News & Advice.
How to Do Effective Property Market Research.
Whether you are a first-home buyer or seasoned investor, when making any property purchase it’s vital to understand your own objectives, in tandem with thoroughly researching your chosen property market.
Here are three questions to ask yourself to help refine your search and maximise your chances of finding the most suitable property.
What are you looking for?
Before beginning your research, identify what you are looking for and write it down in a brief. Know your budget, establish your preferred location, list your requirements (e.g., number of bedrooms and bathrooms, land size, type of dwelling, yard size, design elements etc.), and note your areas for compromise—what you want on paper may not be realistic.
You can get lost in choice unless you set some clear parameters. Of course, you can change your mind, but knowing what matters most to you will allow you to start on the right foot.
Location is particularly important. You might find an extraordinary house, but the area may not match your lifestyle or needs. Online lifestyle platform Sitchu has a great suburb finder tool that can help you find a suburb based on your lifestyle and life-stage requirements.
Do you have a clear picture of the local property market?
Once you have a brief, focus your attention on understanding what is happening in the local property market. Take advantage of industry resources like CoreLogic or Domain to find insights for an area including current property prices and trends, types of properties available, demographics, suburb highlights and how long properties typically stay on the market.
Sign up for email alerts to help you stay on top of the market and read property magazines and the real estate section of newspapers.
Sitchu’s fortnightly print publication, Sitchu Magazine, also offers property advice, local and global listings plus curated premium lifestyle content.
Are you up to date with property market trends?
On top of learning about your local property market, staying up to date with the national market and property trends is essential.
According to The Australian Financial Review, the number of buyers looking for properties has increased by 10.6 per cent in the past few years. Property prices are dramatically increasing in regional areas. And rental yields are fluctuating across the country.
If you keep your eye on trends you will be better positioned to make the market work for you. Research and knowledge will ultimately get you the best outcome at settlement time.
The Maker Difference.
Researching the property market involves more than just stats and jargon; it is about knowing what you are looking for, learning about the local state of play, and making the best decision for you.
The ultimate key to understanding the market is enlisting professional support. Our buyer’s agents know the industry and have the network to offer you invaluable insights.
To learn more, view our services or contact us.