Consumer Affairs Victoria (CAV) has announced that it will start publishing property sales data on its website in order to help keep prospective buyers and sellers informed. The information published will include:
* data sources for property prices;
* calculators that can make estimates of the prices of individual properties based on comparable sales;
* guides on to how to use pricing information; and
* tips on a range of matters relevant to buying and selling property.
This information can help you set an asking price for a real estate you are selling, or to decide how much to offer for a property you are interested in buying, based on the selling price of similar properties in the same suburb or surrounding area. Suburb sales reports generally provide historical sale prices for an area for the last 12 months, although some reports have up to five years of sales data.
There are two types of reports:
* suburb reports listing sales for a single suburb
* postcode reports listing sales for all suburbs in a postcode.
Suburb sales reports list auction and private sale prices for houses and units, along with addresses and sale dates. A report may also have information about the:
* size of the house or unit – number of bedrooms and/or bathrooms
* land size, use and zoning
* capital growth and current price estimates
* median prices and trends.
Reports may not be available for all suburbs or postcodes and there may be a limit on the number of properties included.