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            What are the various Council sales types?

            According to Local Government (Rating) Act 2002 all sales transactions 

            Needs to be notified to the relevant Territorial Authority (Local Council) as these sales records form part of the next Rating Valuation assessment.

            Each sale record will be classified by the Council using a combination of Sale Type*, Sale Tenures and Price/Value Relationship codes.

            The vast majority of transactions are 'standard sales' - a single freehold property sold to a third party at market price. This is classified as "S11", as shown below:


            All of the codes used by the Council are shown below, along with explanations for their use:

            Examples of Sales Types (* = S,M,X,P see table above)

             

            *11 - Freehold, Market Index that can be matched with property Capital Value

            Most property transactions fall into this category - the sale of a single property on a freehold section between two unrelated parties

            *12 - Freehold, but the price does not match the property's Capital Value.

            e.g. When the sale price is more or less than 20% (percentage may vary for different councils) of the Capital Value the sale is classified as S12. This is so that unusual sales do not affect the calculations for general valuations.

            *12 Classifications are temporary classifications requiring reviews.

             

            *13 - Freehold, Non-arm's length and can never match the property Capital Value

            e.g. the sale of a single family house on freehold land into a family trust entity for $1.

            159,000 transactions in our database

             

            *21 - Leasee's interest, Market Index that can be matched with property Capital Value

            e.g. the sale of a single property on leasehold land to an unrelated third party. Leasehold land is typically land owned by a council, Crown entity or a charitable trust.

             

            *22 - Leasee's interest, but the price does not match the property Capital Value

            e.g. the sale of a single property on leasehold land for twice the current council Capital Value of the property. This high ratio of sale price to Capital Value suggests that the council records for the property are out of date.

            2800 transactions in our database

             

            *23 -  Leasee's interest, Non-arm's length and can never match the property Capital Value

            e.g. the sale of a single family house on leasehold land into a family trust entity for $88.

             

            *31 -  Unknown percentage share, Market Index that can be matched with property Capital Value

            e.g. the sale of a husband's 50% interest in a single property on freehold land to an unrelated third party. 

             

            *32 - Unknown percentage share, but the price does not match the property Capital Value

            e.g. the sale of a husband's 50% interest in a single property at 200% of Capital Value on freehold land to an unrelated third party. 

             

            *33 - Unknown percentage share, Non-arm's length and can never match the property Capital Value

            e.g. the sale of a husband's 50% interest in a single property to his wife as part of a divorce settlement for $1.

             

            *41 - Market Index that can be matched with property Capital Value

            e.g. the sale of a lessor's interest (ie the land not the building) of a single property on leasehold land to an un-related third party. 

             

            *42 - Other, but the price does not match the property Capital Value

            e.g. the sale of a lessor's interest (ie the land not the building) of a single property on leasehold land to an un-related third party for 200% of Capital Value. 

             

            *43 - Other, Non-arm's length and can never match the property Capital Value

            e.g. the sale of a lessor's interest (ie the land not the building) of a single property on leasehold land as a transfer from a charitable trust to one of the trust's beneficiaries for $100. 

             

            As well as Council Sales Types we also get sales records supplied by Real Estate Agents

            ASR - Agent Sales Record. This record has been supplied to us by the Real Estate Agent(s) involved in the transaction. This is where the purchase agreement has gone unconditional, but has not necessarily settled. Once the public record has been received by us from the relevant Council, the price and sale type will be updated. (the ASR code will change so S11 or other Council Sale Type) 

             

            Note:
             We do not display the sale price for a sale event before we are notified by the relevant local council unless the real estate agent involved has confirmed that the sale price can be shown.  Once the sale event has been processed by the council, the sale price becomes part of the 'public record' and at that point, we will display the sale type and sale price.


            Updated: 30 Jan 2018 04:27 AM
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