Is RP Data legitimate data? Who inputs sales prices?

I'm curious about something.

There was a house for sale advertised for $800k and the agent kept calling asking if I would buy it for $790. I could tell he was desperate to sell.

The next week on Realestate.com I see 'SOLD $840k'. I'm like WHAT?? Is this a lie?

So I started to think, who inputs the sold data on these websites? (realestate.com.au, domain.com.au, Corelogic etc)

I hope it's not the real estate agents inputting these figures..


-Frank

 

Usually govt sources after settlement for rpdata.

The selling agent for the sales portals eg realestate.com au

 

DT, if the selling agent were to input sales data (for the use of the good folk of PChat), what do you think the incentive would be not to enter bullsh1t data, just in case their sales campaign went a bit pear-shaped, and they didnt want to lose face?

 

Most of the data comes from the Office of State Revenue in the relevant state. It's the same number on which you pay stamp duty. I can't think of any reason why the OSR would lie.

I've generated thousands of CMA reports, many of them on clients existing homes. The CMA report contains the sales history of the property being searched. Clients always confirm the figure they paid, every single time. If the figures were being falsified, I would have seen it by now.

It's possible that the advertising websites have different figures, but Core Logic doesn't (even though they're owned by the same group).

 

Their reputation
Agents lie all the time however they don't lie about such a blatant obvious things such as what a property sold for and put it in writing

 

I'm still trying to get my head around this issue of on sold properties on realestate.com.au its common now to put "contact agent"instead of a price under sold price
Done so often now presumably as a way of generating leads. I wonder what the period is before it gets updated on re.com.au - if at all.

 

When the government data becomes available.

Note that Core Logic owns RP Data & Cordells. RE.com.au uses RP Data for its wider stats & sales (both RE.com.au and Domain contact agents on Saturday afternoon to get the auction results).

 

I think its in the Agents' interest to lie about the sale price. They can come back to a new buyer for a new property and say 'Look, Property X sold for X amount last month'.

I am using agent input sales data on realestate.com to compare recent sales to the sale price of a property I want to buy. Hence my concern.


-Frank

 

I think sometimes mistakes are made and no one bothers to fix it.
905-906/229 Queen Street, Brisbane City, Qld 4000 - Property Details
For example, this sold for $2.4mill I think.

 

According to RP Data, my home has a swimming pool. It doesn't.

 

Usually after approx 3 months. Agent I used didn't disclose the price because the new buyer of my previous PPOR overpaid by approx 10-15% (agent was on kicker commission) and didn't want all of his other sellers getting unrealistic expectations.