- Mgs4Participant@mgs4Join Date: 2013Post Count: 13
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.Jamie MooreParticipant@jamie-mJoin Date: 2010Post 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.
JamieColin RiceParticipant@fmsJoin Date: 2011Post Count: 338Mgs4Participant@mgs4Join Date: 2013Post 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.Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
$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)PCF InvestorParticipant@pcf-investorJoin Date: 2013Post Count: 19
Is RP Data really worth it? I'm considering paying the money but it seems steep considering there are free alternatives.
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.Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
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.FreckleBlocked@freckleJoin Date: 2012Post Count: 1,680Scott 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.
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