Hi Folks,
I saw one unit for sale in the same building as I'm living in. The building is only 3 years old.
So out of curiosity, I obtained a residex report on this unit and I notice the following:
1. In the sold history section, the price bought 3 years ago (probably bought OTP) was half the price of market price. (e.g. 200k while average price at the time was 500k)
2. In the residex test prices section, test 1 (comparable sales) and 2 (street rating) have almost 2-3 times higher than test 5 (indexed sale price) which is calculated based on capital growth. Obviously, test 5 is also calculated based on the initial purchase price 3 years ago which was too low.
My question:
How could possibly one property has 1/2 the price registered with the government? or is this an error in the government database?
Cheers,
Lamecrocs
I saw one unit for sale in the same building as I'm living in. The building is only 3 years old.
So out of curiosity, I obtained a residex report on this unit and I notice the following:
1. In the sold history section, the price bought 3 years ago (probably bought OTP) was half the price of market price. (e.g. 200k while average price at the time was 500k)
2. In the residex test prices section, test 1 (comparable sales) and 2 (street rating) have almost 2-3 times higher than test 5 (indexed sale price) which is calculated based on capital growth. Obviously, test 5 is also calculated based on the initial purchase price 3 years ago which was too low.
My question:
How could possibly one property has 1/2 the price registered with the government? or is this an error in the government database?
Cheers,
Lamecrocs