NSW Sold property listing with "Price Withheld"?

Discussion in 'Property Management' started by [d4rk-fr3d], 12th Jul, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. [d4rk-fr3d]

    [d4rk-fr3d] Well-Known Member

    Joined:
    9th Jul, 2019
    Posts:
    47
    Location:
    NSW
    People,

    I've seen some of the recently sold property in most online listing website showing as Price Withheld, is it by law to make it that way before the Settlement period passed?

    Because in my case, before the Settlement period passed, the price was showing as withheld, but then now it is showing the actual price.

    Would it be possible to ask the RE agent who sold the property to update the price back to Price Withheld?

    Rgds,
    Fred
     
  2. Dan Wood

    Dan Wood Well-Known Member

    Joined:
    18th May, 2019
    Posts:
    211
    Location:
    QLD
    Could save yourself a ton of time, by just asking the RE Agent instead of waiting for responses on a forum..

    Let us know how you go ;)
     
    [d4rk-fr3d] likes this.
  3. Michael Mitchell

    Michael Mitchell Well-Known Member

    Joined:
    17th Sep, 2018
    Posts:
    456
    Location:
    Brisbane
    It's not a law for it to be published, some agents do it to generate interest (eg. interested parties call them up and they use that to try and get new business etc). Other reasons it may not be displayed are portal data format error, embarrassing sales price or conversely if someone over paid and doesn't want the general public to know they might request it not be displayed etc. Also, whilst the property is under offer/under contract - the negotiated price should not be disclosed in case the contract doesn't settle as this knowledge could disadvantage the seller when it goes back to market.
     
    bmc and [d4rk-fr3d] like this.
  4. [d4rk-fr3d]

    [d4rk-fr3d] Well-Known Member

    Joined:
    9th Jul, 2019
    Posts:
    47
    Location:
    NSW
    OK, somehow it is already beyond the RE agent control since it is the Valuer Generals office that is publishing the information.

    Would that be possible for the actual homeowner to take down the price?
     
  5. serendip

    serendip Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    108
    Location:
    Sydney
    I noticed there were alot more 'price withheld' listings once the market was dropping. They were quite happy to put the price when it was growing quickly.
     
    Archaon likes this.
  6. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    3,098
    Location:
    NSW
    No, it is publicly available information supplied by the Land Titles office NSW. They sell this data to the Real Estate industry software providers like Core Logic RP Data, Domain's Pricefinder etc.
     
    Jacque likes this.
  7. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

    Joined:
    6th Jun, 2017
    Posts:
    481
    Location:
    Sydney
    We had this experience, requested that the agent withhold the price, which was done until settlement and then it became public information.
     
    [d4rk-fr3d] likes this.
  8. highlighter

    highlighter Well-Known Member

    Joined:
    2nd Jun, 2016
    Posts:
    930
    Location:
    Australia
    This is usually a translation for "sold for less than reserve" in my experience.
     
  9. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,205
    Location:
    Sydney or NSW or Australia
    or...the owners are so embarrassed by the price that they're too smug to show off. :oops:
     
    Michael Mitchell and Dan Wood like this.
  10. PMC Property

    PMC Property Sydney, Brisbane, Newcastle, Toowoomba Business Member

    Joined:
    1st Jul, 2015
    Posts:
    1,197
    Location:
    Australia
    Michael Mitchell likes this.
  11. [d4rk-fr3d]

    [d4rk-fr3d] Well-Known Member

    Joined:
    9th Jul, 2019
    Posts:
    47
    Location:
    NSW
    Looks like there is nothing the agent or the vendor/buyer can do now to suppress the price.
    It's the Office of the Valuers General decision to make this data Open to everyone via OSR.
     
  12. mikey7

    mikey7 Well-Known Member

    Joined:
    30th Mar, 2016
    Posts:
    1,059
    Location:
    Sydney, Brisbane
    Yep, seen this recently. Was watching a house that wanted 'offers over $1.49m'. (They were dreaming, but obviously trying their luck due to new development).
    It sold for $980k, then it showed price withheld for a little while, and now it's saying it sold at $920k.
     
    Michael Mitchell and [d4rk-fr3d] like this.
  13. [d4rk-fr3d]

    [d4rk-fr3d] Well-Known Member

    Joined:
    9th Jul, 2019
    Posts:
    47
    Location:
    NSW
    The era of open information, nothing is hidden :)
     
  14. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,205
    Location:
    Sydney or NSW or Australia
    It never really was hidden, it just happened that you needed to pay to get the information.
     
    Michael Mitchell likes this.
  15. [d4rk-fr3d]

    [d4rk-fr3d] Well-Known Member

    Joined:
    9th Jul, 2019
    Posts:
    47
    Location:
    NSW
    Michael Mitchell likes this.
  16. dabbler

    dabbler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    7,106
    Location:
    Sid en e - olympic city
    Nope...always been available if you know where too look.
     
  17. Archaon

    Archaon Well-Known Member

    Joined:
    20th Mar, 2017
    Posts:
    845
    Location:
    Newcastle
    I believe I've seen price withheld before on potential family sale below market.
     
  18. Jacque

    Jacque Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    816
    Location:
    Sydney
    Unfortunately for the public SOLD prices can take significant time to appear on the major search portals (RE.com Domain), with subscriptions to the paid databases paying off if you want this information earlier and the agent won't supply it to you. Take a suburb such as Mosman, which still exhibits the CONTACT AGENT tag long after the databases (RPData, PDS) have the sold prices recorded. Always helpful to know someone with access if you can't afford it yourself :)
     
  19. [d4rk-fr3d]

    [d4rk-fr3d] Well-Known Member

    Joined:
    9th Jul, 2019
    Posts:
    47
    Location:
    NSW
    HM.. yes, that does make sense @Jacque