Do you want to sell your property this year?
Before you leap ahead, the most important step you need to take is to do your property research. This includes a thorough inspection of the current real estate trends and a comparison of similar properties on the market.
This is not always the easiest task, but we have put together tips from trusted real estate experts to help you get started on the right track.
An abundance of resources and tools exist that can help you with current real estate research and provide you with the answers you need to successfully sell your property. Read on for advice on how to research the property market like a pro.
Stay in the loop
The best way to get on top of real estate market trends is to stay up to date with all the latest real estate news. You can do this by signing up for our valuable monthly property market updates, reading CoreLogic's insightful articles, and devouring any other reputable property news sites.
"It's important to have a general awareness with the news," John Kubatov from Class Real Estate in Bulimba said. "When media stories are positive and there are lots of buyers around, it's a good sign that it's time to sell."
Staying abreast of what's happening within the national economy is also a great way to forecast what may be coming, while also carefully watching your own local economy.
The economy has a heavy influence on market conditions for sellers, not to mention on values, so you don't want to be caught out selling at a time where you won't be able to maximise your return.
Talk to your local real estate agent
Having a chat with your local real estate agent is going to provide you with the current landscape to help you decide if it's a prosperous time to sell.
Sarah Schultz from Schultz Realty in Beenleigh says the best way for someone to find out if it's the right time to sell their home is to have a conversation with a real estate agent they trust. "I'm not going to tell someone to go onto the market if it's not in their best interest," she said.
A good agent will be able to provide you with the latest and most relevant data on property trends within your area. They can help you with crucial numbers, such as the average DOM (days on market) and the number of inquiries they are receiving about properties.
"That's very important because it can show if prices are trending upwards. Real life case studies that may be relevant are also a good indication," he said.
"A good agent will be able to provide you with the latest and most relevant data on market trends within your local area."
Many sellers anticipate the spring selling season and wait to list their home at the busiest time of the year. This is another area agents can advise you on.
For example, Harcourts Coorparoo agent Trent Powles doesn't necessarily think this is always the best strategy due to the fact that the market can become saturated at that time of year. He suggests his clients buy when there are less sellers around.
"Any time of the year is a good time to sell, [but] when the market is flooded, you need to research the competition," he said. "Don't list when there are 20 other properties with similar appeal."
Ann-Marie Best of Harcourts Property Centre Coorparoo agrees. "When there's a shortage of properties on the market, more buyers, and interest rates are lower, it's usually a sign that it's a good sign to sell," she said.
Find out what's for sale
In addition to the market trends, remember to also ask your agent about the number of sales they're seeing in the area and find out what's for sale at the moment.
Are there any similar properties on the market to yours? If there are, you can use this as an opportunity to compare and find out if your dwelling type is popular with buyers.
In Marsden, Ray White real estate agent Ryan Murphy advises you ask your real estate agent what market activity is like before you list your property for sale.
"When there are more buyers in the market and more homes are selling in the local area, it's generally a good sign that the market is performing well."
Attend open homes and auctions
Getting out yourself to investigate what current buyer activity looks like is an excellent way to analyse the housing market trends for yourself. Be sure to note how many people are attending open homes and auctions, and how many buyers are showing genuine interest or are placing bids.
Samuel Battel from Belle Property in Bulimba said, "Vendors can go to a few open homes themselves to see what buyer activity is like. Go to auctions to see how many people are bidding and how many registered bidders there are."
"Some noticeable signs of the market picking up is an increase of inspection numbers at open homes and a shorter time to sell"
Ray White Marsden agent Rebecca Cuderman noted that when there is competition with properties on the market similar to your own, or after a property has sold with a great sales price, there will be "and excess of purchasers looking."
"Some noticeable signs of the market picking up is an increase of inspection numbers at open homes and shorter time to sell," she said.
Use your resources
If you really want to learn how to do market research for yourself, you'll need to take full advantage of the property data sources that are available to you and learn to leverage them correctly.
There are a multitude of platforms you can learn from. Reliable and trusted sites include propertyvalue.com.au, SQM Research, CoreLogic and realestate.com.au. These platforms can help you source important information specific to your area that you can use to make your property more lucrative to buyers or investors.
Information you can find includes:
- Buyer demographics
- Median sales prices
- Number of sales
- Rental data
- Proposed developments and infrastructure projects, and more.
OpenAgent's free tool, Property Reports, also gives you current data on your property, including an estimate of what your property is worth, a list of recent sales in your area and suburb statistics and trends.
Or for a quick estimate of your property worth that compares recently sold properties near you, check out OpenEstimates.