House price estimators can differ by hundreds of thousands, so which to use?
One of the first things a potential buyer does when looking at a property is check price estimates online, but depending on the provider, these can vary from tens to hundreds of thousands of dollars.
The estimated price of one Lower Hutt property currently on the market differed $690,000 between the provider with the highest estimated market price and the lowest.
Each price estimate supplier has its own method of calculation.
Stuff looked at four of the most popular – CoreLogic, Valocity, QV and Homes.co.nz – and put their automated estimates to the test on four properties for sale now from around the country.
QV began as the Government’s valuation department in 1896 to provide estimates for tax purposes – and it still does this, supplying valuations to 88 per cent of councils.
In 2005, QV became a crown-owned company, and now produces estimates of residential properties for free online.
Source: STUFF
