Good day! My name is Ben Everingham and today we’re gonna talk about how to find comparable property sales data, or sales history data, online.
Hey there! My name’s Ben Everingham and I’m the director here at Pumped On Property, a buyers agent with offices on the Sunshine Coast in Queensland, and in Sydney. Today we’re gonna talk about how to find comparable property sales data online for free, and online through some different paid sources. So I’m excited about today’s video because sales history data, I suppose, gives you the edge in terms of buying under market value properties. And it also gives you the edge in terms of identifying where the market value sits and what other properties have sold for in the street, in the suburb and in the market place over a period of time, so that you could make better and more educated decisions, in terms of what it is your buying, and really begin to map a suburb out before you buy in it.
We probably spend more time in the sales history data than anything else. It’s by far the number one way that we make decisions when we’re buying properties, and it allows us and enables us to benchmark certain properties against others to begin to see value so that we can obviously buy the most affordable property with the most potential, at the right suburb, at the right time.
So before we get started in today’s video, I thought it would be good to take a step back and go ‘what actually is sales history data?’. Sales history data is very simple. It’s basically the sold prices, that properties have sold for, in a particular area over a particular period of time. So let’s say there’s a hundred and fifty sales in the suburb over a twelve month period, it’s just all of the sales that occurred. So it’s got information about, for example, the house, the land size, the type of property and what it sold for. And that is invaluable data to be able to access, because it enables you to understand ‘well, if this property is listed at 500K, is that listed at the right price? Or is that below the market value? Or is it above the market value?’. It begins to enable you to benchmark, what are suburbs worth based on sales, not so much what agents are trying to sell stuff for, which as we all know, they generally list higher in most areas in Australia.
So in terms of, I suppose, why it’s important as an investor and important to you. It enables you to make better decisions in terms of… If you understand that you could buy a three bedroom, one bathroom home for 400K, but four bedroom, two bathroom homes are selling for five hundred and fifty grand if they’ve been renovated and you can go, ‘well if I can pick it up at four hundred, spend fifty thousand dollars getting it to this level, I might be able to manufacture some value and some equity.’ or alternatively, ‘I’ve got four hundred grand to spend, I really want to buy a property that I could make some equity for my next deposit from. I’m gonna try and get something that is worth four hundred grand to the market for three hundred and seventy five. So I’ve made twenty five thousand dollars on the way in. And then maybe, in the longer term, when I get some more money, I could add some more value to that property through a conversion of bedrooms and bathrooms, or a renovation, or a granny flat, etc.’ whatever your strategy might be. But it’s very important and I spend almost all of my time in the sales history data. I’m obsessed with it, and I love it, and it’s a great way to benchmark.
So in terms of the ways to access it for free online, which unless you’re buying a significant number of properties every year like I am, for myself and my clients, free might be the only way to go. There’s a great real estate website called onthehouse.com, which you can just Google, and then you can punch in the suburb you’re looking to buy in. Let’s say you’re looking to buy in Narrabeen in the northern beaches of Sydney, you can type in onthehouse.com.au, put the suburb in, and a huge amount of properties that have sold in that area will be available for you to look at. It’s not every property, it’s just part of the picture. It might be anywhere between one third and two thirds of the market place. The data’s trickled back in onthehouse.com, but it does give you a good benchmark and a good place to start for free. realestate.com has really stepped up their game in terms of their sold data recently, and you can actually jump on the ‘Sold’ tab on realestate.com.au and type the suburb in, and have a really, really good look at what’s been selling. I’ve been noticing there bumping that up and up and up, more and more of the data is beginning to go in there, which is a fantastic resource. domain.com.au is also another good place to start. They’re putting in more and more sold data in there, as they see that need to share more information with people over time, as well.
So it’s kind of cool, realestate.com is getting some amazing features, at the moment. For example if you see a property that you like for sale, if you click on the real estate agent’s name, and it goes straight through to them and you can see how many and exactly what properties they’ve sold, and how many properties they’ve sold in that area in the last twelve months. So it’s really powerful data to begin to understand the backside of, you know, ‘is this a top performing agent? Do they sell a lot of properties in this area?’ If they’re not a top performing agent and don’t sell properties in this area, then you can begin to ask questions like ‘why did they get the listing? Do they really know the market well enough to get a premium from the property? Probably not.’ Then you can begin to use this data for negotiating better. The more you understand, the better the opportunity you’ve got to save some money.
If you’re more of an investor, looking to buy one or two properties over the next twelve months, or to build a bigger portfolio over time, which a lot of our clients do want to do and are doing, you might decide to pay for a subscription service for a period of time. So the subscription services that we subscribe to is RPData, I think from a sold history perspective and evaluation perspective, they’re absolutely invaluable. They are a little bit more expensive because they’re what every real estate agent in Australia uses, but they’ve got the best information on the backside in terms of what properties sold for, you can search it by street, you can search it by radius of a property you’re looking to buy, you can search it by suburb, you can go higher than that, you can actually pull evaluations on what they estimate the property to be worth before you buy it, and in that evaluation, it’ll have comparable sales based on their sold prices. So its a really, really good tool for that more sophisticated, professional investor.
RealEstateInvestor which went public in 2016 is another great resource. Again, for a monthly subscription, you can get access to all of the sold or sales history data, which is extremely helpful and we definitely use their evaluation and data, as well, in our business on a day to day basis. There’s also cheaper options like PropertyPriceFinder, where you can sign up for a month or you can sign up for a year. Again, it’s kind of like realestate.com, there’s a little bit of information in there. It’s harder to pull great reports, but you can definitely get access to that data. Something like that might also be helpful.
So I hope today’s video has given you some insight in terms of as to why it’s important to understand that data, and where you can find it for free, or pay online. Until next time, thank you so much for letting me talk about how to find comparable property sales data, or sales history data, for free and in paid sources online. Until next time, stay hungry!