The tool offers property hunters and owners a number of functionalities, including an EstiMate report, which gives a prediction of a property's current value. It also includes a confidence indicator, which displays the likely accuracy of each report.
Those searching for property can search by area or street, allowing them to make decisions on properties and areas within their budget. Homeowners, too, can benefit as it allows them to get a free estimate of what their property may be worth, before they decide whether to proceed with selling their homes.
Over six million properties - every residential property registered in the Deeds Office - are listed in the Property Index. Property owners can sign up for a free EstiMate report on their property, which is updated and sent to them every three months. Browsers interested in properties, which they do not own, can get information on those properties by paying a fee of R50. It shows up-to-date property value estimates and municipal valuations, using information that is publically available from the Deeds Office. It also lists last sales dates, prices of comparable sales, and geographical local information, such as maps and Google Streetview.
"We know that property owners are concerned about the ongoing value of their assets, especially in these volatile economic times. We developed the Property Index as an easy tool which allows them to do this from the comfort of their sofas, without having to get agents in," explained Simon Bray, chief of technology at Private Property. "House hunters also can benefit, as they can check out an area before they visit it."
The EstiMate values are calculated from millions of data points derived from previous sales data from the Deeds Office, along with property attributes sourced from specialised property address databases. Sophisticated statistical algorithms are used to process this data to provide a prediction of what a property would be worth today.
As well as being able to track the value of a property, the Property Index allows browsers to see what has recently sold in their area, as well as allowing them to check out neighbourhood property values. It also links through to top local estate agents, and allows sellers to put their property on sale, either privately or through an agent.
For more, go to www.privateproperty.co.za or apps for iPhone and iPads in the App Store.
