Checking the recently sold properties in the area is really useful in generating your feasibility study. This will serve as your basis when it comes to numbers.
To find comparable sales from your search, follow these steps below:
Select on the property you'd like to search its comparable sales.
On the left hand side of your Stash page, you will see its property details.
Simply click on 'Comparables Sales' under Research Property section.
4. You can also filter your search by clicking on the drop-down menu beside Type, Beds, Baths, Cars, Period and Radius. Once done, hit the SEARCH button to apply chosen filters.
5. The comparable sales results will automatically appear on your screen. The red dots with prices are the comparable sales results from your search.
7. You may also sort your search by property price, area and sold date by clicking on the 'Sort By' drop-down menu.
8. By default, all properties from your comparable sales search results are selected. You may untick the checkbox if you want to remove it from your comparable search results. Notice that the Median price ( $____) will change its price once you've unticked the checkbox of the property.
9. You may also save your comparable sales search result in your Stash Property account by clicking the 'SAVE COMPARABLES' option and you can always retrieve the saved results.
Note: Please make sure to stash the property so you can retrieve the property easily.
Question 1: How do the comparable sales generated in Stash?
Answer: Our comparables sales are generated based on sales for the past 12 months within 5 km. radius. Here is some additional information about Stash's Comparable Sales:
1. It performs a Comparable search using the following criteria:
5 km radius,
a limit of 100,
area < 1,000 sq. m. (we take similar properties sold with an area of +/- 5% and if there are not enough results, we bump it to 10%, then 20%, and so on until 50% (Note: Only 10+ results are taken to account), and
area >= 1,000 sq. m. same as the information above but we start with a +/- 20% area difference (Note: Only 3+ results are taken into account)
Question 2: How do you calculate the purchase price?
Answer: The purchase price is based on (median/average sq.m.) x property area
Also, the Comparable is then saved in the Stash database and can be viewed via that Report Link (so the user can check which properties were used in the comparable.)
You may also populate feasibility results using your comparable sales results. Click on the article below: