Understanding what cycle of the property market we are in is extremely crucial for success. A seller's market is when you'd need to put your best put forward and work quickly in the background in order to secure your property.
At the time of writing, we are in a seller's market with Auction clearance rates in NSW exceeding 80% week after week with sales prices often smashing the vendor's reserve price.
A Quick Overview:
Buyers ’ Market
Fewer People looking at buying than there are homes on the market
Mortgage interest rates are high
Slower increase in the sale price, sometimes causing prices to decline
Increased time on the market
No urgency
Sellers’ Market
More people looking to buy than there are homes on the market
Shorter than normal selling times
Prices firm and may rise
Higher volume of sales Greater buyer urgency
Balanced Market
When supply and demand are about the same
The market moves at a good rate
Prices are stable
So with this knowledge how do we arm ourselves to make the best-informed decisions in a competitive environment.
Apart from talking to industry experts, real estate agents, family and friends. To get the best out of your search you often have to dig deeper.
Here I share some of the most overlooked & under appreciated free tools/resources to help you stay informed and get the best out of your property hunt whether you're looking for your primary residence or investment property.
www.htw.com.au - Property Clock to know where we are in a market cycle. All regions have different market cycles.
DSRData.com.au - To understand current supply and demand in the suburb area
OnTheHouse.com.au - Previous Sales History + Comparable Properties (Great tool for owner-occupiers & Investors to gauge property prices & sales history)
www.myrpdata.com.au - Great for general research with great insights like median price, suburb demographics, population etc
https://quickstats.censusdata.abs.gov.au/ - Detailed Suburb Demographics & Insight (Be sure to hit advanced search!)
https://sqmresearch.com.au/index_property.php - Great tool for vacancy rates and vacancy rate historical data
www.realestate.com.au - Property research platform great for comparative market analysis on what's recently sold.
www.domain.com.au - Property Research platform (Please note - some vendors choose not to advertise on both due to costs also great for comparative market analysis)
https://www.microburbs.com.au/heat-map/ (Public housing heat maps and insights into what part of a suburb has public housing and what parts do not)
Are you wanting a professional to guide you through the process of buying property
to give you a competitive advantage?
Get in touch with me:
Onis Asare | Buyer's Agent Window Property Group
0422178332 | onis@windowpropertygroup.com