Sunday, 11 September 2011

Tracking Real Estate prices

Google's ability to search within a date range, along with WebArchive, adds an extra dimension to tracking real estate prices. In September 2009 I noticed an advert for 92 Amethyst Crescent in Mount Richon. Although it looked like a very nice house, $1,995k for a house just outside Armadale seemed completely over the top.

It's now late 2011 and this house has still not sold. It's on the market, with the same agent, for $1,195k. There is no mention of this $800k "fire sale" price reduction in the advert. And I'm surprised that the owners stuck with the original agents; how is possible to get the price wrong by so much? Don't say market forces or GFC; this price was clearly wrong back in 2009.

1 comment:

  1. Don't you read the Sunday Times? Apparently someone has predicted that real estate prices are all set to take off again this year.

    Mind you, if you were diligent, I bet you could go through their back issues and find the same story in 2010, 2009, 2008.....