Hey guys,
Given that with tools such a pricefinder and RP data all the past sale and attribute information is available for entire suburbs, how can one use this data to determine the market value of potential purchases? For a lot of areas there seems to be an inconsistency or seeming lack of pattern or logical progression in the past sales history. What are the most important parts of past sale information you guys look at?
I would've though it would be:
1. Sale price and date
2. Locality in the suburb
3. Area
4. Quality and attributes of dwelling
Is there anything else I'm missing? What do you have to know specifically about each of these attributes and how does the thought process work to formulate a figure. For example I'm looking a list of data as follows and there doesn't seem to be any sense in the price:
Property A: $205,000, 718sqm, 3bedder
Property B: $285,000, 728sqm, 3bedder
Property C: $290,000, 810sqm, 3bedder
Property D: $280,000, 800sqm, 3bedder
Property E: $260,000, 615sqm, 3bedder
Property F: $295,000, 582sqm, 3bedder
All within the same few streets, all in similar condition and sold within a few months of each other.
Given that with tools such a pricefinder and RP data all the past sale and attribute information is available for entire suburbs, how can one use this data to determine the market value of potential purchases? For a lot of areas there seems to be an inconsistency or seeming lack of pattern or logical progression in the past sales history. What are the most important parts of past sale information you guys look at?
I would've though it would be:
1. Sale price and date
2. Locality in the suburb
3. Area
4. Quality and attributes of dwelling
Is there anything else I'm missing? What do you have to know specifically about each of these attributes and how does the thought process work to formulate a figure. For example I'm looking a list of data as follows and there doesn't seem to be any sense in the price:
Property A: $205,000, 718sqm, 3bedder
Property B: $285,000, 728sqm, 3bedder
Property C: $290,000, 810sqm, 3bedder
Property D: $280,000, 800sqm, 3bedder
Property E: $260,000, 615sqm, 3bedder
Property F: $295,000, 582sqm, 3bedder
All within the same few streets, all in similar condition and sold within a few months of each other.