PB:
Quote:
The valuer general's valuations went from being too low before 2000, to too high after, when it became a nice big cash cow.
Whilst interesting to see, median prices are useless without local knowledge, valuer general prices are probably worse.
My investing style/personality is such I love the research and discovery/education on areas I choose to invest in. I have never based any investing upon Victorian Valuer-General statistics.
However, knowing the areas I do, I must say I found the VVG's statistics to be fair and reasonable (if not on the conservative side), representation/reflection of what is occuring within the towns and regional cities, that I am quite familiar with.
I find the longterm statistics useful and interesting...but certainly not a replacement of my own due diligence.
Great, as the summary of local government areas...an overview of property sales within an area.
The data and statistics themselves is from settled property sales documents, which is collated by Vic Valuer-General...while there is acknowledgement of regarding data with a good dose of trepidation, this data is actually considered the most authoritive property sales data in Victoria.
Having said that, in a few earlier posts I did make mention of pitfalls to be aware of, eg for sales 10 properties and under there is always a note of this and how it can distort statistics.
I also think it important for newcomers to this site to understand there is opportunity for property investing across a broad range of areas in Victoria, low affordibility entry into investing, learn to give skepticism to relatively short term statistics being splashed around...it does not really reflect an area. Thus I look at decades with a little less skepticism.
...and the other thing is when it all boils down, provided people do good research, due diligence, educate themselves and about areas, buy well for their circumstances, it can be regional areas as well as metro. The statistics give a good general overview of much of a muchness...
keep in mind the high enders/top performers, as well as the lowly low end areas....and remember the constant thing is: "change"..
The glory of property investing is that it can be whatever we make of it. 100 investors doing it differently, different areas, regions, styles, strategies, but (hopefully) successfully.