The Ray White property value estimate is an estimated value of a given property based on various factors such as property details, sales history, recent sales in the area and market trends. This information is provided by Australia’s leading real estate data provider.

Your house value is determined by factors such as location, local sales, block size, number of bedrooms and bathrooms, the age and condition of the property and other external features such as a swimming pool.

A free online estimate is a quick way to get an understanding of what your house might be worth, however this only takes into account a few factors. The best way to know the value of your property is to have a professional come to your house, with the right service for this dependent on your needs. If you’re considering selling and want to know what price you should advertise your house, the best option is to have a free market appraisal from your local agent. If you want to know what your house is worth for legal or financial reasons, you will need a licensed valuer to provide a valuation. This will be a much more conservative value, and isn’t what is used if you’re looking to sell.

The value of your property can be split into two – legal value and sale value. Legal value is more conservative and is determined through a formal valuation process completed by a registered valuer which includes a detailed report and costs a fee. Sale value, however, is determined through a market appraisal by your local agent. The agent comes to your house and uses their experience to look at your property from the perspective of the market. This provides a guide to your property value and possible selling price.

A valuation provides a formal and conservative value of your home to be used for legal or banking purposes rather than to sell a home. To obtain a valuation, a formal report is created by an accredited valuer and is usually completed over 2-3 business days. Generally there is a $300-$500 fee associated with property valuations.

Appraisals are to be used as more of a guide to property value, and allows you to get a better understanding of a possible selling price.

An appraisal can be carried out by any real estate professional with no fee for the service. The process of an appraisal is based on the real estate professional’s knowledge of the market in the area and their assessment of the property.

Ray White offers the services of both a free online value estimate, as well as a free market appraisal from your local Ray White agent. Valuations however, which are conservative values provided for legal or banking reasons, incur a fee and can only be carried out by accredited valuers.