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Historic Sales Data and OTP prices

Discussion in 'Information Resources & Tools' started by SerenityNow, 11th Jan, 2016.

  1. SerenityNow

    SerenityNow Well-Known Member

    Joined:
    27th Nov, 2015
    Posts:
    247
    Location:
    Victora
    Yet another thread on which data provider is best :)

    Essentially, I'm looking for past sales data. Free sites like house.ksou have their place, but I notice they tend to miss a couple of sales.

    Also, I was wondering where you can get good/accurate data on off-the-plan sales?
     
  2. CosmicTrevor

    CosmicTrevor Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    117
    Location:
    Sydney
    I use Pricefinder.

    There is no reliable source of pre-settlement OTP sales, they aren't disclosed to the general public. In other words an unconditional contract of sale for an OTP IP is invisible to the general public. The data becomes visible once the title has transferred to the buyer and that transfer is then reflected in the data provider's system.

    In my experience it takes weeks after the title transfers for the data to be available - I don't know why this is, maybe it is just Pricefinder?

    As a side note, you should compare a proposed OTP IP to sales of existing properties - this is a really good way to expose the premium and then decide if it is worth it. For example, if you find a similar 5 year old apartment sold for $6,000 per sqm recently, but your OTP apartment is priced at $8,000 per sqm you need to understand why and decide if the 33% premium is worth it.
     
    Coota9, SerenityNow and Jacque like this.
  3. SerenityNow

    SerenityNow Well-Known Member

    Joined:
    27th Nov, 2015
    Posts:
    247
    Location:
    Victora
    Thanks, I heard so many good things about Pricefinder from so many different peeps, that I subscribed to API to get the free trial.

    Now here's my whinge: Pricefinder doesn't have all sales data! At least three properties (develop-able houses) sold within the last year, showing up on all free sites (RE, onthehouse, property.com, ksou, etc etc) didn't show up on Pricefinder.

    I suppose it might be good for analysing sites for sale, but I'm a little disappointed that a paid service doesn't have past data (settled sales, eg one sold last year Feb) whereas free sites do.

    I'm looking at OTP sales more from a developer's perspective, and you're right, no service provider lists them.

    That's my whinge for the day :cool:
     
  4. CosmicTrevor

    CosmicTrevor Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    117
    Location:
    Sydney
    Usually I find when the data isn't there it is either because I'm using the wrong address or the title hasn't transferred or it is more than 20 years ago that the last title change occurred.