- Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
what utter bs!
these organizations collate sales data from official sources like the osr & LTO, they may provide some analysis but they sell the data to the wider property industry. They don’t sell property, don’t get kick backs from the property industry so there is no need for them to skew the data. If the data was unreliable, then the banks/valuers etc would have all sorts of issues.
The providers of data are just that, they do not provide financial advice, sell property or other services, in short, why do they need unnecessary regulation?
Are you kidding Scott
Are private service providers not subject to Australian standards??
They can publish any data they like?
We are not referring to accuracy about pricing for groceries that could range in value from $1 or $20 (which now require clear price labelling for consumers)
OR pricing for white goods that could range in value from $50 to $500 (which require warranties or guarantees)
OR pricing for financial services (that require strict financial services licenses)
OR pricing for large personal items like motor vehicles that could range in value from $10,000 to $50,000 (that require MV warranties, strict licensing for motor vehicle dealers and strong consumer protection laws)
When considering the purchase of a house, the price could range from $300,000 to $500,000. All consumers should expect to gain access to accurate, reliable and dependable sales data. To be able to make well informed decisions. That is fair and reasonable.
So private commercial companies can publish any rubbish they like and not be subject to Australian legislation?
Mate that makes sense!DWolfeParticipant@dwolfeJoin Date: 2009Post Count: 1,253
They publish actual sales data.
I don't think I've ever looked at a report and thought 'wow that figure is wrong!'
It's pretty easy to check as well as you can call the agent and say 'did this property sell for this?' yes or no answer.
It is not regulation for the actual advertised price you are asking for, but the regulation of prices that have already happened.
Yes only concerned about residential sales data. That is sales that have occured.
After every residential sale the details of that sale including address, sale price and other relevant information is recorded in an electronic database.
Some State Governments provide excellent low cost, easy access online sales data services to the public whilst on the other end of the spectrum other State Governments do not provide residential sales data to the public.
They only provide sales data direct to real estate agents and valuers, which is a disadvantage to the public, to buyers and to sellers.
They can do what they like with the data
No standards required
cheersxdrewParticipant@xdrewJoin Date: 2010Post Count: 479
Having been in the real estate industry, I can tell you that whatever the reporting data services offer it is very haphazard at best.
For one thing .. most real estate agents DONT report their sales to these organisations unless its for their benefit, a substantial price over the estimate or .. a property of substance. The rest of the time they just cant be bothered.
Does this influence things? YES it means that the stats you get are based on these potch statistics based on false numbers. To get a reliable set of numbers you would need a respectable set of figures to start with.
So I'd be treating the numbers you get in most property reports with a due degree of suspicion. I'm sure you can get a feel by going to any agent and asking for price comparisons for your property. They can do a report for you to show you comparatives.
However, due to the privacy act, they are not allowed to let you hold the data or keep it.Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
I pay for my data through a couple of sources xdrew. I get the names of vendors/purchasers, dates, price paid, selling agent – privacy my arts.
I pay for & expect access to all relevant data & the subscription services provide it, some better than others but I need a couple of sources for reliability.fWordParticipant@fwordJoin Date: 2009Post Count: 471
Not adding to either side of the argument, but for what it's worth, I personally know of a house that sold at auction just this Saturday past. It was reported as having sold for $517K in the Sunday Age results, despite a number of us KNOWING that it really sold for $537K. Anyway, take this info for what it's worth.
Now I'm not an expert in this field, but in my opinion, past sales information is just a guide, if at that. The price of a house that sold even two weeks ago and in the same street as another house that sold today may not necessarily be similar. My Dad always tells me this, and I've heard it elsewhere many times before: Valuation is not a science. It's an art.
The sale price of a house depends on many factors, tangible or otherwise. The neighbour may make a difference to the sale price, for example. Or sometimes it just boils down to simple supply and demand. In an area that a myriad of well-healed folk are trying to buy into, there will always be a one-up-manship at auctions and houses might presumably sell for 'more than its worth'. But is this really the case?
At the end of the day, things usually sell for what they're worth. The reason for this being that there will always be someone out there who is willing to pay a particular price to secure a property, even if it means overpaying in the short term. People should buy property based on what it's worth to them, not on the sale price of a house in the same area and of similar size that may have sold weeks or months ago. Just my opinion anyway.