Hi Everyone
I’m looking for tools to do property market research – more importantly a method or means to start, but not reinvent the wheel.
Can anyone provide any suggestions as to what tools are good? I’ve heard the Residex report is quite good, so I’m looking into that right now.
Also, how does a person determine the “market value” of a property?
I look forward to your replies!
-Nikhil
Hi Nikhil,
my two cents….introduce yourself to some people in the RE business who have access to systems like RP data (qld).From these sites you can access past sales in an area with specific indicators such as price, land size, type of property etc.
Speak to REA’s you’ll soon work out who’s worth working with, they’ll may pass on details of properties they have listed and sold and similar comparable properties you may be interested in looking at.
Check the local paper every weekend for auctions and attend if you can, follow up in the paper for clearance rates and prices.
Drive the area you’re interested in, make a note of ‘for sale’ signs and follow them up on the net or with the agent.
As for the market value, we use the ‘comparable past sale’ method, we look at what has sold within the past three months that is of a simialr size, structure and area and give advice based on that. I guess in essense that ‘market value’ is whatever the buyer is willing to pay in the end.hope that helps….e x
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