Residential property data providers have come under criticism for wide ranging differences in house price values.
Victorian planning minister Justin Madden said there is “an astounding array of different figures on house prices that all conflicted with each other”, The Australian Financial Review reported today.
According to Mr Madden, the only reliable source of property prices in Victoria is the state’s valuer-general.
He also cast doubt over other methodologies used to produce house price values.
RP Data research analyst Tim Lawless said the range of values was confusing but that it came down to different methodologies rather than misleading ones.
“I’m the first to agree it’s very confusing,” Mr Lawless said.
“It’s not really due to any of the data providing wrong or misleading figures, but comes down to different methodologies, different geographic boundaries being used and different time boundaries,” he said.
Who do you aggregate through?
Thank you for your vote, you can see the results here.
A former lending officer has been sentenced in court after pleadi...
ARNECC has advised that it has reassessed its proposed amendments...
A non-major lender has announced changes to its pre-approval proc...