This article is from the Australian Property Journal archive
AUSTRALIAN Property Monitors has launched its next generation Automated Valuations Model.
It is the first tool of its kind in the Australian market to use new Dynamic Multi-Variant methodologies to provide the most accurate approach to valuing properties in Australia.
APM’s AVM uses adaptive hedonics to calculate price movements over time. The most comprehensive up to date sales data is combined with sophisticated geospatial attributions to create Australia’s most up to date computer generated valuations.
APM’s general manager Michael McNamara said the valuations market in Australia is huge with more than seven million residential properties on which an AVM can be applied.
“In Australia alone, two million properties are valued each year.
“We identified a need in the market for a new valuation tool that, through a tailored measurement approach, guarantees a more accurate property valuation for low to medium risk home loans,” he added.
“We understand the value in measuring based on bedrooms, bathrooms and parking. However, what becomes an important factor in valuing a property in one area may not be so important in another,” McNamara continued. “For example, while two parking spaces on a property in outer suburban areas are common, two parking spaces on a terrace house property in inner Sydney, is much sought after. The new AVM model takes these factors into account when creating the estimate.”
Australian Property Journal
