Is it possible to remove sold price of the property?

[lamp]

Hi All,

Not sure if this should be posted under this section. I like to ask if there is a way to remove sold price of a property I purchased through auction? I know that this request can probably be put in advance prior to all the settlement, but since the sold price is already published and avaialble in any of the data sites, I wonder whether there is a way to withdraw?

Thanks in advance
lamp

 

[Jacque]

Hi Lamp

Short answer very difficult. Impossible to remove from sites such as RPData, APM and PDS as these sites receive their info directly from LPI and as such are legally available. IF you request of the agent AS SOON AS YOU SIGN THE CONTRACT you will have better luck keeping it off the publicly available portals, however recent changes here now mean that agents are somewhat rewarded by disclosing SOLD prices on their properties, in order to keep their ads up the top of the page, so expect to be dissuaded from doing so.

 

[belvoir]

Hi All,

Not sure if this should be posted under this section. I like to ask if there is a way to remove sold price of a property I purchased through auction? I know that this request can probably be put in advance prior to all the settlement, but since the sold price is already published and avaialble in any of the data sites, I wonder whether there is a way to withdraw?

Thanks in advance
lamp

Nope, sales data should be public knowledge. Buying a property is now an investment even if you are going to live in it. Recent sales data is required to calculate the value of property. It is beyond belief that simple data such as price is treated in such a convoluted manner. If a broker acted the way an agent does around pricing information they would be thrown in jail.

 

[Truly Exotic]

I highly doubt it, unless you get the high court to intervene.

most of the system data is automatically entered via REI of the state, and gets uploaded into the databases

But I know how you feel, sometimes you dont want people to know how much you paid

 

[Cards]

I recently asked RP Data this question and they said only with a court judgement and awarded under special circumstances.

 

[lamp]

I don?t mine so much if the sold price is submitted to the government or RP Date so that they can come up with a generic indicator to the general public, e.g. medium unit/house price cost $$$ for the suburb instead of the price for the specific address of the property. Just think that owners should have the rights to choose to disclose to the public or not. I just think that price of any personal assets should not be publicised.

 

[belvoir]

I don?t mine so much if the sold price is submitted to the government or RP Date so that they can come up with a generic indicator to the general public, e.g. medium unit/house price cost $$$ for the suburb instead of the price for the specific address of the property. Just think that owners should have the rights to choose to disclose to the public or not. I just think that price of any personal assets should not be publicised.

So.... when you buy a share it is a personal asset. Does that give you the right to not disclose it to the market?

I honestly think the sold price/date should be stamped on everyone's mailbox to help create a clear and transparent market.

 

[D.T.]

How else do we ascertain where the market is at?

 

[lamp]

Thanks all for the feedbacks.

Cheers

 

[WilliamB]

In respect to RP Data, the best case you ask agent not to update it in the RP Data system, but it will eventually be reconciled to State data I believe.

It's a constant annoyance for us that it isn't "realtime". To me it devalues the RP data subscription significantly.

 

[wategos]

A buyer or seller really should have the choice to block this information from ever becoming public, it's not the same as the share market since that data is anonymous. You wouldn't want your bank balances published. In some countries property sales data is not made publicly available.

 

[belvoir]

A buyer or seller really should have the choice to block this information from ever becoming public, it's not the same as the share market since that data is anonymous. You wouldn't want your bank balances published. In some countries property sales data is not made publicly available.

Other countries are not like ours where property is treated as an investment. In many countries notably Germany people don't even care what house prices are worth. Under these circumstances its understandable to not reveal house prices but in Australia, it is a necessity.

 

[danwatto]

I can see if you buy a fair amount below market, you wouldn't want to have it disclosed if you are planning to get a valuation soon after.

I've heard that valuers take into account the last sold price in valuations, if this is the case, having no sale price would force them to only look at comparables?

 

[Big Will]

It is a public title that you have bought, so it is public information.

The titles office will have it and even the REIV publishes each week the results just google REIV auction results and you can see whatever sold for in the suburb.

However I am sure you used sold prices to help yourself when purchasing the property and when I bought my place I was in the same frame of mind but no one comes up and says you paid $510,000 for this house (yes it is actual price I paid).