The Property Profile Report provides two different price estimates sourced from two data providers:
- on unlisted properties, the price range estimate is from PropTrack Pty Ltd (PropTrack), 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 PropTrack 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.