Price finder. Is this a useful tool?
- Thread starter ricflair
- Start date
How exactly would you determine this?
I've got access and yes, I find it very useful. RPData is also very good but much more expensive.
Most of these types of resources use data from various government offices and published auction results. Given they use fairly large amounts of data to generate their reports, it's unlikely that agents will be able to manupulate a report without manupulating the market as a whole. Certainly no single office or individual could do it.
I've attached a sample Residex report which we provide to clients, so you can see the sort of information contained within.
I've attached a sample Residex report which we provide to clients, so you can see the sort of information contained within.
With regard to price estimates and yields, PriceFinder will produce a report but it requires you to compare recent sales and rental listings to the property in question. Which properties you consider to be the "same", "worse" or "better" than the chosen property will obviously affect the end price and yield estimate. Keep in mind that in the end it is just an estimate and you shouldn't rely on it too much.
As PTBear said I don't think there'd be any data manipulation, although I have noticed that for a property I purchased the sale price listed in PriceFinder is not strictly correct. The initial contract price was reduced $3000 on settlement due to an unfavourable pest report, but the sales price listed doesn't reflect this.
So it still shows $243k instead of $240k.
As PTBear said I don't think there'd be any data manipulation, although I have noticed that for a property I purchased the sale price listed in PriceFinder is not strictly correct. The initial contract price was reduced $3000 on settlement due to an unfavourable pest report, but the sales price listed doesn't reflect this.
So it still shows $243k instead of $240k.
I'm pretty new to property investing and I subscribed to Pricefinder on a monthly basis to buy my last two properties. I found it REALLY helpful to suss out what a property is worth, previous sales and how much a current owner might be able to bargin as you can see what they bought the property for, how long they have had it etc. It's also useful for the map search if you are looking for all the properties of a certain type in one area. The last property I bought I found an old listing that suited what I was looking for, wrote to the current owner (as they had taken it off the market) and they sold it to me without using and agent. Just give it a go for a month, see if you like it if not you can unsubscribe... It is only worth the subscription if you are seriously thinking of buying, if not probably better browsing the other free sites like homesales.com.au..
Perhaps because you settled on 243 000 on the transfer of land and the vendor asked for 3 k less at settlement ?
All these data agencies rely on Valuer gen data for SOLD data ................
ta
rolf
Hmm, not sure. Asked for $3000 reduction to sale price due to pest report showing up an issue, this was well before settlement but obviously after the contract was signed. I would have thought the price it settles at IS the sold price, but I'm probably wrong.
As per one of PF employee in this post:
https://getsatisfaction.com/pricefinder/topics/what_is_fsd_estimate_risk
Forecast Standard Deviation “FSD” offers users a better understanding of how accurate the PriceFinder estimate is for each property, represented by the estimated risk traffic light. When a user interacts with the model, removing unwanted sales and adjusting the sliders, the overall accuracy improves.
Green- High level confidence; the risk of the model making an error is low
Yellow- Moderate level of risk
Red- High level of risk for that property in a location.
I guess the PF has their own algorithm to work out the estimation based on the data available (e.g.: comparable sales in that area). If that area doesn't have much property similar to the target property then the accuracy will be low. On the other hand (in extreme case) if the target property has hundred of sales recently with similar sales price, then accuracy is expected to be very high.
how much is a PriceFinder membership? and how much more expensive is RP Data?
PT, is Residex a separate resource altogether? that sample report looks a lot more comprehensive than any PriceFinder/RP Data reports i've seen
PT, is Residex a separate resource altogether? that sample report looks a lot more comprehensive than any PriceFinder/RP Data reports i've seen
Residex, RPData, they're all fairly useful reports from different providers. The reports with professional subscriptions do tend to be more comprehensive than what's available to the general public.
All of the above tools are great on a macro research level, but very risky to rely on them. Valuations even for a properties with a relatively low FSD can be way off.
If you have access to the area you are looking at investing in, then there truly is no substitute for being on the ground and assessing the market for yourself.
Similarly, you need to know that it can take upto 3 months for a sales result to reach the valuer generals office, which is where all the data houses scrape their info.
Property can be a highly emotive decision and therefor a shift in sentiment makes 3 months a very long time, particularly in areas where auctions are prevalent.
If you have access to the area you are looking at investing in, then there truly is no substitute for being on the ground and assessing the market for yourself.
Similarly, you need to know that it can take upto 3 months for a sales result to reach the valuer generals office, which is where all the data houses scrape their info.
Property can be a highly emotive decision and therefor a shift in sentiment makes 3 months a very long time, particularly in areas where auctions are prevalent.
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I recently signed a contract for 333k, negotiated 1k off for building and pest. Could have put 332k on the transfer and OSR forms but my solicitor recommended leaving it at 333k as I'll save a tiny bit in capital gains when I go to sell. Perhaps this is what they did.
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