Over the past couple of months I’ve been trialling a method to determine if prices for properties in a specific area is increasing or decreasing in price, almost in real-time.
Here’s how it works. Using the larger real estate data bases at Realestate.com.au or Domain.com.au you can get them to tell you by geographic area, property type and price, how prices are changing, day-to-day.
Both these sites allow you to set up a profile so that they email you when certain properties become listed. Well the way to set it up is to ask for emails about properties that are priced about the average that you see now on their site.
As time passes you get a continuous, regular suppl, (prices stable) or you get more and more, (prices going down), or fewer over time, (guess what that means.)
I have tried this using 1 bed apartments in Glen Iris, Elsternwick, Carnegie etc in Melbourne and I’m getting fewer 1 bedroom ads and more studio/bedsit ads. Assumption: prices are probably rising and studios are being built in greater numbers, (mainly student accommodation.)
Yes, you can read about these movements in publications months later but with this method you know almost as soon as it happens. The Internet is great, isn’t it?
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