Domain's Home Price Guide: How much is your property worth?

Domain's Home Price Guide: How much is your property worth?

After launching the Home Price Guide in August, property website has launched a new feature, Track My Home, which allows property owners to update the details of their property – including recent renovations, extensions and refreshes – to receive a current property value estimate. 

RateCity caught up with Damon Pezaro, Chief Product Officer at Domain, to chat about the Home Price Guide, the new Track My Home feature and the power of knowledge.

 How has the Home Price Guide changed the way properties are bought and sold in Australia?

Domain’s award winning Home Price Guide is a new way for every Australian home resident to find out valuable information about their home like how much it’s worth, whether they own or rent. It aims to empower Australians with information that has been hard to get previously, informing them about things like estimated value, the timeline of their property (including sale and rental history where available), sharing historical listing images and find out other important info like school zones, for any home in Australia.

Real estate agents will always play a key role in appraising your home and adding contextual information, with the Home Price Guide empowering Aussies with easy access to data and helps them make more informed decisions. Its latest feature, Track My Home, allows property owners to update the details of their home, to receive an updated property value estimate helping them to ensure they are making the right property decision at the right time.

What are the key features of the app that empower users?

Knowledge is power, and there are different features that will help different people based on their situation. For renters, Home Price Guide offers a rental history, meaning that tenants will now know how much their predecessors paid. For those that live in apartment complexes, the rental history feature means that tenants are also able to benchmark their rent against other apartments in the same building.

For buyers, Domain Home Price Guide provides an estimate of what the property is worth, its potential rental yield, the school catchment zone the property falls within as well as recent sale data for the property, giving any them the opportunity to be as informed as possible.

Potential sellers are able to use their property price estimate as well as research what similar properties nearby have sold for to help inform their price expectations.

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What research is behind the app estimates and how accurate are they?

Home Price Guide is powered by Australian Property Monitors, and the app currently calculates an estimated price based on a range of available data including the most recent sale date for the property and the available data on neighbouring property sales. Its newest feature, Track My Home, means owners can update the details of their property – including recent renovations, extensions and refreshes – to receive an updated property value estimate.

Home Price Guide transparently displays the confidence of each property estimate. Where we cannot confidently provide an estimate based upon key data points, we won’t show one.

How big of an impact do school catchment areas have on properties and has this impact changed over time?

We know that parents often need to factor in what school catchment zone their property falls into, as sometimes living on one side of the street to another can mean the difference between enrolling their children into their preferred school or not. By including school catchment zone information on all Domain listings as well as on Domain Home Price Guide, parents and caregivers can easily identify what school zones a property falls into, without having to waste time calling schools.

This year Domain released the inaugural School Zones Report, which tracked the price growth of properties in school catchment zone areas as opposed to suburbs, as is done traditionally. We found that the year on year growth in highly sought after school zones was sometimes as much as 50 per cent.

Home Price Guide is available by downloading or updating Domain’s iOS app in the Apple App store, or Android app in the Google Play store. It is available on the Domain website at:


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An estimate of how much your desired property is worth. 

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The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

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The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

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Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

How does a redraw facility work?

A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

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How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.

That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.

Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

Does each product always have the same rating?

No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

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Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.