Why is median sale price in market insights different from my HomesEstimate?
The median sale price and the HomesEstimate are two different numbers calculated in different ways.
The median sale price is simply the middle value in a range of other values. For example, you claim a 3 bed, 2 bath townhouse in Waiwhetu. Based on the three relevant sales in the area this would be the median:
Sale 1: 12 Mark Street, Waiwhetu - $1,000,000
Sale 2: 67 Sam Street, Waiwhetu - $950,000 (This is the median)
Sale 3: 35 Paul Street, Waiwhetu - $850,000
The HomesEstimate is a much more comprehensive calculation. It takes many data points into consideration some of which include land area, floor area, council valuations, council records, school zones and prior transactions of the home. If you would like to learn more about how we calculate the HomesEstimate please visit our HomesEstimate help page.
What is median sale price?
The median price properties similar to yours have sold for. We only use the sale prices from council-confirmed sales as these are public record. For example, you claim a 3 bed, 2 bath townhouse in Waiwhetu. Based on the four relevant sales in the ...
Why is my Capital Value different than my HomesEstimate?
There a number of reasons why the HomesEstimate might be quite different from your current Capital Value. These include: Capital Values are calculated at quite long intervals, usually every three years. The HomesEstimate is re-calculated every month. ...
How often do we update our market insights values?
We check for new data to update the market insights daily. However, if there are no relevant listings or sales then the numbers may not change.
My HomesEstimate is too low or high?
The HomesEstimate is a starting point in figuring out the true value of a house. The amount of data we have for the house affects the HomesEstimate accuracy. Price history and property facts: Check to see if your price history (the sale price and ...
How is the data for market insights matched to my property?
To calculate the market insights values we match properties similar to yours by suburb, bedrooms, bathroom and property type (apartment, unit, house etc). Data points such as floor area, land area, school zones, building materials and features are ...