First Investment Property Purchase

[eye_sea]

We are currently considering our first IP property purchase and I have obtained an RP data property report that gives an estimated value of 290,000 (high confience on the report) with a value range of 272k-307k.
The property on the market for 300k and has been listed now for a number of months. The report indicates it was orginally listed in aug 2013 for 305k, however the agent states it was orginally listed at 330k.
2 questions as follows:
Would the RP data report show the orginal listing price of 330k or is the agent spinning me a tale?
As I'm inexprenced in property investing...would you use the RP data figure of 290k for putting in an offer or be tempted to go below this, bearing in mind the length of time the porperty has been on the market?
I know it will be difficult for you guys to offer specific details as you don't know the property in question....however, I was just looking for general advice, specifically in relation to the RP data estimated valuation and offer made on the property.
Over to you for your comments....many thanks in anticipation.
Ian

 

[mikezen]

I would be using recent comparable sales as a guide, you can purchase a report off rea.com, I personally don't use anything else Any more I just work out my offers from that

 

[roypropertyinv]

Recent comparable sales as a guide

onthehouse.com.au is a good site for looking at previous sales.

Offer what you feel is right, the worst that can happen is they don't accept your offer.

Longer its been on the market, more chance you'll have of getting a low offer accepted.

Good luck