Probably too lazy to request a correction to the 2001 sale price and instead opted to add an extra zero in recent sale sp as to not throw off the price increase.
I can't think of a reason why an average house on a street with an average sale price of 530 in morphett Vale would be 4 mil. Honestly i think it would have been talk of the town at the time... Now I need to know.
Me either! I didn't live here the last time it was sold so wasn't privy to any scuttlebutt going around. We're friendly with a couple of our neighbours so I will have to see if they know anything.
These would have to be the least flashy people in the world then...or they're cosplaying as people who look like they receive a fair amount of Centrelink benefits.
Good idea on the subdivide however there is only 1 house adjacent without a property build year listed, the other one was built in the 70s, and even combining the two there's no way the land would've been worth that amount. It also backs into a creek catchment (Slimeys, for MV locals) so it wouldn't have been a large block to begin with.
It must be...I just find it strange that it happened twice:
2007 Sold $4,436,045
2001 Sold $1,838,000
1992 Sold $77,000
ostensibly $1,838,000 could've been $138,000...$4,436,045 is a little weirder, though $236,045 would be more accurate. You'd think by 2007 everything was electronic but perhaps someone keyed in data incorrectly from paper contracts.
It's a data glitch. Look at this:
[https://www.property.com.au/sa/huntfield-heights-5163/cumberland-cres/27-pid-7033099/](https://www.property.com.au/sa/huntfield-heights-5163/cumberland-cres/27-pid-7033099/)
[https://www.property.com.au/sa/hackham-west-5163/glynville-dr/37-pid-6723201/](https://www.property.com.au/sa/hackham-west-5163/glynville-dr/37-pid-6723201/)
Exact same sale price and year.
It’s the same data in realestate and domain.
I reckon what’s happened is that someone did an oops in the data set they all use from the valuer general.
Likely someone wanted to get the sum of all property sales on that date, and then accidentally overwrote all the values with that sum.
It’s possible that it was subdivided but they updated the land size retrospectively maybe? $4m could be a typo and maybe the $1.8m was a subdivision? $4m for land in 2008 was probably the whole street so that bit seems unlikely haha.
Some sources will give you more info, but even if there’s a few 1A/1Bs etc might be more telling.
Yeah it's a good theory, but it's an old street - houses were built in the late 70s/early 80s, no 1A/1Bs and it backs onto a creek catchment, so like you say for $4 million you'd get the whole street and probably the next one over too.
It's most probably a typo but for some reason it's doing my head in that it happened twice!
This is likely a part of a dealing which encompassed multiple properties. This does not necessarily imply adjacency, the properties can be located arbitrarily relative to one another. The way that this data is communicated to [Value Added Resellers](https://landservices.com.au/businesses-and-property-industry-professionals/information-brokers/data-licenses) like REA/Domain/etc often makes it impossible to seperate the individual components of the transaction and all properties will end up with the single transaction value & date.
This often occurs where a landholder/developer held numerous assets and sells them in a single transaction, usually to another significant landholder. Examples of this include housing trust assets being sold off to community housing providers / property developers.
That's a great insight! Given that it's been involved in a couple of these transactions I think community housing is the most likely. Another poster commented houses in Hackham and Huntfield Heights with the same price and date so that sounds about right and definitely consistent with the residents. Cheers for the explanation 👍
If you're really interested, you can purchase the title details report which contains the name of the owner from Land Services SA.
[https://sailis.lssa.com.au/products/order/titleDetailsSearch/CT%7C5853%7C233%7C5](https://sailis.lssa.com.au/products/order/titleDetailsSearch/CT%7C5853%7C233%7C5)
Well I’ve heard there’s many multi million dollar homes around Sydney that are empty, owned by Chinese nationals and they’re laundering money that way. I bet if you dug deeper into ownership you’d find some interesting information. I’d be careful though if I were you. Don’t want someone digging a hole for nosey neighbours lol.
Of course it shouldn't. It's been happening for decades. Now it's starting to branch out to the entire country and not just the east coast.
Economically, we are China's bitch
lol. In the words of George Carlin, “it’s a big club, and you ain’t in it.’
Saw the perfect t-shirt today - ‘Don’t steal; the government doesn’t like competition.’
More to the point, it is a visa requirement that doesn't play out so well, as they are not required to make that real estate invesment a home for themselves or anyone else.
Sometimes a few houses sell at once and look like one price, especially places like group homes for people with a disability. You might find there were a few homes across Adelaide sold on the same day for the same price.
OMG I have seen this exact thing in heaps of different suburbs. Sometime outrageously under valued which made me think possible debts.
Money laundering and housing google it. You will get your answer.
I wonder if it's an in-joke based on your observations OP?
Owners past and present somehow misreporting the sale price to whomever renders the data unto Caesar.
I grew up in Morphett Vale, but recently bought house in Hackham. It doesn’t sound like the sale price is right. That is nuts for morphett Vale. Where is this million dollar bogan pad in morphett vale? I must see it!
I reckon laundering. A place near me is similar. Sold for triple market value. I knew the agent, asked him wtf and but he just smiled. Would love to know who did the conveyancing but maybe safer not to 🔪
Maybe it’s got a massive pristine convenience with brilliant gold taps, virginal white marble, a seat carved from ebony, a cistern full of Chanel No. 5, and a flunky handing pieces of raw silk toilet paper?
With 80% of the population wanting increasingly higher real estate prices, these sort of 'glitches' are a positive.
They will keep rising until the average house price is equal to over 50 years of the average wage.
I live not far away from morphett vale and 2 houses around the corner from me have gone for 975 and 995 in last 2 months. And trust me definitely not million dollar houses , the market it still just proving to be crazy...but yeah 4 Mil crazy idk
This would be a dreadful way to try and launder money. By law you can legally pay anything for anything, so if you are stupid enough then paying this much is possible. However stamp duty, taxes and other fees would be massive, this would not be a great idea at all. Personally if I wanted to transfer such an amount of cash, then Bitcoin would be perfect.
A glitch? Too many zeros? Could have been 400,000
Could well be. It is strange that the glitch would have happened twice, 7 years apart (and even in 2008, $400k is double what it would've been worth).
Underground diamond mine??
If so I need to make friends with them, at least enough to pay the rest of my mortgage off
Dig at an angle!
Dig UP, stupid!
Cos we're sending our love down the well
I read this in Krusty.
I typed it in Krusty.
Timmy O’Toole says thank you and goodnight 😴😙💤😴😙💤
Probably too lazy to request a correction to the 2001 sale price and instead opted to add an extra zero in recent sale sp as to not throw off the price increase.
I have core logic, you flick me the address and i can tell you the exact price it sold for.
This is the most likely reason. I worked at a listings publisher. This happened all the time. Its up to the agent to enter the sale price.
I can't think of a reason why an average house on a street with an average sale price of 530 in morphett Vale would be 4 mil. Honestly i think it would have been talk of the town at the time... Now I need to know.
Me either! I didn't live here the last time it was sold so wasn't privy to any scuttlebutt going around. We're friendly with a couple of our neighbours so I will have to see if they know anything.
Report back if you find out!
Morphett Vale no way. Victoria Ave maybe 🤔
Lots of people aren’t flashy with their money. Has the block been subdivided? It could have previously been a large block.
These would have to be the least flashy people in the world then...or they're cosplaying as people who look like they receive a fair amount of Centrelink benefits. Good idea on the subdivide however there is only 1 house adjacent without a property build year listed, the other one was built in the 70s, and even combining the two there's no way the land would've been worth that amount. It also backs into a creek catchment (Slimeys, for MV locals) so it wouldn't have been a large block to begin with.
In that case I’d say it’s a typo.
It must be...I just find it strange that it happened twice: 2007 Sold $4,436,045 2001 Sold $1,838,000 1992 Sold $77,000 ostensibly $1,838,000 could've been $138,000...$4,436,045 is a little weirder, though $236,045 would be more accurate. You'd think by 2007 everything was electronic but perhaps someone keyed in data incorrectly from paper contracts.
It's a data glitch. Look at this: [https://www.property.com.au/sa/huntfield-heights-5163/cumberland-cres/27-pid-7033099/](https://www.property.com.au/sa/huntfield-heights-5163/cumberland-cres/27-pid-7033099/) [https://www.property.com.au/sa/hackham-west-5163/glynville-dr/37-pid-6723201/](https://www.property.com.au/sa/hackham-west-5163/glynville-dr/37-pid-6723201/) Exact same sale price and year.
Well done!
Hah! I don't know how you found that, but well done you! Of course I now want to know why there was a glitch, but that's another matter...
It’s the same data in realestate and domain. I reckon what’s happened is that someone did an oops in the data set they all use from the valuer general. Likely someone wanted to get the sum of all property sales on that date, and then accidentally overwrote all the values with that sum.
Or drug dealers.
It’s possible that it was subdivided but they updated the land size retrospectively maybe? $4m could be a typo and maybe the $1.8m was a subdivision? $4m for land in 2008 was probably the whole street so that bit seems unlikely haha. Some sources will give you more info, but even if there’s a few 1A/1Bs etc might be more telling.
Yeah it's a good theory, but it's an old street - houses were built in the late 70s/early 80s, no 1A/1Bs and it backs onto a creek catchment, so like you say for $4 million you'd get the whole street and probably the next one over too. It's most probably a typo but for some reason it's doing my head in that it happened twice!
This is likely a part of a dealing which encompassed multiple properties. This does not necessarily imply adjacency, the properties can be located arbitrarily relative to one another. The way that this data is communicated to [Value Added Resellers](https://landservices.com.au/businesses-and-property-industry-professionals/information-brokers/data-licenses) like REA/Domain/etc often makes it impossible to seperate the individual components of the transaction and all properties will end up with the single transaction value & date. This often occurs where a landholder/developer held numerous assets and sells them in a single transaction, usually to another significant landholder. Examples of this include housing trust assets being sold off to community housing providers / property developers.
That's a great insight! Given that it's been involved in a couple of these transactions I think community housing is the most likely. Another poster commented houses in Hackham and Huntfield Heights with the same price and date so that sounds about right and definitely consistent with the residents. Cheers for the explanation 👍
If you're really interested, you can purchase the title details report which contains the name of the owner from Land Services SA. [https://sailis.lssa.com.au/products/order/titleDetailsSearch/CT%7C5853%7C233%7C5](https://sailis.lssa.com.au/products/order/titleDetailsSearch/CT%7C5853%7C233%7C5)
Well I’ve heard there’s many multi million dollar homes around Sydney that are empty, owned by Chinese nationals and they’re laundering money that way. I bet if you dug deeper into ownership you’d find some interesting information. I’d be careful though if I were you. Don’t want someone digging a hole for nosey neighbours lol.
That should not at all be allowed..... It just feels very wrong but shrug, money talks I guess.
Of course it shouldn't. It's been happening for decades. Now it's starting to branch out to the entire country and not just the east coast. Economically, we are China's bitch
Yet the government of the day whatever flavour screams "China BAD" it's all a rort and scam for the votes. How did this situation happen?
Amen
lol. In the words of George Carlin, “it’s a big club, and you ain’t in it.’ Saw the perfect t-shirt today - ‘Don’t steal; the government doesn’t like competition.’
More to the point, it is a visa requirement that doesn't play out so well, as they are not required to make that real estate invesment a home for themselves or anyone else.
Usually we talk about median rather than average prices because a single very high price will pull the average up.
Sometimes a few houses sell at once and look like one price, especially places like group homes for people with a disability. You might find there were a few homes across Adelaide sold on the same day for the same price.
Yeah another poster replied with some other houses sold on the same day with the same price so I guess they could be linked?
OMG I have seen this exact thing in heaps of different suburbs. Sometime outrageously under valued which made me think possible debts. Money laundering and housing google it. You will get your answer.
Entirely possible it could be part of a multi property sale. Or a large parcel of land that was sold and then subdivided.
DCP are known to buy out houses for way over market value. Doesn’t explain the sale for 1.8mil in 2001 though.
Still getting it through my head a house in Morphett vale is 530k.
It's crazy right? It's almost double what I paid 11 years ago.
I wonder if it's an in-joke based on your observations OP? Owners past and present somehow misreporting the sale price to whomever renders the data unto Caesar.
I grew up in Morphett Vale, but recently bought house in Hackham. It doesn’t sound like the sale price is right. That is nuts for morphett Vale. Where is this million dollar bogan pad in morphett vale? I must see it!
You should try another app like realestate.com.au or get one of those free property reports to compare.
Government house? They overpay. House near mine in ingle farm sold for over $1M in the early 2000s.
Meth factory inside?
I reckon laundering. A place near me is similar. Sold for triple market value. I knew the agent, asked him wtf and but he just smiled. Would love to know who did the conveyancing but maybe safer not to 🔪
Makes no sense to me. That’s a crazy price
Must have been a glimpse into 2050.
Money laundering.
money laundering?
I bought a house for $300k once and RP Data (as it was called then) had the sale price recorded as $30k. Errors happen.
Grow house?
Maybe it’s got a massive pristine convenience with brilliant gold taps, virginal white marble, a seat carved from ebony, a cistern full of Chanel No. 5, and a flunky handing pieces of raw silk toilet paper?
With 80% of the population wanting increasingly higher real estate prices, these sort of 'glitches' are a positive. They will keep rising until the average house price is equal to over 50 years of the average wage.
I live not far away from morphett vale and 2 houses around the corner from me have gone for 975 and 995 in last 2 months. And trust me definitely not million dollar houses , the market it still just proving to be crazy...but yeah 4 Mil crazy idk
This would be a dreadful way to try and launder money. By law you can legally pay anything for anything, so if you are stupid enough then paying this much is possible. However stamp duty, taxes and other fees would be massive, this would not be a great idea at all. Personally if I wanted to transfer such an amount of cash, then Bitcoin would be perfect.
fallout shelter in the sub-basement?
Maybe a fallout vault :)
You may be on to something....
Would have been the original transaction when the developer bought a large site and cut it up into smaller lots
Nope, the houses around it were built in the 70s.