How does Property Price get registered with goverment?

[lamecrocs]

Hi Folks,

I saw one unit for sale in the same building as I'm living in. The building is only 3 years old.

So out of curiosity, I obtained a residex report on this unit and I notice the following:
1. In the sold history section, the price bought 3 years ago (probably bought OTP) was half the price of market price. (e.g. 200k while average price at the time was 500k)

2. In the residex test prices section, test 1 (comparable sales) and 2 (street rating) have almost 2-3 times higher than test 5 (indexed sale price) which is calculated based on capital growth. Obviously, test 5 is also calculated based on the initial purchase price 3 years ago which was too low.

My question:
How could possibly one property has 1/2 the price registered with the government? or is this an error in the government database?

Cheers,
Lamecrocs

 

[Propertunity]

It could be a data entry error.
It could be a % sale from one entity to another. i.e. a spouse selling to another spouse a 40% share.
.....or something else. Property does not have to transact at market prices. You could sell me your home for $2 say. (although Govt. SD needs to be remitted at market value)

 

[lamecrocs]

You could sell me your home for $2 say. (although Govt. SD needs to be remitted at market value)

Does it mean we can register with goverment the sale price of $2 and when lodging SD application, we could then put in the "market" or "actual" sale price separately?

Hence the actual sale price is not necessary equal to the one registered with the goverment? And what do you call the price registered with goverment?

Thanks again,
Lamecrocs