Hi All,
How many of you out there have build up a portfolio or bought property without actually physically going to the property?
In South Africa, I bought a quite a few properties in this manner. If the deal made financial sense, i would buy.
In order to do this thought, you need to be familiar with:
1: The area and rental demand
2: Achievable rental in the area for simliar property(which can be obtained from nearby letting agents)The need to invest blind may be due to the fact that you not actually investing the in the area in which you live.
Another very important bit of information you would need to know to go ahead with the deal would be the market value.
What tools out there could you use to get a market valuation of a particular property? Obviously, once you get familiar with an area, you can get a rough idea off the top of your head.
Also, if you need to do +20 vaulations monthly for properties scattered around Australia, which you have no idea of market values, what would be the most cost affective way to get this information?
Back home in South Africa, there was 3rd party sofware which would run reports on all the sales data in a specific area and gave you estimated market valuations based on the market, sales history in area, sales price per square meter etc for the specific property in question. This Computer Aided Valuation (CAV) really helped in terms of giving you a idea of a market value.
This report cost about R40, which is about $6. Do you get anything similar in Australia?
Look forward to hearing from you.
Regards,
RobbieHi Robbiep,
I bought all my interstate properties sight unseen. Four in south Australia and one in Queensland.
Why? Apparently, I have a high tolerance for risk. Or maybe, I’ve got a loose screw in my head.
Angelina
Nothing wroing with that
I have done the same in South Africa. Of the 30 properties i bought, i only ever phsycally went into 2 of them.. and some of the properties were located 30 mins drive from my house!To answer my other questions, how did you go about valuating these properties?
Back home in South Africa, there was 3rd party sofware which would run reports on all the sales data in a specific area and gave you estimated market valuations based on the market, sales history in area, sales price per square meter etc for the specific property in question. This Computer Aided Valuation (CAV) really helped in terms of giving you a idea of a market value.
This report cost about R40, which is about $6.
Do you get anything similar in Australia?
Hi Robbie
Check out residex
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks!
Do you know how much they charge for online valuations?
I’m not sure. A few of us on here have subscriptions (so not sure about price per report).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi RobbieP,
I use the following –
http://www.domain.com.au – click on the property report tab at the top of the page
http://www.onthehouse.com.au and http://www.refindhouseprices.com – these I discovered while reading some of the posts here.
http://www.realestate.com.au – go to sold prices tab
I don't pay for reports. I just go to all available sources and make an educated conclusion based on all known facts.
Future property prices is dictated more on the basis of local government's short, medium and long-term plans; population growth, and infrastructure support rather than previous performance.
On the basis of this facts, I always refer to the Council websites to check on the local government's vision and plans for the future. Far thinking, progressive minded local goverment is what you need, not some bureaucrats stuck in the mud. i will give you an example: http://www.parracity.nsw.gov.au/
If you click on that link, you will find that Parramatta is engaged in a many council development including the arts. When I first arrived in Australia in 1991, the people in Parramatta were all battlers who only worried about day to day activities, pay check to paycheck. Now, they are a gentrified bunch.
You want to see VISION.
I hope this helps.
Angel
Thanks Angel, I agree with you about getting to know areas and market values.
If you wanted to view the previous sales in a certain block or complex, how would you be able to get this information and at what cost?
Get an iphone/Ipad and a free application called "Property Guide" by Commonwealth Bank.
It bases data on RP Data and offers free historical prices (depending on the applicable State Law).Maybe it's available as not just an app on other devices but with an iPhone you can simply point the phone at the building to get the information.
Interstings..
What sort of information can this application give you on a property?
Hi Robbie
If it helps, there’s a few more handy links on my company’s website – http://www.passgo.com.au/property-data-websites
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi,
The previous sale price can also misrepresent the true value of a property because it does not reflect costs of renovations (if the property has been renovated). It also does not show cost of fixing up any building (mis)compliance. It does not reflect changes in zoning, changes in demographics, etc which we all know affects property prices.
I suppose all I'm saying is you don't necessarily need an app that tells you what the previous sale price was, especially if it would cost you money. there are lots of freebies around, which when used in an integrated manner, will give you a far better picture.
At any rate, if it would give you peace of mind, keep looking for it.
This is all for now.
Angel
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