Understanding the price of a property compared to other property sales in the area is an important research step to ensure you don’t overpay for a property. Today I want to show you an online property valuation tool that allows you to look at suburb data and get a valuation on what your potential property may be worth.
This tool is called Ripe House and is undoubtably the best suburb research tool for Australian property investors.
Watch The Instructional Video
Step 1 – Go To RipeHouse
Simply click this link (affiliate link) to go to RipeHouse. Sign up and then you can start searching.
Step 2 – Enter Suburb Details
Choose the suburb you are researching and click search
Step 3 – Find The Property In Question
Find the property in question either by clicking on the red tab on the map or finding it in the list of properties on the market in the tab down the bottom.
Click more information and it will load the property details on the top right of the page
Step 4 – Open The Valuation Tool
Click the button “Open Ripe Grade and Valuation Tool” and the online property valuation tool will do it’s work and estimate the property’s value
How The Ripe House Valuation Tool Works
The Ripe House valuation tool collects data from the sales of comparable properties in the area. If you are looking at a 3 bedroom 1 bathroom house it will do it best to look for properties that are 3 bedroom 1 bathroom.
It will then you at your properties proximity to a number of key factors. It will look at proximity to “Blue Chip” areas (higher valued areas), schools, shops and will even analyse whether the density of government housing in the area is likely to affect your property’s value.
It will then take the comparable value of similar properties and either add value or take value away based on your property’s proximity to these important amenities.
In the end you end up with a rough estimate of what your property is worth.
This can act as an early warning sign as to whether or not your property may be overpriced. It is not the be all and end all (it is computerised after all, but it is a great starting point.
If it looks like the property is undervalued at the asking price it may be a great opportunity. If it is overpriced compared to the valuation tread cautiously. It may still be a great deal, but it may not be.