I can PM you my views but they are not for public consumption - they know who I am and where I work
Hi Propertunity,
I'd like to know too pls, could you PM me as well?
Thanks,
Mary
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I can PM you my views but they are not for public consumption - they know who I am and where I work
I used rpdata last week for a property that i was interested in at Granville. I thought the asking price of 500K was too high - about 40K to 50K overpriced.
RPdata valued it at 521K!!! So that was a complete waste of my hard earned $29! lol
I then spoke to a local real estate agent who said that he thinks the property is worth around 450K.
i am having some issues with RP data on the commbank app. it was giving the proper details then my broker sent me a report on my current PPOR and it had changed the details. so i had a look on the app and my house is a 5 x 2 and RP data had changed it to 4 x 1.
i have rang them and had it updated so it is showing 5 x 2 but the valuation is coming in at 350k - 439k which is the same valuation for 2 or 3 neighboring houses which are listed as 3 x 1 on less land.
Any thoughts on this.
in general, changing bedrooms should not have a large effect if any.
A little off topic, but its interesting you say that, because it leads to what I think is an interesting point.
Some indices use price per square metre as one of their many parameters for establishing value, where others also use the comparative rental return of the property to establish value.
Essentially that means in areas where there is a high demand for a particular type of property from a rental perspective, you are able to manufacture both increased rental returns in reality, but also capital growth within these indices (which when used by valuers becomes reality).
Not sure this makes sense the way I've written it, so as a simplistic hypothetical. Take two identical 2 bedroom houses in the same suburb. On the rental market as two bedroom properties they may fetch say $200 per week, however because of a high demand for 3 bedroom properties in this area, 3 bedroom properties can achieve $300 per week. Now, given the layout of alot of older Australian properties incorporates a double reception area, the smart investor could by simply putting up a stud wall and converting one half of the reception to an additonal bedroom increase the rental return by 33%. This increased rental return will then be taken into consideration by some indices to increase the property value, which when used by a valuer can turn into real capital gains.
Apologies if this still doesn't make sense or comes across a little simplistic, but it is a very real way of increasing return so thought I would try share.
I've sent you a PM with my views.
I'm new here Propertunity and come to this Topic(thread)late. But a Google Search directed me here. I was researching the Apps for RP Data AutoVal and the Comm Bank App for comments.
I might add I have used Pricefinder before.
Would you be so kind as to PM me your views also. Thanks in advance.
Dave
I've sent you a PM, Dave.
Two of the more recent things that Pricefinder has developed is:
1. A basic intergration to www.nearmap.com which is much more up-to-date than google maps
2. Display listing of recent DA's applied for in the nearby area to the subject property you are researching - this I particularly like.