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ANZ/CBA Property profile reports

Discussion in 'Property Finance' started by albanga, 24th Aug, 2016.

  1. albanga

    albanga Well-Known Member

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    Hey Brokers,

    What are your thoughts on the accuracy of these reports? Do you find after generating for clients (if you do) the actual sale price comes in lower, middle or higher ranges?

    And how do you find them in terms of accuracy for running one for a ballpark and then getting an actual Val done?
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    The ANZ and CBA reports are watered down Residex or RP Data reports. They've got some of the key points, but often a lot of very useful background data is missing...

    ...which can be a problem. I've said many times that these types of reports are statistical in their generation and often the data can be over 3 months old before it makes it into the report. Compared to the sale price, some are accurate, some aren't. In a hot market it's almost guaranteed to be below the actual sale price. It's hard to predict which is why the data inside is so useful.

    I get a laugh out of the ANZ add where a couple is talking to a REA who's going on about the price. They pull out an ANZ report and he gets flustered and immediately drops the price. Most agents would glance at it, laugh and say it's rubbish.

    Actual valuations match the contract price 95% of the time if it's a purchase. For full refinance valuations more than 70% would be lower than the online report. Keep in mind that many lenders simply run a desktop valuation for 80% loans, which is essentially a Residex or RP Data report.
     
    Last edited: 24th Aug, 2016
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  3. albanga

    albanga Well-Known Member

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    And I'm guessing those reports (residex & RP) cost actual money to generate hence why they are not easily available?
     
  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    You could just send me an email with the address of the property you're interested in. We give away Residex reports like creepy guys handing out lollies from the back of a van...
     
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  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Your broker may be able to do a residex/rp report for you.
     
  6. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    - via various levels of subscription, so yes paid.
     
  7. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Haha!
     
  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I think anz are apm data reports but the figures often differ to the direct reports.
     
  9. albanga

    albanga Well-Known Member

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    Hahahahaha
    I was literally just talking to a colleague today who is off to Vegas for the first time about how when walking down the strip he can expect a lot of creepy man handing out cards of female companions. They hit the cards on their hands and then hand them to you (anyone who has been to Vegas will know exactly what I'm talking about).

    Your comment just made me picture you standing on the street hitting residex reports in your hand, handing them out to suprised strangers. Haha
     
  10. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    ANZ are a combination of APM and Residex. I once had a desktop with them from APM that was absurdly low. I challenged it with a Residex report. They ran their own Residex report and funded against that.
     
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  11. Jerry O

    Jerry O Well-Known Member Premium Member

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    try randomly visiting Pete's office on a weekday.. you might be lucky enough to see him in a Darth Vader costume too. :D:cool::p
     
  12. Observer

    Observer Well-Known Member

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    @Peter_Tersteeg That ANZ ad is really hilarious. Laugh every time I see it. I can only imagine what the agent would suggest them to do with that report in real world :D.
     
  13. mcarthur

    mcarthur Well-Known Member

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    I'd love to see Peter doing magic tricks with passers-by:
    "choose a report from these I'm holding.
    Wait - I see you in a old timber weatherboard with 2 beds and a dingy dunny.
    A ha. It's a number 156!
    And it's on a circuit...
    Now - turn over the report in your hands.... ta da!

    And what's more, Residex say it's worth $642,671.87. Is that right?"​
     
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