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I would suggest they are as accurate as you expect. And that is only so accurate. There is a reason banks don’t use them at the moment.
Valuations are done mainly using direct comparison (residential), which as it suggests compares similar property types against each other (that have sold) to determine what the market value is.
As property investors we all have this skill I would say, and then it comes down to is it a specialist or high value property type? Maybe a valuation should be paid for.
When investing large amounts of money, do we want to rely on something that is free and also has no accountability for what it is providing?
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