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ANZ Property Profile Report frequently asked questions

   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:

  1. on unlisted properties, the price range estimate is from Hometrack Australia (Hometrack), and
  2. 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 Hometrack 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, historically 7 out of 10 REALas price predictions have been within 5% of the final sale price, and 9 out of 10 have been within 10% 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 free property price predictor’.disclaimer

   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 price 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 Hometrack price range estimates 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).

Interested in a property? Get a free ANZ Property Profile Report which includes a property price prediction.

Request a free ANZ Property Profile Report and you’ll have essential information about a property in your hands. With a range of interesting facts and figures on the property and the local area, you’ll know if the open for inspection is worth the trip.disclaimer

Request a free report

All applications for credit are subject to ANZ’s credit assessment criteria. Terms and conditions are available on application. Fees and charges apply. 

To test the accuracy of its price prediction for a property, REALas compared its final price prediction for that property before it was sold with the actual sale price for that property. A property was only tested if it was in Australia, recorded as sold from February 2018 to January 2019, had a reported sale price which was between $75,000 and $6 million, and had a price prediction provided by REALas.

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Property price predictions are estimates, not valuations. Predictions available for listed properties only (exceptions apply) and may change daily. Actual sale prices may differ. Accuracy assessed on final pre-sale predictions and national market comparison of free price predictor estimates or range midpoints for listed properties (excluding agents’ price guides). Sales data as at August and November 2018.

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