Property websites over-estimating asking price?

niamh8888

anybody been following this thread on 'thepropertypin'. is this paranoia or is this a deliberate ploy?


http://www.thepropertypin.com/viewtopic.php?f=10&t=45146

StillWaters

A deliberate ploy by whom? And for to end?

Zamboni

If you have a good look through both databases you can find a number of these entries.
Charlie Weston won't notice them though...
Always take Daft and myhome reports and journalistic interpretations with a large dose of salt.
The reports are based upon data which is entered by paying vested interests.
Both are wide open to full scale manipulation.

scrawnybawny

StillWaters wrote: »

A deliberate ploy by whom? And for to end?

agencies with a vested interest in the property market, who want to over-estimate average asking prices, suggesting the market is bouncing back.

the_syco

Someones trying not to let people see he is selling the place, it would seem. Maybe he has guests booked and doesn't wish to cancel their bookings, or something else?

scrawnybawny

The reports are based upon data which is entered by paying vested interests.
Both are wide open to full scale manipulation.

well i know any trends in asking price are not the most enlightening piece of information one would ordinarily have at one's fingertips but given the lack of other databases in the country, it is unfortunately one of the ways that many people would attempt to judge where any given market is going.
A ploy like this is likely to lead many of these people (albeit of their own will) into purchasing a house out of fear that prices are 'on the bounce'
-seems like a pretty cheap trick to me if it is indeed what is going on here and will simply add to the disillusionment of many would be buyers.

StillWaters

But any reputable research would not just do a sum of the asking prices on myhome.ie. They would use stamp duty data surely.

strandroad

StillWaters wrote: »

But any reputable research would not just do a sum of the asking prices on myhome.ie. They would use stamp duty data surely.

I agree, but the likes of reports in the papers usually refer to Daft/MyHome asking prices. Usually in statistical research extremes are dropped but I'm not sure how professional authors of these are.

Villa05

Have noticed that the indo has disabled the comments section on any piece they write talking up the property market

StillWaters

I'm not convinced, I think it's with moon landing conspiracy stuff. I think it's just a software glitch.

Zamboni

StillWaters wrote: »

I'm not convinced, I think it's with moon landing conspiracy stuff. I think it's just a software glitch.

It is hardly tinfoil hat level to assume that the paying vested interests are tinkering with data to skew reports from a couple of small national websites :rolleyes:

You have the pleasure of being the first poster on whom I have ever felt the urge to use the roll eyes smiley.

Moonbeam

In the uk the selling prices of houses is published and common knowledge and until that happens here then advertised prices will not. Correspond with reality.

StillWaters

Zamboni wrote: »

You have the pleasure of being the first poster on whom I have ever felt the urge to use the roll eyes smiley.

Erm ok....

Please point me to a piece of research, or even an opinion piece that takes the average asking price for a house in Dublin/Ireland, and draws conclusions from that....

Meanwhile, back from la la land

From CSO

The RPPI (residential property price Index) is compiled using data on mortgage drawdowns provided on a monthly basis by 8 of the main Mortgage Lending Institutions under Section 13 of the Housing Act (2002). This data provides details on the characteristics of properties bought (such as building type and size) as well as the price paid. .....
The CSO has conducted an initial preliminary analysis of Stamp Duty returns (ST21 returns) to the Revenue Commissioners. As all transfers of residential property require that a Stamp Duty return is made, this analysis allows us to estimate the total size of the residential property market (excluding
the construction of self-build houses).

Zamboni

StillWaters wrote: »

Erm ok....

Please point me to a piece of research, or even an opinion piece that takes the average asking price for a house in Dublin/Ireland, and draws conclusions from that....

Meanwhile, back from la la land

From CSO

The RPPI (residential property price Index) is compiled using data on mortgage drawdowns provided on a monthly basis by 8 of the main Mortgage Lending Institutions under Section 13 of the Housing Act (2002). This data provides details on the characteristics of properties bought (such as building type and size) as well as the price paid. .....
The CSO has conducted an initial preliminary analysis of Stamp Duty returns (ST21 returns) to the Revenue Commissioners. As all transfers of residential property require that a Stamp Duty return is made, this analysis allows us to estimate the total size of the residential property market (excluding
the construction of self-build houses).

Just a couple of things there...
Why should I back up something I never claimed?
What the feck do CSO and the RPPI have to do with this thread?
What the feck are you on about?

StillWaters

You claimed over priced property was being placed on websites in order 'to skew reports'. I simply asked if you could point me to one of those reports.

I pointed out how house price data is really mined i.e. mortgage draw downs and stamp duty.

strandroad

StillWaters wrote: »

Erm ok....

Please point me to a piece of research, or even an opinion piece that takes the average asking price for a house in Dublin/Ireland, and draws conclusions from that....

This one for example, and there's plenty more Google returns for "average asking prices daft myhome":
http://www.irishtimes.com/newspaper/finance/2012/0103/1224309734813.html

BTW I agree with you that a conspiracy with this house is unlikely (to put it mildly).

seamus

Very common to list a property like this to get more interest in it. During the boom years, any search for Dublin on Daft would bring up a load of 2-bed apartments in Bulgaria.

The mis-listing is intentional on the part of the EA, but it's nothing to do with screwing with asking prices. Any report which analyses the asking prices will examine the data to eliminate outliers - properties like this with insanely high prices, and also properties with insanely low prices (like €10).

Zamboni

StillWaters wrote: »

You claimed over priced property was being placed on websites in order 'to skew reports'. I simply asked if you could point me to one of those reports.

Take your pick.
http://www.daft.ie/report/

Zamboni

seamus wrote: »

The mis-listing is intentional on the part of the EA, but it's nothing to do with screwing with asking prices. Any report which analyses the asking prices will examine the data to eliminate outliers - properties like this with insanely high prices, and also properties with insanely low prices (like €10).

You would hope.