We Asked AI What Homes Around Here Are Worth

We Asked AI What Homes Around Here Are Worth

Hey, be honest. Before you clicked on this, did you already ask ChatGPT what your place is worth?

You're not the only one. Loads of people do it now. Type in the address, get a number back in about four seconds, and suddenly you feel like you know something.

So we had a play with it ourselves. Punched in a few addresses around Menai and Illawong and asked AI to tell us what they'd sell for. Some of it was fine. Some of it was way off. Here's what we found.

What it got right

To be fair, it wasn't useless. It pulled recent sale prices in the area and landed on a number that was in the right postcode, roughly. If you just want a vague idea before your first coffee, it'll do that job.

It's also decent at the boring explainer stuff. What's a comparable sale. What "days on market" actually means. Things you'd otherwise have to Google five separate times.

What it got wrong

Here's where it fell apart. It has no idea the house has a new kitchen. No idea the backyard backs onto bushland instead of another fence. No idea the place next door just sold for way more than anyone expected because two buyers got into a bidding war over it.

It's working off old numbers and a floor plan. That's it. It doesn't know your street. It's never stood in your lounge room at 4pm when the light comes through the back windows and made someone go "oh, I could live here."

A few other things it can't do:

. Tell you a renovation added real value versus just looking nice in photos . Know which streets are quietly getting more attention than the last quarter's data shows . Pick up on a buyer's body language at an open home and tell you they're about to make an offer . Factor in something that hasn't hit the market yet but is about to change what your place is worth

Why it actually matters this year

The market's cooled off a bit. Prices have eased, buyers have a bit more choice, and getting your number wrong now costs more than it would have a year ago. Price too high off a rough AI guess and buyers scroll straight past. Price too low and you've handed away money nobody had to give away.

Buyers, same deal. AI can tell you what a suburb goes for on average. It can't tell you the house you like has damp under the floor, or that the seller's already accepted an offer and is just waiting on finance to fall through.

So what do you do with this

Ask AI whatever you want. Genuinely, it's a fine place to start.

Just don't stop there before something with a real price tag on it. Give us a call, we'll walk through the place with you, and we'll tell you what it's actually worth, not what a spreadsheet thinks it's worth.

? 02 8515 0255 ? Shop 21, Bangor Shopping Centre, 121 Yala Road, Bangor NSW 2234 ? koreshirepartners.com.au