How to research the property market

Are you considering entering the real estate market, whether as a first-time homebuyer, a seasoned investor or someone looking to downsize? We've compiled a set of valuable insights on how to effectively research the property market before making your purchase.

Researching the property market goes beyond casually attending open houses or skimming through statistics about your desired area. If you're serious about buying property, it's essential to gain a deep understanding of your preferences and make informed decisions tailored to your unique circumstances.

Establish Your Financial Parameters

It may appear self-evident, but determining your budget is the essential first step. Before you start looking at specific suburbs or property types, take some time to assess your financial situation. Work with a financial planner or mortgage broker to evaluate your current financial situation, existing investments, and spending habits. This will help you determine how much you can comfortably afford to spend on a property.

Delve into the Area

To avoid feeling overwhelmed by the abundance of property options on real estate websites, start by narrowing down your location preferences. Understanding what is most important to you is essential to starting your property journey.

Ask yourself questions like:

• Does the neighbourhood align with your lifestyle?
• Are there suitable amenities for you, your family or your pets?
• Are there any upcoming development projects that might positively or negatively affect the area?

It’s equally important to define what aspects of the neighbourhood are essential to you. Do you want to be close to parks and open spaces, or are you more interested in vibrant bars and restaurants? Consider the importance of public transport access and proximity to family and friends.

Once you have settled on an area, focus your attention on gathering insights and data specific to that location. Information such as property types available, demographics and the average time properties spend on the market is valuable for both prospective homeowners and investors.

Define Your Property Criteria

Property purchases can be emotionally driven, so it is important to know what you need and want before you start looking. Consider the following questions:

• How many bedrooms do you need?
• What architectural style do you like?
• What features are must-haves? For example, a large backyard for your kids to play in, or a home office so you can work from home.
• What features would be nice to have? For example, a pool or a finished basement.
• Are there any deal-breakers? For example, a property that is in a flood zone or a property that is not within walking distance of schools or public transport.
• How long do you plan to own this property?
• Who might be the next buyer of this property? If you plan to sell the property in the future, you will want to consider who the target market is for that property. For example, if you are buying a property in a family-friendly neighbourhood, you will want to make sure that the property is appealing to families.
• What is the property's growth potential?

It is also important to stay informed about local property trends and market conditions. You can do this by reading real estate sections of newspapers, exploring property-related magazines, and talking to local agents.

Remember that media outlets may occasionally exaggerate stories to attract attention. To obtain a balanced perspective, rely on multiple news sources and closely examine property data from reputable sources such as CoreLogic.

You can also visit our blog for the latest lifestyle and market insights. Our blog provides comprehensive information on a variety of topics related to real estate, including market trends, buying and selling tips and financing options.

By following these tips, you can make sure that you are making a well-informed decision when purchasing a property.

Consult with a Local Real Estate Agent

Wrap up your research by engaging in a conversation with a trusted professional in your local area. Agents often have early access to properties that match your criteria, potentially enabling you to inspect and make an offer before competitors even have a chance to view the property.

Feel free to reach out if you need further assistance or have more specific questions.

*Please refer to the Federal and State Government websites for further information. Terms and Conditions apply to any other promotions that may be contained within this communication. Please enquire within and check with the vendor and agent for further terms and conditions. Only one promotion can be used per purchase and can not be used in conjunction with any other promotions. The information contained herein is given for general information purposes only and it is subject to change. Readers, viewers and consumers are advised to perform their own research and investigations and obtain their own financial, legal and other advice. The information and materials do not form any representation by any vendors or agents of any vendors and may include third-party opinions that do not represent the opinion of any vendor or agent. They do not form part of any contract of sale and they do not constitute legal, financial, real estate or other advice and must not be regarded or relied upon as such. No warranty is given either expressly or implied and the vendors or agents do not assume liability for negligence or otherwise with respect to the contents herein. Any plans are yet to have had their structural and services review so are subject to change prior to completion of construction. All plans, dimensions, areas and particulars herein whether by measurements or visual representation are approximate only, for general information only, and do not constitute any representation by the vendor or its agents or representatives. They do not form part of any contract of sale. Changes will undoubtedly be made during development and dimensions, fittings, finishes and specifications are therefore subject to change. Any furniture, goods and chattels depicted in this document are not included with any sale. Prospective purchasers or lessees are advised to not to rely on the information contained herein and to satisfy themselves as to the accuracy of all information given by making their own inspections, searches, inquiries and advises or as is otherwise necessary. The vendor or its agents or representatives will not be responsible for any error or misdescription which may appear. Further, the vendor or the developer or their agents or representatives do not represent, warrant and/or guarantee that the integrity of this communication has been maintained or that the communication is free of errors, virus, interception or interference. Usage of this or any other websites and materials and any associated website or material is subject to further terms and conditions.