Valuation reports and time delay

[cannonloose]

Hi,

Looking to by my second property (first PPOR). We have a unit identified near Sydney, however trying to come up with a decent valuation of the property.

Before I spend on a Residex/RP Data report, I'm wondering if people have any opinions on how the time lag between selling properties and when they show up on these reports.

I'm worried that by getting a report, I won't have the latest sales info, and given that not much sells around xmas, I'm looking at a 2-3 month gap in recent sales data.

Or am I reading into it too much??

Thanks!

 

[Wunderbar]

This isn't stocks. Go to auctions and see what prices are fetching for yourself

 

[Peter_Tersteeg]

Send me your property address and a return email address. I'll send you a Residex report for nothing.

Any report is going to have a gap in the sales data. A property is sold at auction in November. It settles 60 days later in January. It can take a few weeks for the titles office to complete the processing and put it on the database which Residex & RPData use. At this point the data is already 3 months late and current reports are still using data from late last year.

The quality of the report does depend heavily on the quality of the data and we find that reports results are often out of sync with the asking price of the property. You also need to read the report to see how it's come up with the figures and correlate this with what you know about the property. The value of property reports is not the figure on the front page and nothing beats hitting the streets and doing your own research. Property reports are simply another tool to help keep you informed.

 

[Riasta]

Property reports from Residex and the like are great to get a gist and a summarised list of recent comparable sales, however as Wunderbar said, they are NO replacement for on-the-ground research!!