Advice for Property Analytics

chasis on 08/11/2019 - 08:44
Last edited 08/11/2019 - 08:47

Hi All,

I'm looking to buy property soon and wanted advice on analytic software/service.

A friend of a friend ran a property I was interest in through a site Ripe House which gave aggregated a lot of useful information and provided good advice based on this. The site doesn't seem to be open for subscriptions anymore and I'm not good enough friends to ask him to run through all the properties I'm interested in.

Was wondering if anyone had good advice on anything they have used before? (I don't mind paying a subscription fee).

Thanks in advance. :)

The RipeHouse site that I got one report from gave things like:
* Negotiation price based on days on market, comparable properties and previous price changes in a monetary value.
* Gave a base valuation based on similar houses in the neighbourhood and then adjustment percentages based on how close that specific property is to shops, trasport etc giving an adjusted value.

Financial

Comments

  • Skramit on 08/11/2019 - 09:27
    +2

    Not quite answering your query but you can always use a buyers advocate. I did and their fee more than paid for itself with the savings we made finding the right house for a bargain.

    • chasis on 08/11/2019 - 09:53

      Thanks, I'll look into that.

    • chasis on 08/11/2019 - 09:55

      Do you recommend someone or company?

      • Skramit on 08/11/2019 - 09:57
        +1

        Not in Sydney sorry. I'm in Melb.

    • spiff on 08/11/2019 - 11:50

      Just curious how did you rate it as a bargain? Compare to similar sales? Was it an auction sale?

      • Skramit on 08/11/2019 - 12:12

        I guess it's subjective, but yes I've no doubt it was a bargain.

        Property was previously advertised at $630k+. Had been on the market for 3 months with no sale. But it didn't come up in our searches as we were maxxing our searches around $550k to $600k.

        Buyers advocate knew about it through his contacts (RE Agents) and found out the lady was desperate to sell due to having already bought into a retirement village. So we went in and majorly low-balled around $540k. Ended up buying for $550k. Buyers advocate did all the negotiations for us, got the lady's RE agent to halve his commission to get the sale done etc etc, even getting us to sign a deposit cheque at $550k to dangle the carrot helped in the negotiations.

        Advocate knew the area well, knew all the local agents and well researched. Knew the true value was around $600k mark and $550 was a steal. Lady was wanting 630k+ and being stubborn until time ran out for her and she had to cave.

        So for a couple grand commission, I reckon we saved $50-60k.

        Keep in mind it's in RE Agents interests to pass this kind of inside info to buyer advocates to get the sale closed and get their commission. That's the advocates competitive advantage - contacts and information from agents in the local area.

        • spiff on 08/11/2019 - 12:18
          +1

          Great, thanks for the insight.

          • Skramit on 08/11/2019 - 12:22

            @spiff: I guess the other part to it was the effort the advocate went to to show us properties in the areas we wanted, finding us the right properties that fit our criteria.

            Also showed us a number of 'off-market' properties that had yet to be listed due to inside info.

            I can't recommend their service enough.

        • OzFrugie on 09/11/2019 - 09:49

          How much did u pay for the service and how did u find a good one

    • punkindrublic on 08/11/2019 - 15:54

      I'm looking at buying in Melbourne, any chance you can send me the contact details for your advocate?

  • GG57 on 08/11/2019 - 09:50

    Doesn't ANZ's app do that analysis or similar? Their add suggests it does.

    • chasis on 08/11/2019 - 09:52

      Yeah, they do a basic one. What I'm looking for is a bit more in depth.

  • boomramada on 08/11/2019 - 10:43

    Try https://www.google.com/search?q=property+valuation
    These days most bank do it for free, ANZ and Commbank.
    They used to do by RP Data

    https://www.corelogic.com.au
    CoreLogic (formerly RP Data)

  • sweefu on 08/11/2019 - 10:45
    +1

    I find RP data the most comprehensive.

    I have full access - PM me if you'd like some property reports done.

  • [Deactivated] on 08/11/2019 - 11:54

    Do any of these services provide historical price estimates?

    I want to try and see how my property has performed over 30 years it has been held. Anyone care to provide samples of what content would be available?

    • boomramada on 08/11/2019 - 12:12

      They know how much you bought it for 30y ago and the calculate the current value based on current market. That's your answer.
      Cheapest way to find this out, go talk to a real estate agent and ask how much I can sell my property for.

      • [Deactivated] on 08/11/2019 - 12:28

        I want a yearly breakdown, plus it was transferred via treaty and without stamp duty in 1989.

        That's the most important issue… For CGT purposes.

        I'm thinking I might need to pay for a valuer.

        • boomramada on 08/11/2019 - 14:16

          You know the starting point, then you know the current value. Then draw a line of your choice, then you get the yearly break down :)

  • HeWhoKnows on 08/11/2019 - 12:23
    +2

    I have been doing this for 30 years.
    You dont need any softare to do all that

    The information is all there on realestate.com.au and domain.com.au

    Just look at current listings and compare with recent sold properties.

    Im assuming you are looking for investment purposes

    Then look at current rentals for similar properties to work out your gross return.
    The real estate office should be able to provide an estimate if not the current rental return.
    Allow about 1.3% for known expenses such as strata, council and water rates and property management fees however actual figures are easily obtained for any listed property.
    You can plug all this information into a spreadsheet for comparison purposes.
    Those sites can even show recent rental history and web site hits which indicate demand.

    Dont forget there are other expenses to consider such as 2 weeks vacancy per year (conservatively) and land tax with painting, carpet and renovations every 10 years. Then you also have replacement costs for Hot water systems, repairs and maintenance on top.

    There isnt any magic in the figures.
    What most important is what finance your bank will give you and at what cost.

    • OzFrugie on 09/11/2019 - 09:49

      Whats avg land tax just wondering?

      • boomramada on 10/11/2019 - 10:59

        Depend on so many variables, if you know the property value and location. Google it , land tax calculation in your state.

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