Hi Everyone,
Is there a reliable way to monitor the market and determine what sort of market we are in according to Steve’s Property Clock?
I am dreaming of a new software that monitors prices in all areas daily and picks the property clock positions accordingly so that it is clearly understood where we are in market terms to be able to make a more informed decision.
Does anything like this exist or do i have to fork out big $$ to get property price listings from known sites per postcode (which to me is a hell of a rort).
Thanks
ChrisI wish there was, but then it would be too easy for everybody.
Some people put the cost of the reports down to ‘cost of doing business’. They are happier to buy the info they need than to find it themselves. This can be due to time restraints, or lack of confidence in their own research, or simply can’t be bothered doing the leg-work etc.
There is another site (that charges) with reports called Hotspotting – by Terry Rider, a well respected property lawyer.
I have only recently found his website, and haven’t bought any reports, but this sort of site is much more informative in terms of current market information and a lot of it is free.
I have read all his books, however, and they are great.I think if you are committed to property investing and have the time to do the research, and keep your eyes and ears open and watch the market through the r/e results, various websites (like this), driving around looking at r/e windows, seeing how long houses are on the market etc, and to a lesser degree the media, then you won’t need to resort to the paid for reports.
I say ‘to a lesser degree’ because a lot of what the media feed us is ‘after the fact info’ which means that by the time we hear it in the media it has already happened. It’s a bit like hearing about a hot stock on the stock market report on the 6.00 news; by that time the stock has already been hot and most of the money has been made. If you were an avid stock market watcher you would probably already know about the stock.
Not only that, the real estate industry has an enormous vested interest in the papers through their advertising, and I often wonder how much spin is being applied to the info, and how much pressure the r/e industry is applying to the papers to pump up the figures.On a more micro scale; if you select an area that you want to invest in and watch it closely you will soon know what is good value, when the area is going up or down etc.
In answer to the ‘clock’ question; generally, across the market I would guess that the market is somewhere between 5 and 7.
Some people think there is worse to come, some think it is just starting to recover again.
However, If you were a property owner in Perth right now you might say it is between 11 and 1.Cheers,
Marc.
[email protected]Thanks Marc,
Excellent tips. I will keep them in mind. Terry’s site is a wealth of information too. I like your planning. It got me thinking laterally too in regards to watching big business and what they do and how that would definitely affect property prices.
Cheers back
Chriscjbarnaby
There is a facinating book by Kieran Trass, “Grow Rich with the Property Cycle”. He is a successful property investor.This book provides extensive information on how to recognise cycles, recovery, boom, slump, market influences, key drivers, and when is a good time to buy. Its an excellent tool, and just one of those books I pick up all the time.
I can not recommend it enough.There may be other formites that have read this book and can also comment on it.
Also, check out other forums as I think there has been alot said about his books.
Cheers
(Hard work never killed anyone, buy hey why take a chance)
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