When beginning on your property journey, whether you are a first-home buyer or an avid investor, one of the fundamentals is to do your market research.
Researching the property market is 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.
Here we go through how by researching the property market you can become a confident and informed buyer for when it comes time to leap into homeownership.
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 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?” adds Nick.
Once you have an idea of the locations and lifestyle factors that are important to you, it’s a valuable exercise to explore surrounding areas.
A suburb search tool like this one on Sitchu can make a world of difference to match your criteria with an area that fits your needs. It is a great option for those who can’t leave home at the moment and can even open 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.
The best thing about research is that you don’t even need to leave your house to get started. Jump online and begin by accessing real estate resources like CoreLogic, Domain or Realestate.com.au to find out insights like property prices, type of properties available, demographics in the area and how long properties are on the market.
Be sure to sign up for email alerts and download industry apps to help you stay on top of the market, 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.
“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 those 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 towards regional areas where property prices are beginning to increase dramatically.
“Keeping your eye on the current trends will help you ride the property market wave towards a great deal. Those who have done the research and stayed up to date will ultimately get the best outcome come property settlement time,” said Nick.
Talk with a local real estate expert
The perfect way to finish off your research is to get in touch with a trusted local real estate agent. Real estate agents are the ultimate key to the local property market as they know the area like the back of their hand and will offer invaluable insider knowledge of your chosen suburb.
“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, add you to their database where you can access off-market listings, and let you when open for inspections are planned.”