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FAQs about property reports and value estimates

• How accurate are online property value estimates?
  An online property value estimate is a strong starting point, but it's not a perfect science. Online tools like OpenEstimates estimate your property's value using recent sales data, suburb trends and property details like size, location and type. That makes them useful for getting a ballpark range if you're asking “how much is my home worth?” or “what is the value of my property right now?”. That said, no automated estimate can see things like renovations, layout, street appeal or demand for your specific home. That's why an online home's estimated value is best used as guidance, not a final sale price.
• How can I get a more accurate picture of current market value?
  If you want a more accurate view of your current property value, start with an online property value estimate, then take the next step and speak to an experienced local agent. A local agent appraisal considers things an online estimate can't, like current buyer demand, comparable homes, presentation and timing. The combination of data and local expertise gives you a much clearer answer for understanding what your home might sell for in the current market. We recommend using your property report to get informed, then speaking with a trusted local agent when you're getting serious about selling. If you're after a professional bank valuation, speak to your bank, or an independent property valuer.
• How often is my property's estimated value updated?
  Your property value estimate is updated regularly as new sales data and market movements come in. That means your home's estimated value can change over time, especially in fast-moving markets or when similar properties nearby sell. If you're keeping an eye on how much your home is worth, checking back every month or two can help you stay on top of changes. Major improvements like adding a car space, another bedroom or increasing the internal size won't usually be reflected unless your property details are updated via major property data providers.
• Can I get a property report for an investment or another address?
  Yes. You can estimate the value of your principal place of residence, an investment property, or any residential address in Australia. Whether you're wanting to know the value of a home you own, comparing properties, or researching before buying, a property report gives you a clear snapshot of price trends, recent sales and your property's estimated value.
• How is a property report different from an appraisal or bank valuation?
  A property report gives you an instant, data-driven property value estimate — helpful when you're researching, planning or just curious about how much your home is worth. An agent appraisal is more personalised and considers your home's condition, features and buyer demand. A bank valuation is the most formal and conservative assessment, usually required for lending purposes. Each has its place. A property report is often the first step to understanding what your property might be worth before deciding what to do next.
• What's included in a property report?
  Your property report includes everything you need to understand your property's estimated value, including: 1. An estimated property value range, 2. Recent comparable sales in your area, 3. Local market trends and price movements, 4. Suburb insights and median prices, 5. Property and land details (where available).
• Is an OpenAgent property report really free?
  Yes, accessing our property reports is 100% free.
• Where does OpenAgent's property data come from?
  The information is drawn from data held by OpenAgent and Australian Property Monitors Pty Limited ACN 061 438 006 (trading as, “Domain Insight”), a subsidiary of Domain Holdings Australia Limited ABN 43 094 154 364 (Domain).