Is this how to determine what a place is worth prior to making an offer?

[Chloe]

I'm going to be looking at 2 places this week. Hopefully one of them will tick all of my boxes and my search wil be over, at least for now.

I'm madly trying to research what these properties might be worth by using recent comparible sales in the area.
Is there something else i can do to give me an indication?

I want to give myself the best chance of securing the right property without paying more than it's worth.
These properties are 2 bedrooms instead of the the 3 br ones that i was initially looking at.

Thanks

 

[Brady]

If searching for a PPOR the criteria maybe different as it is more of an emotional decision.

But if it's a IP than yes you definitely wanting to be ensuring that you are aware of what you think the property is valued in the current market. And the best wa to do that is to find recent comparable sales.

If you are struggling you could always ask the selling agent to provide some, mind you might find it favors a higher price.

 

[Daniel121]

Did you talk to your mortgage broker? I know some brokers (e.g.: ANZ broker who I've used) will able to generate a report for free with comparable sales and estimate price, apparently take it as a reference only...and do your homework.

As pointed out in many posts here, you can try:
http://www.onthehouse.com.au/
Will find more other sites if you search in this forum.

If you're will to pay for subscription. You may consider RP data or PriceFinder or something similar, which will provide you access to sale history and other statistic to assist you to workout what's the market price is likely to be.

 

[Rolf Latham]

Residex and RP data reports, which are the "holy grail" of private "desktop vals" need to be viewed with caution

The highest value from these reports comes not in the we believe the property is worth X, but more in the comparative sales offered

ta
rolf

 

[Chloe]

Thanks Guys

I finally purchased a property!

Now i can move on and research my options for the future in regards to IP

 

[westminster]

Thanks Guys

I finally purchased a property!

Now i can move on and research my options for the future in regards to IP

Yay! Congratulations.
Which one did you go for in the end?

 

[Chloe]

I didn't go for any of them!
Instead I decided on a 2 bedroom weatherboard....yes some kids do share a room and survive!
I knew I needed to compromise on something in my price range and the extra room was it.

I see it as a stepping stone and (second) entry into the market.

 

[MTR]

I didn't go for any of them!
Instead I decided on a 2 bedroom weatherboard....yes some kids do share a room and survive!
I knew I needed to compromise on something in my price range and the extra room was it.

I see it as a stepping stone and (second) entry into the market.

Hi Chloe
Congratulations.
Can you add value to this property, ie add a room etc?

Cheers, MTR

 

[Chloe]

Thanks MTR!

Can only go up on this one as its sudivided.

 

[Angel]

Hi Chloe
Congratulations. Which suburb is it?