- Published on 09 Jun 2016
- - Investment & Financial Advice
The following information was sourced from a local Hocking Stuart sales booklet. I fel that it had some good tips on doing your own property research.
There are a number of ways up-to-date, relevant sales information can be helpful, regardless of your position in the property cycle. If you’re selling, you could be looking to find out what kind of price to expect, or if you’re in the market to buy, you might like to know what areas suit your needs – and your budget.
Sales information shows supply and demand in a specific area, as well as rises and dips in property prices. It also gives you an insight into why one area might be more expensive while another seems like a bargain.
For example, a sharp dip in prices in a specific area can show something may have changed to make that area less appealing to buyers. Another valuable insight provided by property information, is the length of time properties remain on the market. If you’re thinking about when to sell your home, this information might help you decide. If you’re a buyer, it might indicate that there are some great value opportunities to be found.
An excellent place to start when you’re after some sales figures are real estate websites like realestate.com.au, domain.com.au, and onthehouse.com.au, which show the history of sales throughout Australia, so you can check not only what the market is like in your area, but also what it is like in areas where you might like to by. There’s also the Real Estate Institute of Victoria, which is the peak professional real estate association in Victoria. Their website, reiv.com.au, offers great sales information as well as market roundups and more.
Checking out council websites or calling councils directly can also be very helpful in finding out about schools, crime rates, potential developments and other relevant information about a potential suburb.
Lastly, real estate agents pride themselves on their knowledge of the areas in which they work. Working with an experienced, local expert can be invaluable when you are looking to sell your existing home; as well as when you are searching for a new one. Always ensure the agent you choose has a history of selling in your area – that way you can be sure you are getting the best advice.
This information has been prepared by Lifetime Financial Group, a Melbourne based Financial planning firm not affiliated with any bank or product manufacturer.