Propstats residential data system offers a new service

The PropStats residential property information database compiled by the Western Cape’s Institute of Estate Agents has been expanded to enable subscribers to search for information via specific names.

Explaining how this works, Annette Evans, PropStats Manager, said that supposing an agent wants to find out the latest prices achieved in an area, e.g. Edward Road, Northshore, Hout Bay, he or she would simply type in the name Edward and the system would then offer a choice of properties or roads with that name in the Western Cape.

The agent would then select Edward Road, Hout Bay and would be given a list of all sales made within the dates specified in the search criteria – along with a description of the home, the date on which the sale was achieved and the date it was registered.

Other data supplied would be how long the home had been on the market, the method by which the sale was achieved (e.g. by show house or personal visit), the issue of the bond finance and the difference between the asking and the achieved price.

Evans said that several of SA’s banks and the Institute of Valuers will now be using the system. It is also being increasingly used by developers, accountants and attorneys.

PropStats’ information is not at present available to the general public. However, the institute is looking at initiating a one off fee for access to specific information. Members of the Institute and others such as bond originators, who pay a fee of R45 per month have access to all data at any time – and have testified that it is a useful tool in helping to establish an accurate value for a home. Others who try to gain access without first becoming subscribers will find that the site is blocked.

Evans commented that with the onset of winter – and possibly, the World Cup – sales appear to be levelling off slightly after the upswing of February/March and April. However the consensus of opinion at the Institute is that by the end of this year there will have been an 8% upturn in prices.

Article by: www.ieasawcape.co.za