From the presentation presented by Allen Teale on RP data, I discovered it is important as it allows critical understanding on the property market relevant to sales providers and provided a platform for all information to appear at the same level.
RP data open doors to property data that helps over 100,000 people to decisions everyday. The data provided are updated daily through internal systems including CRM, sales reports by agents, Australian Property Monitors, Price Finder, and media research. The reason is to compare and complete the data from different state and suburbs to prevent from any holes.
The data mainly provides information on the ownership, recent sales, listings, pictures and history, which covers 98% of properties in Australia. It is also due the adaptation of internet, properties are being mostly exposed through online sources. RP data is independent of real estate, media and banking interests making sure it is operating a fair and trust worthy basis. On the other hand, RP data knows that to ensure the efficiency and consistency of, RP Data’s collection, analysis and research methods have to be audited regularly.
Some areas of information are shown below:
Statistical calculation obtained from the site:
DO remember to double-check!
The data may have an error at times… For instance, in this property, it is listed as a unit in a complex, however, as you can tell it is a garage at the end. This occurs because people make mistakes when entering information into the system.
RP data vs Valuation
There has been a rising concern of electronic valuer reviews (EVRs) and automated valuation models (AVMs) as 95,000 reviews are being ordered online every month by financial institutions for loan approvals. However, the executive general manager Craig Mackenzie explained the services (short form valuation reports) were not designed to fully replace professional valuation services, it is to help consumers to find the information they require and it is up to the people to decide what valuation they decide.