received previously?
REALas price predictions and price ranges in the Property Profile Report use fluid models, which means predictions are updated or removed when relevant.
For example, a REALas prediction might change over the course of a 6 week campaign, as market data changes (e.g. local sales history).