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Oct 01 2010

RPData Property Values


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Other than the Australian Bureau of Statistics, one of the most common sources for Australian Property values is RPData.com, who quote the following data source records, as at 1 July 2010:

over 150.7 million Property Data Records
over 35.2 million Property Records
over 29.4 million Attributes/Features
over 30.2 million On the Market

As an example of the free data that they provide to the public, here are two charts from 2010.

June 2010 Median Property Prices

June 2010 RPData

RPData Aug 2010 Median Property Prices

Aug 2010 RPData

From these two charts, you can see that Sydney has dropped from $512,000 to $505,000 between the June 2010 quarter and the August 2010 quarter.

These charts of course also show the annualised figures for increases in each area, with Melbourne still showing a 13.2% growth for the year.  Brisbane and Perth however, are both showing under 1% growth for the year ended August 2010.

Median Property Values, what are they ?

Changes in median property values do not necessarily indicate that PRICES have actually changed by those figures.  It could indicate a change of the type of buyers.

Two extreme examples to indicate the reasoning to people:

Example ONE

5 houses sell in QTR 1:

$200k, $350k, $400k, $450k, $600k
The median price is the middle one, ie: $400k

Property prices rise by 10%, and in the next period 5 similar houses again sell:

QTR 2:$220k, $220k, $385k, $495k, $660k
The median price, always being the middle one, is now: $385k

A drop from $400k to $385k even though actual prices went up by 10%.  The cause of the difference being that more of the lower price range properties sold.

Another example, the other way round:

Example TWO

5 houses sell in QTR 1:  $200k, $350k, $400k, $450k, $600k
The median price is the middle one, ie: $400k

But prices drop by 20%, so the above group of houses are now worth ($160k, $280k, $320k, $360k, $480k), and some first home buyers jump at the lower prices to get a bigger house.

QTR 2: 5 houses sell for: $160k, $280k, $480k, $480k ,$480k

The median price, always being the middle one, is now: $480k.

Even though actual prices have dropped by 20%, the Median price has risen by 20%.

This should always be considered when looking at median prices.

A more recent example of RD Data values is:

RPData April 2011

April 2011 RP Data



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