How to estimate your property’s current value
Learn how to calculate your property value before buying or selling. Discover the factors you should consider and estimate a property value with Unloan's guide.
When it comes to buying or selling your property, getting your property value estimate can be a difficult task for buyers and sellers to navigate.
Why is it important to get my property value?
On the buyer side, underestimating property values can lead to problems in getting a loan or missing out completely. For sellers, the risks are that a property takes too long to sell (or doesn't sell at all), or the property sells below the current estimated value range of comparable properties in the market.
How do I estimate my property’s value?
There are a few ways you can get an accurate property estimate of your property's current value.
- Automatic price estimates via property information websites like Property Value
- A property appraisal or a privately ordered property valuation report from a real estate agent or valuer
- Bank valuations during a home loan application
Learn more about property valuations when refinancing.
How is my property value calculated?
To calculate a property’s estimated market value, a variety of factors are looked at including:
- Property type (house, apartment, townhouse, etc.)
- Property size
- Property characteristics & features including number & types of rooms, garages, etc.
- Building structure and condition (including faults)
- Planning and restrictions and local council zoning
- Location
- Recent sales in the area (especially similar properties that have sold
- Market trends – current & historical
To find out more about Unloan, contact us here to chat with one of our home loan experts.
This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.
Unloan is a division of Commonwealth Bank of Australia.
Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).
Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.
*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.
