SQM's BARGAINS OF THE WEEK

black dragon

black dragon



Ok all

In the spirit of potential bargains, crashes, booms, vendors being overly generous/overly greedy, etc I have decided that I should start publishing one or two properties a week that I come across, which you may find interesting.

They will either be ones that certainly do look like a real bargain through to ones where you wonder exactly what the owner was thinking. They all come from the SQM Home Discounts report so please excuse me if I give that a plug from time to time.

And for those of you that like to read that other website, you will find this posted there as well.

Anyway, on with the show.

The first one comes from our favourate region, the Northen Beaches of Sydney. Yes folks, that region that some of you here love and others love to hate!

Check this property out.
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007544631
Here is its advertising history so far from the SQM Home Discounts Report:
18 Dec 2008 $2,650,000
07 Mar 2009 $2,500,000
21 Mar 2009 $2,000,000
02 May 2009 $1,800,000

Now can anyone guess what the owners paid for it and when?

$2,580,000 in July 2006.

Not quite sure what has happened but it does seem this one could be going for a steal. Oops. The ad has just been updated. It seems it has sold but for how much we are unsure; other than to say that it appears someone has taken quite a bath and somene perhaps has picked up a bargain of a life time?


Its one of the more extreme examples but there you have it.

It come from the SQM Home Discounts Report found on www.sqmresearch.com.au


Edit: erased a record mentioned here on a Sufers Paradise Unit. Last sold record in database questionable.
 
Last edited:
Look good - I especially like the one in Ingleside considering what they paid for it. Gotta feel sorry for the vendors though to drop that much money in 3 years.
 
I got a free report for my old town :D

There are now 4 properties in the postcode of 5421 that have been on the market for two months or more. Click here to look at them.

Bit out of date though, two of those four have now sold and one was taken off the market. The fourth is "One property in this postcode has been listed for over 463 days! Click here to see the property!" lol

And the report missed the property that has been for sale for 3 years, because the owner keeps taking it off the market, changing agents, taking it off the market, changing agents, trying private sale, changing agents ... just drop the freakin price down to the level it'll actually SELL for you twit :rolleyes:
 
Now Ms(?) Elf!

As discussed with you on that other site, we are doing our very best to capture the ones that have changed agents and I think we are catching most of them. OK the ones where they changed agents three years ago, I agree we might not have picked those up too well (as our advertisement back series starts around then)but those who changed agents say two years ago or less, and its still on the market... Yes I think we are capturing most of those.

With regard to the ones that have also recently sold, we are keeping them up there for about four weeks, only as we thought it might be useful info. Thats all.

I am glad you effectively got a freebie though! Bear in mind that sample no where near represents the actual report in terms of the available content etc. e.g when and what the property previously sold for etc, etc.


Thanks for the heads up on the required home page button Andy, I'll try and get that sorted today.
 
That particular vendor has been so on and off with that house you'd need a pretty mega-smart script to catch what he's doing - I'd be impressed if you manage it. He's pretty old, he's going to die before he sells it, and his widow gets to be a widow *again*. She needs to be more choosy with her men that are several decades older than she is. Maybe go for a strapping young bloke in his 50s or 60s this time. She ended up on a loss from the last one, he'd let his spare house go to rot so badly it dropped 70% in value when she sold it so she inherited a debt not an asset.

black dragon said:
Now Ms(?) Elf!
Click to expand...
<totally off topic> technically its Miss, but everyone in this town calls me Mrs, and as I have a kept man chained up in my basement everyone calls him Mr Elf on the rare occasions he surfaces. He's actually the only one in the household with a different surname :)
</totally off topic>
 
I just tried the sample report for postcode 4171 and 3 out of the 4 properties had gone UP in asking with the fourth being the same as when it was first listed. Is that what is supposed to happen or is it supposed to just identify properties that have been dropping in asking price?
 
The sample report AND the full report contains ALL those properties that have been on the market for 60 days or more. I was thinking of eliminating those that have lifted their asking price. But thought it would still be useful to the reader to have them included as well.

The sample is just a random selction from the full report. It is interesting that in a number of areas, the asking prices for a number of properties (particuarly the affordable end) have gone up of late.

While understandable in certain circumstances (e.g genuine strong interest in the property) , I do scratch my head a little over this one. Why would a vendor lift their asking price if they had little ot no interest to begin with?

Surely they are wasting advertising $$ plus other holding costs in doing this.
 
Out of curiosity, I called regarding the Surfers Par apt. The agent informed that the latest sale price was $550,000 two years prior by the existing vendor. Any reason that this didn't show up as the latest sale price?
 
Yes. I have just went into the data provider's database and found two records. The one you mentioned at $550,000 and $830K. In this case I think we need to give the benefit of the doubt to the agent and I will edit and withdraw the Surfers one.

I just double checked the Ingleside one and the previous sale of $2.58m is correct.

It goes to show databases can contain errors and while we have filters in place, it is important to check information.

Thankyou for giving me the heads-up on that.
 
black dragon said:
The sample report AND the full report contains ALL those properties that have been on the market for 60 days or more. I was thinking of eliminating those that have lifted their asking price. But thought it would still be useful to the reader to have them included as well.
Click to expand...

I had a look at a postcode in WA and it came up with 53 properties. Now I know that is not true because I have been watching a property in that postcode on the realestate.com site since the first week in April and there are over 100 properties listed for longer then that one. That's not including vacant land or properties that have changed agent.

Your report is only $39 per postcode compared to a more detailed $59 report from RPData which also includes properties advertised in the last 90 days (or the $49 one with sales for the past 12 months) but if its not accurate or it missed half the properties out there then its not worth the time it takes to read it even for free. Trying to save 20 bucks while looking to spend $300K+ on a property is false economy if the data used to make the purchase is crap. May as well save the other 40 bucks and use the free info provided by reiwa.com realestate.com and domain.com

Also having the price it sold 10 years ago but not having the last sale may be interesting from a historical point of view but pretty useless to a potential buyer. The property may have been subdivided since then, renovated, fibro cottage replaced by a new mansion, etc. Also the fact that the asking price has dropped could be caused by overenthusiastic vendor, he may have paid $50k for it 10 years ago and decided to try his luck and advertise it for $1M then gradually lowered his expectations. Just because he dropped the asking price by 200K over the past 12 months does not make it a bargain. The only price that really matters is what that property and other similar ones on that street/suburb sold for last time, the rest is just something to get the wannabuys on the beary site outraged with the "greedy" vendors who think that prices double every 7 years or pee in their pants with excitement that prices are falling and a crash must be just around the corner.
 
black dragon said:
Yes. I have just went into the data provider's database and found two records.
Click to expand...
If you're using domain as the data provider it explains it, up to a few months ago I'd do a search for properties in WA postcodes and end up with properties from Victoria or NSW thrown in with the results. I wonder if the agents were charged extra for the "multi-listing". :D
 
If you believe there is over 100 in your area that have been on the market greater than 60 days. Ok great, show us the proof. Really, please. PM me or post here the addresss and we will check them out.

OK edit: see my addtional response below this one..:)

Your response seems to be more about attacking the messenger here more than anything else yes? I accept critiscism if its based on the reports but why raise up here the housing bears? I really dont understand this.

And lets be straight about the RP reports. They dont provide an advertising history like this report. Not their consumer reports as far i I can see. Its an apples and oranges comparison you have drawn here.
 
Yes we are predominantly using domain as the listings search engine. That will very, very soon be changing to include others. I'll make this clear on the website if that would help.

Peace.
 
I'm afraid it doesn't look that great for the ACT either. It lists only three properties in the postcode I'm interested in and doesn't include a house I've looked at recently that has been on the market for 7 months.
 
You must log in or register to reply here.

Similar threads

S
Mason Green - Piara Waters
2 3
Replies
47
Views
8K
SaberX
S
MelbPropMeeting
Melb Prop Meeting Tues 16 Jun - Secrets to Spotting a Real Property Bargain
Replies
0
Views
2K
MelbPropMeeting
MelbPropMeeting
A
OTP Townhouse in Everton Park QLD
Replies
18
Views
3K
Tony3008
T
G
Buying (Non-OTP) New Apartment (Abbotsford, VIC) Developer Discounted
Replies
4
Views
2K
Melbournian
M
bob shovel
Convenient buying for reno, Northam WA
2
Replies
24
Views
4K
bob shovel
bob shovel
Back
Top