Buying real estate? Do your research first
When considering
the purchase of residential or commercial property, it’s critical you do your
market research so you don’t pay too much. We often suggest to prospective purchasers to
subscribe to a property market research service, such as CoreLogic RP Data (www.corelogic.com.au) or Australian Property
Monitors (www.apm.com.au) on a month to
month basis, for a fee.
Knowing the market is important when bidding at an auction or making an offer to purchase in a private sale campaign. A market research service can provide you with:
1. comparative sales information;
2. how long a property has been marketed (i.e. number of days on the market);
3. details of the marketing campaign, including changes made to the campaign such as changes made to the price listed, etc.; and
4. historical sales and rental prices.
Some mortgage
brokers can provide you with a report for a particular property without you
needing to pay a monthly subscription cost to access this information from a
market research provider. Talk to our property team today if you would like to
know more.
