How to Research the Property Market to Buy
Let us walk you through how informed property market research can lead you to become a confident and informed buyer.
For a lot of young Australians the only thing we know about the property market is that it’s a terrifying, unaffordable place where your hopes and dreams of home ownership is haunted by the ghosts of avocado toasts past. We’re here to reassure you – it’s not quite as bad as all that.
So allow us to hold your hand as we walk you through our guide to how to research the property market.
Whether you’re a first time home buyer, an avid-investor or looking to up or downsize into a new home, the first thing you have to do is to research the fundamentals.
Researching the property market involves more than just stats and property jargon, it’s about understanding what you are looking for, learning about your local market, and making the best decision for you personally. There is no one size fits all guide for when, where or how to buy so finding the perfect situation for you and the perfect not to expensive, not too small Goldilocks property.
Know What You Are Looking For
When beginning your research, it’s important to have a firm idea of what you are looking for in both a location and a property. This is not to say that you can’t change your mind during the process, but by knowing roughly what matters most to you will allow you to start your journey.
“As property location is the number one factor that affects homebuyer’s choice, make sure you are looking at suburbs and areas that meet your needs,” said Belle Property and Hockingstuart’s Head of Growth, Nick Boyd. “Ask yourself questions like does the suburb reflect your lifestyle or a lifestyle you will be looking for in the future? Are there appropriate amenities and are there any development projects in the pipeline?”
A simple thing to keep in mind when choosing a suburb to settle down in is: ‘what is most important to you?’ Do you want to live near the beach? Near the coolest bars and restaurants? Do you need to live on a public transport line? Or do you want to live near family and friends.
Once you have an idea of the locations and lifestyle factors that are important to you, you can start searching for the perfect suburbs for you.
A suburb search tool like this one on Sitchu can make a world of difference when it comes to matching your criteria with an area that fits your needs. It is a great option that saves you the hassle of driving aimlessly around an area searching for a place that feels like home and can help your eyes to suburbs you may not have considered.
Understand Your Local Property Market
Equipped with an area or suburb in mind, you can now focus your attention on learning more about what is happening in the local property market by taking advantage of industry resources.
We know what you’re thinking, research is exhausting and brings back painful memories of highlighter stained hands and pulling all-nighters at the library then don’t worry, researching the property market is much easier than cramming for exams. Simply jump online and begin by accessing real estate resources like CoreLogic, Domain, Realestate.com.au or stay right here on The Sitch and check out our property resources. These sites will help to furnish you with insights into property prices, the type of properties available, demographics in the area and how long properties typically stay on the market.
Be sure to sign up for email alerts and download industry apps to help you stay on top of market trends, as well as reading the real estate section of newspapers and grabbing copies of property magazines.
“Property magazines like Sitchu Living magazine are a great way to access property information as well as premium lifestyle content,” said Nick. Thanks Nick!
“Sitchu Living magazine is the first of its kind in the Australian real estate industry and offers curated lifestyle content, property advice and property listings both local and global across Belle Property, Hockingstuart, Belle Property Escapes and Luxury Portfolio International networks.”
Keep Up with Property Market Trends
In addition to learning about your local property market, it is also important to stay up to date with the national market and property trends.
The Australian Financial Review recently reported that the number of people looking for homes has increased by 10.6% to its highest level since September 2019. Alongside the current booming buyer's market, many are looking away from inner-city suburbs and are starting to consider buying regional areas where property prices have been steadily on the rise.
“Keeping your eye on the current trends will help you ride the property market wave towards a great deal.” Nick also thinks that ‘those who have done the research and stayed up to date will ultimately get the best outcome come property settlement time,’ which bodes well for smart cookies like you who are already researching the property market!
Talk with a Local Real Estate Expert
The perfect way to cap off your research is to get in touch with a trusted local real estate agent. Real estate agents live and breathe property, so it only stands to reason that they are the ultimate key to the local property market.
“At the end of the day, homebuyers can only spend so much time researching the market. This is where an experienced and knowledgeable real estate agent can help,” said Nick.
Agents can give you insights into the local market and can add you to their database so you’ll be the first to know when top secret, off-market listings come up. As well as letting you know when open homes and inspections will be scheduled.
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