Many Australians may think that they are knowledgeable on the local property scene, but a survey from CommBank suggests that they also tend to overvalue properties in their capital cities.

Around 57 percent of respondents from Sydney, 49 percent from Brisbane, and 47 percent from Adelaide overestimated the median dwelling price of their capital city, which indicates a gap between perception and reality. Moreover, the research also showed that 45 percent of the respondents have a limited understanding of the factors that could affect their borrowing power, such as monthly living expenses, annual income, credit card limits, and savings.

"Discussing the local property market is a national pastime but these results show that, even for those actively looking to buy a property, perception can be different to reality," said Dan Huggins, executive general manager of Home Buying Commonwealth Bank. "Homebuyers need to do their research so they can enter the market with confidence."

One of the ways to research on the property market is through the new CommBank Property app, which provides everything Australians need to find and buy a property that is right for them. Available in both Android and iOS devices, the app allows homebuyers to view estimated market prices based on multiple data sources, input their finances to know what they can afford, use integrated calculators to assess repayments and upfront costs, and even apply for conditional eligibility for CommBank customers with NetBank.

"The CommBank Property app provides all the information and insights in one place, anytime, anywhere," Huggins said. "Using multiple data sources to provide more informative data and estimated market prices, the CommBank Property app is a truly integrated property app solution which provides potential homebuyers with the confidence they need."