Forums / Property Investing / Help Needed! / Property data analysis

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  • Profile photo of Mgs4Mgs4
    Participant
    @mgs4
    Join Date: 2013
    Post Count: 13

    Hi All,

    I've recently been in the process of buying a property and I believe the valuer used used RP Data to do his valuation for the bank to write  its mortgage. I understand RP Data is not cheap, normally used by valuers and banks. Is there any similar data that  is free or inexpensive. Such data like prior sales price for the property you're considering or similar properties would be very valuable when making decisions.

    Thanks.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    You can find a lot of the info online – http://www.onthehouse.com.au/ is a good start.

    Most brokers provide reports to their clients too.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    I'm happy to provide free property reports from APM (Australian Property Monitors) if you ask nicely smiley

    I believe the source is RP Data.

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

    Profile photo of Mgs4Mgs4
    Participant
    @mgs4
    Join Date: 2013
    Post Count: 13

    Thanks for the reference to On The House, it certainly is a great resource but I find it is missing data with certain properties. 

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,850

    Another one you can use is: house.ksou.cn

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    $850 for a yearly subscription to RP Data.

    Worth its weight in gold if your purchasing more then one property in a year. OR are developing/renovating

    Can link you the web address if you want (Not through RP data direct)

    Profile photo of PCF InvestorPCF Investor
    Participant
    @pcf-investor
    Join Date: 2013
    Post Count: 19

    Is RP Data really worth it? I'm considering paying the money but it seems steep considering there are free alternatives.

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    When your buying more then 2 properties a year or doing million dollar plus developments. I would say its worth it. When your negotiating a first home purchase, how do

    know accurately what a suburbs/house value is. 

    A lot of those "free" websites only get generic data that is available from auctions or declared sold prices. They won't tell you the current owner, won't tell you the previous sold prices or how many times it has been listed previously. All important information for negotiating 10,000s under the asking price.

    i used it once on a asking price of 550k I looked up and saw that the previous owner had purchased at 322k 7 years prior. I thought physiologically if he makes a 200k gain in 7 years he would be happy to perhaps walk away. I offered 1st offer of 522k and it was accepted.

     

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,850

    Wilko, that theory doesn't take into account what the property may owe the owner eg: have they spent $200k on improvements/extensions etc? Puts a different light on things.

    I saw one recently which sold for $200k over the buyer's range (admittedly the agent noticeably underquotes the range all too often). Average growth over past 20 yr is around 4-4.5% pa, looking at previous sale and escalating price to 2013 would have brought the property up to around $1.3m add the extensions, refurb, landscaping, garage, driveway etc blows another $200k. After interest, selling costs, rates etc (as PPOR), the owner lost money not made $700k over the term.

    Profile photo of FreckleFreckle
    Blocked
    @freckle
    Join Date: 2012
    Post Count: 1,681
    Scott No Mates wrote:
    After interest, selling costs, rates etc (as PPOR), the owner lost money not made $700k over the term.

    And he’ll be off telling anyone who’ll listen how he made a killing on that property. The number of people who saw their equity grow over the last decade or so and then went out and mortgaged themselves up again on toys, trips and other goodies because they thought they were rich.

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    RP data also shows the previous photos from when it was last available to purchase if they were there when they advertised last time.

    I personally am not going to invest 1-2 million building 10-12 units etc

    without knowing 95 % certainty what my end values are going to be and that means I need to

    Be able access all sales history's in a suburb not just select ones from auctions and or people that allow the agent to declare their price.

    which most people don't. 

    It wasn't really a theory it was more a assumption on human nature that, the guy believed he had made 200k in the last 7 years . Even if he had shelled out 100k in negatively geared interest payments and maintence 

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