My RP data Claim your property. What a JOKE!!!
- Thread starter letiha
- Start date
Yes, I have found it to be rather inaccurate also.
Phil.
Edited to add; On the subject of inaccuracies, I just bought the latest "Your Investment Property" magazine today (February 2008). The 'Median price stats' are for the 12 months to September 2007. This data is almost 5 months old already. Surely more up-to-date statistics should be available for a publication like this?
Phil.
Phil.
Edited to add; On the subject of inaccuracies, I just bought the latest "Your Investment Property" magazine today (February 2008). The 'Median price stats' are for the 12 months to September 2007. This data is almost 5 months old already. Surely more up-to-date statistics should be available for a publication like this?
Phil.
Last edited:
RP and residex BOTH use statistical models to provide an estimate if value or INDEX.
Its is based on the purchase price of the property with the local index applied.
If the data is properly constructed and based on "pairs" or sales rather than medians, it tends to be quite accurate.
But, ya gotta read the conditions
The index is based on the purchase price and assumes that no improvements or devaluations have occuered....................so...........if you have built on a block, then the value is likely to be near land value.
ta
rolf
Its is based on the purchase price of the property with the local index applied.
If the data is properly constructed and based on "pairs" or sales rather than medians, it tends to be quite accurate.
But, ya gotta read the conditions
The index is based on the purchase price and assumes that no improvements or devaluations have occuered....................so...........if you have built on a block, then the value is likely to be near land value.
ta
rolf
I used a similar service called http://www.whatpricemyhouse.com. They came back with $390K when I actually sold for $450k. They just put you in touch with a local real estate agent who gives an estimate over the phone. The agent then continually calls you, to try to get the sale. I won't be using these services in future!
Steve
Steve
Yeah, nothing like working out the value of your properties based on actual sales for REAL COMPARABLE properties.
After my first few years as an investor, a friend of mine lured me into the corporate world and I became an analyst for some of the “larger” agencies (PRD Nationwide, Colliers, CBRE, etc). I had access to all the property data you could imagine and the only thing I can tell you is that depending on the data provider, you had negative equity or you were making a killing LOL…
These days I use this data to pick up trends and to analyse the macro stuff, however when it come to working out the real value of my IP’s, I just follow the most accurate source: the market.
Happy Investing
Jon Salvador
www.headinghome.com.au
For investors … from investors
After my first few years as an investor, a friend of mine lured me into the corporate world and I became an analyst for some of the “larger” agencies (PRD Nationwide, Colliers, CBRE, etc). I had access to all the property data you could imagine and the only thing I can tell you is that depending on the data provider, you had negative equity or you were making a killing LOL…
These days I use this data to pick up trends and to analyse the macro stuff, however when it come to working out the real value of my IP’s, I just follow the most accurate source: the market.
Happy Investing
Jon Salvador
www.headinghome.com.au
For investors … from investors
We do find discrepancy in value from RP (RP is lower) for one of our IPs which has more than 4 rooms. apart from this house which is custom-build , the rest of the standard house, ie 3/1/1 with std size land are pretty accurate.
BTW, anyone encounter no value returned after claiming the property. Is it due to wrong input of parameter or the property is too old since the last sale transaction? appreciate your sharing, thanks.
cheers
BTW, anyone encounter no value returned after claiming the property. Is it due to wrong input of parameter or the property is too old since the last sale transaction? appreciate your sharing, thanks.
cheers
RP data automatic services can only give you what is recorded as the last sales price. It is limited to what is entered in the sofware acording to the latest statistics they have available. This is not always the real price but can be!
The only way to calculate a probable selling price is to do a comparative market analysis which takes into account the statistics on RP data, growth in the area and comparable sale prices of houses not sold yet. To do this you actually need a human being with a BRAIN not a computer that looks at the last sales price!
I'm not surprised you got that result are you?
The only way to calculate a probable selling price is to do a comparative market analysis which takes into account the statistics on RP data, growth in the area and comparable sale prices of houses not sold yet. To do this you actually need a human being with a BRAIN not a computer that looks at the last sales price!
I'm not surprised you got that result are you?
Yes, I have found it to be rather inaccurate also.
Phil.
Edited to add; On the subject of inaccuracies, I just bought the latest "Your Investment Property" magazine today (February 2008). The 'Median price stats' are for the 12 months to September 2007. This data is almost 5 months old already. Surely more up-to-date statistics should be available for a publication like this?
Phil.
the latest PI mag (feb) has 12months to Oc07. I've just been through my old mags and the data is usually 3 months old.
2 of my properties (in Melbourne and Adelaide) did not exist according to my rp data.
They are new houses but not that new - it would have been at least 18 months to 2 years since the land was released, with the homes having been completed 4-6 months ago.
I was able to claim my block of land in Brisbane, so maybe things work more slowly for Melbourne and Adelaide for some reason.
There doesn't seem to be any facility for vacant land estimation, but the estimates for my other properties in Adelaide and Canberra were probably within 5-10% of actual value.
They are new houses but not that new - it would have been at least 18 months to 2 years since the land was released, with the homes having been completed 4-6 months ago.
I was able to claim my block of land in Brisbane, so maybe things work more slowly for Melbourne and Adelaide for some reason.
There doesn't seem to be any facility for vacant land estimation, but the estimates for my other properties in Adelaide and Canberra were probably within 5-10% of actual value.
Yes, I have found it to be rather inaccurate also.
Phil.
Edited to add; On the subject of inaccuracies, I just bought the latest "Your Investment Property" magazine today (February 2008). The 'Median price stats' are for the 12 months to September 2007. This data is almost 5 months old already. Surely more up-to-date statistics should be available for a publication like this?
Phil.
lol, Can't speak for other cities - but I had to refrain myself from laughing out loud in the newagent when I flipped through the latest 'Your Investment Property.'
In the Adelaide section they state 'Northfield is 5mins from the beach'
For those of you who know Adelaide, then you know what a ridiculous statement this is! For those who don't know Adelaide - you may be able to get from Northfield to the beach in 5mins if you get every green light, have no other cars on the road, and are travelling at 250kmph down Grand Junction Rd. Stupid mistakes (?) like that should'nt happen in a magazine such as that.
I posted in the other thread.
In 6 months i've had $150K gain.. that can't be right.
In 6 months i've had $150K gain.. that can't be right.
I think there is no substitution for common sense and going out and seeing properties and using comparables. A 1km difference in Largs bay, Adelaide could have you either on the esplanade strip or alternatively looking at a cement factory.
I agree with you 100%
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