About our Property Index
The Property Index is a set of tools to help the general public get in touch with the property market. Get to know towns and suburbs across the country, find out what your home may be worth or check out the estimated value of anyone else's home. The information is continually being refined and updated, and you'll see new features being added over time.
The EstiMate values are calculated from millions of data points derived from previous sale data from the deeds office and property attributes sourced from specialised property address databases. Sophisticated statistical algorithms are used to process this data to provide a prediction of what a property would be worth today.
The accuracy of each prediction is dependent on the richness of the underlying data, so reliable EstiMate values may not be available for all properties. Having said that, people are working hard in the background to enrich the data and further improve the algorithms to make better predictions – but we think they are already doing a pretty good job!
The deeds office data used as a basis for the EstiMate value is legally classified as public domain information. The deeds office also makes other information such as owner name, ID numbers and even mortgage information available, but out of consideration for people's privacy we have decided to exclude this information from the Property Index.
If you don't want the estimated value of a property you own to be displayed on the site, simply claim your property by clicking on "Get a free EstiMate" on your property's info page. After capturing the required detail. Check the box that says "Remove my property from public viewing".
The EstiMate value will no longer display on your property's info page.
The valuation EstiMate is a prediction of the current value based on historical information. If this information is limited or incomplete then the prediction may not be accurate. For example, if you have done alterations that should improve the property's value since buying the property, this will not be factored in to the estimate.
Currently we don't modify individual EstiMate values based on feedback we receive, but we are using the data we receive from you to build and test models that will factor in this additional information to provide a better EstiMate value. We are rapidly heading in that direction, but it will be some time before we will be able to provide the adjusted valuation with confidence.
That is why the EstiMate reports that you can draw on any property contain a list of relevant recent property sales in the area surrounding your property, to help you interpret the values and make judgements about the property value.
Why not check out our blog, and we'll get back to you with an answer.