What is the PropIQ Property Valuation?

The PropIQ Property Valuation is an estimated market value of a property, determined using a sophisticated statistical calculation. It is not an appraisal but rather a starting point in determining the value of a property.

Using information from various sources including the Deeds Office and Surveyor General, we are able to analyse recent sales in the nearby area, property specific details, and price trends, in order to determine an estimated property valuation.

How accurate is the PropIQ Property Valuation?

The valuation is arrived at using a sophisticated statistical calculation of values from various sources including the Surveyor General Office, Deeds Office (transfers in the area), banks and estate agents. It is a GUIDE and should be used with other available information. It can never be as accurate as a valuation by a professional valuer or even an experienced estate agent with knowledge of the area. It is important to note that any improvement or deterioration of the property after it was transferred is not considered.

How do we actually work out the Property Valuation (the technical bit)?

Using an Automated Valuations Model (AVM), PropIQ relies on a combination of two different approaches to determine the value of a property.

• Repeat Sales Analysis - By examining the change in price for a group of properties in a specific area, over a particular period, we are able to determine the level of appreciation (or depreciation) for repeat sales.
• Comparable Sales Approach - By analysing recently sold, neighbouring properties of a similar type, our algorithm can establish the average value per square meter, which can in turn be applied to a specific property.