The improved AVM boats an improve accuracy of greater than 6%
CoreLogic has launched major enhancements to its Automated Valuation Model (AVM) that improves accuracy by greater than 6%.
According to CoreLogic the model uses comparable recent sales, rating valuations, local listings and other data which are used by the majority of New Zealand banks, financial institutions, insurers and real estate professionals to assess the estimated current market value of a property.
“I am pleased New Zealand now has access to this next generation AVM. CoreLogic has been delivering AVMs in New Zealand for 15 years, with over 480,000 reports generated by AVMs delivered annually. This roll out is all about growing and protecting our client’s businesses,” CoreLogic NZ country manager Stephen Mitchell said.
The roll out was central to the company’s ongoing investment in new data and analytic technology across its New Zealand and Australian markets, Mitchell said.
“It represents a solid 12 month development and coordination effort across the business and with key clients. In true Kiwi style, we’ve built the new engine from the ground up using the latest technologies and global modelling best practices.”
“We’re now leveraging the best technology available globally to make faster and better use of our comprehensive data sets, now and in the future,” Mitchell said.
CoreLogic said the enhanced AVM significantly outperforms its predecessor model, with a 6% increase in the number of AVM reports showing high confidence values and improved usability.
Related stories:
Market activity at seasonal low level
Auckland housing market unlikely to pick up until spring
According to CoreLogic the model uses comparable recent sales, rating valuations, local listings and other data which are used by the majority of New Zealand banks, financial institutions, insurers and real estate professionals to assess the estimated current market value of a property.
“I am pleased New Zealand now has access to this next generation AVM. CoreLogic has been delivering AVMs in New Zealand for 15 years, with over 480,000 reports generated by AVMs delivered annually. This roll out is all about growing and protecting our client’s businesses,” CoreLogic NZ country manager Stephen Mitchell said.
The roll out was central to the company’s ongoing investment in new data and analytic technology across its New Zealand and Australian markets, Mitchell said.
“It represents a solid 12 month development and coordination effort across the business and with key clients. In true Kiwi style, we’ve built the new engine from the ground up using the latest technologies and global modelling best practices.”
“We’re now leveraging the best technology available globally to make faster and better use of our comprehensive data sets, now and in the future,” Mitchell said.
CoreLogic said the enhanced AVM significantly outperforms its predecessor model, with a 6% increase in the number of AVM reports showing high confidence values and improved usability.
Related stories:
Market activity at seasonal low level
Auckland housing market unlikely to pick up until spring
