There a number of reasons why the HomesEstimate might be quite different from your current Capital Value. These include:

 

Capital Values: 

Capital Values are calculated at quite long intervals, usually every three years. The HomesEstimate is re-calculated every fortnight. In some areas, the market values may have moved a long way from the last Rating Assessment. Hopefully, the HomesEstimate has moved in line with the market.  If it has not then you may see some considerable fluctuations in the estimates when the new capital values are received, however overtime the estimate calculations will re-baseline to more closely reflect the market.

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If you are putting your property on the market or if your property is currently for sale, you may want to check out our article on how homeowners can update their property estimates.

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Property Characteristics: 

Your house may be quite different from the typical house in your area (significantly larger/smaller house, views, newer/older). In such cases, automated valuation models like the Rating Assessment and HomesEstimate can struggle to get an accurate estimate of the market value a property capturing its unique situation. And the Rating Assessment and HomesEstimate may have missed the mark by very different amounts!

 

Property Improvements: 

​Your property may have been substantially altered since the last Rating Assessment (e.g. an extra bedroom added, a new garage built, or a piece of land sub-divided off the section). If this alteration has been correctly captured in the council records, the HomesEstimate will reflect the alteration, but the Capital Value won’t necessarily reflect this change until the next round of general assessments.

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Council Record:

The information in your council record may be incorrect (i.e. wrong house size, number of bedrooms or type of construction). Both the Capital Value and the HomesEstimate may be misled in the calculation to a different degree.

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For more information on our HomesEstimates and how they are calculated please check our our information page:  What is a HomesEstimate. 

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