As widely reported in the press, the late George Michael’s Sydney property, located in the prestigious northern beaches suburb of Palm Beach, was sold on the 23 March 2023 for $13M.
Including and calculating all the features of the property for example it’s two-way stunning water views from every room and its waterfront location Property Pricer was able to predict a value of $13,120,937. This is a 97.2% accuracy level, and that is achieved without a site inspection, and most importantly without comparing to other sales in the area!
Property Valuation Summary:
Valuation | Accuracy | Confidence Level | |
---|---|---|---|
Property Pricer | $13.13m | 97.2% | Very High |
Domain | $8.3m | 59% | Low |
realestate.com.au | No estimate provided | 0% | Nil |
On The House | No valuation as no comparable properties | 0% | Nil |
- Sold price: $13,000,000
- Predicted selling price using Property Pricer: $13,120,937
- Accuracy 97.2%
- Domain’s prediction: $7,410,000 to $8,270,000
According to Lisa Cross, Property Pricer’s Valuations Quality Manager,
“These special high-end properties need to be valued based on their superior quality features, rather than simply just on the number of bedrooms and bathrooms. Other sales in the area are not an accurate or reliable way to value such properties. It is their uniqueness that lifts the value, and PropertyPricer is the only valuation tool that does this.”
Lisa Cross, Property Pricer Valuations Manager.
Why you can’t rely on property comparisons
Such a unique property needs to be valued on its own distinctive features, rather than simply on its land size and the number of bedrooms and bathrooms. Comparative sales in the suburb are also not an accurate or reliable way to value such properties. It is their uniqueness that lifts the value, and
Property Pricer is the only valuation method that can do this.
Using our unique points measurement system* we calculated all the property’s distinctive features,
including:
- The actual size of the three-level house in square metres, not just the land size
- Architect-designed interior and exterior
- Designer pavilion style entertaining courtyard
- Five king size luxury bedrooms each with an ensuite and balcony with water views
- Designer kitchen with high-end appliances
- Seven high-end luxury bathrooms
- Infinity pool
- Uninterrupted and expansive beach and ocean views
- Waterfront location
PropertyPricer was spot-on, and the only company able to value the property accurately.
David Edwards, Director, LJ Hooker Palm Beach