Ok, Ive had a chance to investigate 6208.This property you have provided us here wasn’t published by realestate.com until the 18th of April; NOT the 4th. Don’t believe me? Check with your RP Data subscription. It states the 18th and I know they are right on this occasion as our own monitoring first picked it up on the 19th and we are monitoring it weekly.
This is an important point as if it was published on realestate.com on the 4th, it would have been in our report (remember our 2 month rule)! It’s going to be in the report next week when we update the data.
Must be important to you if you went to all that trouble to prove you were right so I will ignore the fact that I stopped to talk to the agent while he was planting the sign in front of the house and believe you and even RPData who are also right on this occasion because it matches your data.
I did not pay for your report so I was not aware if it was included in it or not and frankly I couldn't care less. My point was that there are 10 pages of properties listed for longer then the one I gave you as example and that did not including relisted properties, changed agents or listed on other sites but not on re.com. Since I looked on domain I found another dozen or so which are only taking 1 listing on re.com so the exact numbers could be much higher then 100.
http://www.realestate.com.au/cgi-bi...mt=&header=&cc=&c=99850799&s=wa&tm=1246001161
Even if I was to agree with your finding of 81 properties you are still about 40% off the mark and your property report for 6208 would still be assessed as an epic fail. The fact that you don't provide property prices for WA makes it even less useful.
Btw, just in case you want to investigate my example further that property has been on and off the market for about 2-3 years now. If its only going to make your list next week does that mean that your report is missing out on any property that was temporarily removed from the market ? I seem to remember reading somewhere that you picked most of them up as well but maybe I got that wrong.
This was easy for us to check out. There isn’t 100 there still on the market that was published before this one. There was however 81. I believe you when you thought it looked there was a hundred as it does look that way. But by the very reason of ads being refreshed; namely the very one you have provided above, over the rest, it gives the impression of more listings older than it then there are.
Should the fact they got refreshed put them at the FRONT of the list hence making the actual list even longer ? Have another look.
The report does pick up the on properties that changed agents. Please do not suggest it doesn’t. It does.
Even when there is a break in between ?
This is the comment from you that I am annoyed about and did take personal offence. You have extrapolated what you perceive to “know” in your area into a implicit claim that our reports must be missing 50% in lots of areas.
Lets put this on the record right now. Your 50% is grossly inaccurate and is an utterly false claim on our reports. Please do not state this again as though it were fact.
I doubt very much that its grossly inaccurate but if I was to agree with you (which I definitely am not) that my numbers are grossly inaccurate because I missed out 25 properties what does it make your report that missed out on 28 properties ?
Besides, I only suggested that it could go that high and not that all the post codes are out by 50%. Since I only entered the ONE post code out of the entire country and got 50% missing (or even the 40% to which you conceded) you have to agree that it doesn't look good for you and there is a good chance of finding a postcode with an even large percentage. You play the numbers so you tell me, what are the chances of me entering the most inaccurate postcode in the country on my first try ?
I can understand you being annoyed, if I got caught out with my pants down I too would be annoyed.
As for extrapolating stuff that's something I leave to the "experts", my claim was only for the postcode I gave you as example and nothing else. I left the facts speak for themselves and people make up their own mind.
Just to clarify here. We are publishing the last time the property sold. If it sold 5 months ago, it should make the report. If it sold 20 years ago, and that is the last sale price, that too will make the report. In Victoria and WA we cannot publish the last sold records.
LOL, thanks for the clarification.
Not that I want to buy one but just curious if you can clarify something else about your reports,
* are the fees for WA and VIC properties reports lower because you don't provide the last sale price ?
* do you have a refund policy for reports that turn out to be inaccurate by 10% or more ?
But to answer your question, which is more about the relevance of the last sold record - it is very relevant!
Yet you don't provide for WA and Vic ?
For starters, just knowing when it last sold will give an indication about how much the previous vendors enjoyed the property and location. If you see that someone has indeed stayed there for 20 years, it is suggestive that, up until now at least, the dwelling was a probably stable dwelling for them.
You may be able to flog a house to a FHB based on the previous owner's level of enjoyment in the property because they are buying a dream but I doubt investors would care much about that. They may have been forced to stay there 20 years because the CG growth was shocking, the area is a dump and they could not find a sucker to buy it from them,etc. Maybe they are now moving out because it took 20 years for the toxic waste they built on to cause them cancer OR they just found out a nuclear power plant has received building approvals across the road from them OR a bunch of undesirables who party noisily all night and sleep all day have moved in the area.
Let me give you a real example of what I mean and lets take the properties in the vicinity of
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007783119
Not only have are the asking prices lower but some have been on the market for a long time, the vendors are willing to negotiate and a property inspection up to a few months ago would have revealed little. Over the past 2-3 years the owners of surrounding properties have been quietly moving out after living there for 15 or more years. They enjoyed the peace and tranquility of living there not to mention the views of a lake in the backyard and a bush reserve across the road. But they also knew that work on the Freeway was due to begin soon and that nice bushland reserve was reserved - for the Freeway. One street is so close to the Freeway that you could probably stay inside your house open your window and throw rocks at the passing cars The bushland view has been replaced by a concrete wall which will only go so far in cutting down traffic noise and all the "bargain" hunters who bought there based on previous vendor's enjoyment are probably spewing when the Freeway opens up next month. How did the vendor's enjoyment of the property fit into it here ?
But this is much more than about price; its psychology. If I see a piece of real estate that I like, yet the vendor has held steadfast to their asking price for a long, long time, the chances are that vendor isn’t likely to negotiate much. If on the other hand I see some big price discounting, it may be suggestive they might be a little more negotiable.
Maybe but I think its bad psychology and can do more harm then good.
Unless a property sold in the past 1-2 years the last sale price paid for it many years ago has very little importance, other then to satisfy your curiosity. For first time buyers it may even cloud their judgment and cause them to become even more emotional in their decision then they already. For eg. The vendor only paid 50k for it and is now asking 500k so it must be overpriced OR they paid 700k 2 years ago and are now only asking for 550k so it must be a bargain. ( identical properties on the same street )
All I know is that in my time buying real estate, I have always been interested in knowing how long a property has been on the market for and has the vendor dropped the price and what did they pay for it?
Is it just me in the world that gets curious on those questions? I think not.
Now you got me curious , did you ended up buying lots of bargains that way ?
Maybe I'm used to hunting the old way but I do believe you will find more bargains in the newly listed properties section then something that its been on the shelf for a year. When I do get itching for another property I try to find new listings by driving around in the area I want and take notes of anything new, drop into open homes during inspection times or re offices and ask the agents if they have anything new coming on the market. I do my own research and only pay for a report to validate my decision to buy AFTER I found a bargain and BEFORE I get the professional to do a pest inspection. Then again I don't churn properties like you probably do and also don't need to move in them so I can get my time to know the area before buying there.
For WA buys I prefer the Landgate reports because they provide information that others don't, like the last sale and even get pending sales with future settlement dates. If you want to see samples of what they look like see
http://www.landgate.wa.gov.au/corporate.nsf/web/Property+Information
I found the premium reports excellent and they include a copy of the title,caveats,etc.
http://www.landgate.wa.gov.au/corporate.nsf/web/Property+Report+-+Learn+More/$FILE/Sample_Premium_Property_Report.pdf
Normally I would have ignored your spruiking and wouldn't even bother to try the link but I found it ironic that not long ago both you and S.Keen were trying to outdo each other on the media with predictions of D&G for the property market and conspiracy theories. A year later you are spruiking your "bargain of the week " reports on a property investors forum and S.Keen is asking for donations so he can continue his research.
http://www.debtdeflation.com/blogs/research/
Maybe its just me that found it amusing and had the uncontrollable urge to try your free link to the reports. But as they'd say on the other site, Epic Fail.
Didn't mean to start a war over some missing properties in a report which I would never buy anyway but it was YOU that demanded to be showed proof that your report was missing properties in a way that almost implied I was making things up because I had something against you or something. Then accused me of trying to shoot the messenger, like I would ever do something like that.
I wish you good luck with your reports and I really do hope that you sell plenty of them because it would confirm that the property market is starting to boom again and the D&Gers have missed another opportunity.
