Property Reports 101: What is “Postcode Sales History Report”?

by Chris Lang on March 26, 2010

Suburb View Those of you who had a look at the property reports websites know that some of them call it a “Postcode Report”. You could also have noticed that there’s another similar report, named “Suburb report”.

In case you were wondering, yes, there is a difference between “Suburb report” and “Postcode report”, and the reason why “Suburb report” is normally cheaper is because it can have less data than “Postcode Report”. In many cases Postcode report includes quite a few suburbs, all sharing the same postcode, whereas Suburb report will include only one suburb.

For example Postcode Report for 3196 will include suburbs Bonbeach, Chelsea, Chelsea Heights and Edithvale because they all share the same postcode. But if you were to buy a report for Chelsea, it would not include even the adjacent suburb Chelsea Heights.

I recon that for the $10 difference Postcode report is a better buy, because it will give you a bigger and clearer picture. You might even see that there are better opportunities in another suburb nearby that you didn’t consider before.

What’s inside?

First, there are 2 kinds of Postcode reports – 12 and 24 months of data – and, of course, the price is higher when more data is included.

Property-specific information

You will find a list of all the sales in the last 12 or 24 months, specifying:
– Property address (just a street name, not even a house number in Victoria)
– Type of the house / land (detached, semi-detached, hobby farm, etc)
– Sale price
– Sale date (just month and year for Victoria, not the full date)
– Estimated area (land)

Some providers will include information about the number of bedrooms / bathrooms / parking spaces in each sold house, others won’t. In some reports you will find whether the houses were sold by auction / private sale.

What can I do with this information?

If you are too busy to be to gathering this data on your own, looking through the latest auction results, this report saves you time. Or if there are no auctions in the suburb of your choice, this is your only way of knowing prices of the houses that were sold via private sales. Although some information about private sales is available online for free, it is very limited and won’t give you a clear picture.

Having the list of real sales figures in the suburb/postcode you can work out the gap between the asking price and the sale price, and therefore estimate how much you will REALLY have to spend, as advertised prices can be under-quoted or over-quoted.

You can see what locations / suburbs are more expensive than the others, and direct your search towards areas you can afford. This will save you time, money and your search will be focused (as opposed to you looking for properties all over the place and feeling overwhelmed).

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{ 2 comments… read them below or add one }

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