Thinking of buying a property? You’re not alone.
For many Aussies owning a home is a lifelong dream. But with housing prices through the roof, it feels like a pipe dream for many. The good news is, with the right knowledge and property research tools it’s achievable.
Investing in property isn’t just about luck; it’s about being prepared. That means doing your homework and understanding the property market.
Yes, research can be overwhelming but it doesn’t have to be. Knowing what you want is the first step. This guide will help you research the property market and make informed decisions.
Know What You Want
Before you jump into the property market ask yourself:
- Is this suburb right for me? Does it fit my lifestyle?
- How much space do I need?
- Where will I be living for the next few years?
- Are there any upcoming infrastructure or development plans in this area?
- What are my deal breakers or must haves?
- Urban or rural?
- Do I drive or use public transport?
Once you know what you want it’s easier to find the right property. Use Soho to find your favourite suburbs and save them. You’ll get alerts on new listings in your saved areas so you never miss an opportunity.
Understand Your Local Property Market
Now you’ve found your ideal suburbs it’s time to get into the nitty gritty of these areas. Knowing your local property market is key to making informed decisions. Here’s how you can get started:
Local Market Research Tools
- CoreLogic: This tool has all the data on property prices, availability and demographics. It also has information on how long properties sit on the market and median prices for apartments and houses.
- BuyersBuyers’ “Where to Buy” Report: This personalised report helps you find the best suburbs to invest in based on your criteria.
- Property Update: This resource has reports on what’s changing and what’s trending in the major cities. It breaks down the data so you can understand the bigger picture.
Keep Up with Property Market Trends
In the fast moving world of real estate you need to stay informed about market trends. Here’s how:
Subscribe to Newsletters and Magazines
Subscribe to newsletters from reputable real estate websites. Magazines like Australian Property Investor and Your Investment Property have in depth analysis and market updates.
These are valuable resources to help you make informed decisions.
Follow Social Media
TikTok and Instagram are great for quick bites of market news. Follow real estate accounts to get home-buying tips, trends and market news in bite-sized chunks.
Get Alerts
Get notified of any changes in your areas of interest. Set up alerts for keywords like “Melbourne property market” or “Sydney housing trends”.
Stay Informed
Staying up to date with the latest trends is key. Here’s how you can stay informed:
- Newsletters and Magazines: Subscribe to real estate newsletters and magazines for regular updates.
- Social Media: Follow real estate accounts on TikTok and Instagram for bite sized content.
- Google Alerts: Set up alerts for news about your saved areas so you’re informed of any changes or developments.
Talk to the Experts
While online tools and resources are great, nothing beats the expertise of an experienced real estate agent. Here’s why:
- Market Awareness: Agents have a deep understanding of the market, historical trends and future forecasts.
- Inside Knowledge: They know about upcoming developments and can share information not available to the public.
- Negotiation Skills: A good agent can get you the best deal, using their experience and knowledge.
Pay Attention to the Details
When you’re inspecting properties look closely at the details. Small things can make a big difference to a property’s value. Consider:
- Fittings and Fixtures: Quality materials and finishes add value.
- Amenities: Pools, modern kitchens and big gardens make a property more desirable.
- Condition: Make sure the property is well maintained, any repairs will add to your costs.
Conclusion
Now you have the right research tools and know your local market you can make better decisions in your property investing journey. Stay informed, talk to the experts and look closer to find your property.
Keep yourself updated with useful tips like these by getting registered on Soho. Not only are we finding you your dream home, but we’re also helping you save for it and decorate it! So don’t forget to swipe on your property matches so we can get you there faster.
FAQ Section on ‘Property Research Tools Australia
Where to get property data in Australia?
Pricefinder is a renowned property intelligence platform in Australia, providing extensive property data and analytics. It has been operational since 1989 and offers features that simplify the navigation of data and reports, enhancing your insights into property information.
How do I start a property portfolio in Australia?
Begin with purchasing a single property. It is advisable to start small and choose a low-risk investment for your first property to minimize potential losses and learn the process.
Where is property booming in Australia?
Property values have surged by over 20% in various regional cities in Western Australia, including Bunbury and Busselton, reflecting significant growth in these markets.
