It’s Not Who You Know But What You Know: Why You Should Buy And Sell According To The Data
At KDD Conveyancing, we have met many Perth locals over the years. The more savvier locals with a knack for real estate are often found either living in trending suburbs, being the first in on new developments or are landlords ready to fund their next big buying or selling property venture. You would think they have an uncle in real estate or something.
The trick is, it’s not actually about who you know; it is what you know. From reading the local Perth Now newspaper to checking planning office public records to subscribing to real estate newsletters, there are plenty of strategies out there to find the best deal and invest or sell a property when the market is right.
So how do you find data on buying and selling property values, trends and risks in the market?
CHECK THE HISTORICAL PROPERTY VALUE SALE PRICES
Realestate.com.au and other online real estate websites are more transparent nowadays as they add historical sale data, such as past sale prices and dates for the properties listed and sold.
From this information, you can see past growth to estimate what the likely sale value of the property will be in the future and determine what price you should put forward to get a fair deal. By calculating the dates between sales by the increase in value, you will have a fair idea of the potential of your future property in that area. But be sure to check other property listings in the area that were recently sold to see where the market is currently sitting.
IDENTIFYING GROWTH SUBURBS THROUGH TRENDS
Access to amenities and the promise of faster commutes to work are some of the top drivers for sale prices in what we call growth suburbs. To identify a growth suburb, you can review the frequency of properties listed for sale within a 12 month period and the duration of the sale (the listing period) before an offer has been accepted and then sold.
Proximity to new amenities and new public transport improvements will increase demand for available rental properties and new developments to meet the demand. As populations grow in concentrated areas, shopping centres, schools and essential service locations begin to pop up. This signals a great time to consider buying a property in the area.
THE RISKS INVOLVED WITH GETTING INTO THE PROPERTY GAME
As always, when it comes to playing the property game, it is not an exact science. At best, you are ascertaining “ball park” property values and a lot of your predictions are based on market trends. A property is only worth what someone is willing to pay for it, and until it’s sold, you won’t know for sure what that value is. Resources like the Real Estate Institute of Western Australia (REIWA) are a great starting point for research and tips via their Insights Hub.
Are you looking for an expert to help review the contract before you sign on the dotted line for your next property settlement in Perth? You can contact the team at KDD Conveyancing for a quick chat or follow our blog for more insightful tips about the WA buying and selling property scene.
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