Knowledge is power: How property data can give you the edge
When it comes to buying and selling property, knowledge is power. Doing your homework could not only save you money when it comes to auction day, and even give you the winning bid, it helps you make the right decision on where and when to buy.
The good news is, with masses of digital data available, everything you could ever possibly want to know is right at your fingertips. Carole, a property investor from Frankston, Victoria, says the internet makes it much easier to research properties today.
“I look at where the property is, the size of the land, how long it’s been on the market, rental returns, historical sales – in fact, there’s not much I don’t look at. I really do my homework,” she says.
But the real challenge isn’t necessarily finding the information; it’s working out how to bring all the relevant data together to compare properties and be confident you’re making the right decision.
Now there’s an online tool that lets you do exactly that. Created by view.com.au, the Property 360 Price Estimate tool brings together data on over 13 million properties in one easy-to-use free tool, so you can view the whole picture.
Simply enter an address to calculate property price estimates, see historical sales and rental data, and check out neighbourhood profiles. Having just sold a property, Carole used Property 360 to dig deeper on her next potential investment opportunity.
“There are lots of tools out there, but what’s particularly great about this tool is how you can compare similar properties to get the median prices. As an investor, that’s really valuable information to me,” she says.
But you don’t need to be a seasoned investor to reap the advantages of the tool; CEO of view.com.au, Enzo Raimondo, says that first-time buyers, sellers and even those who are “just looking” will benefit from the property insights we have on view.com.au
“The mantra “knowledge is power” rings true to all Australians when researching a property market. Over the last decade, we have seen property data progressively become more available to consumers. Now, home buyers and sellers can freely access the data, analytics and reports that were once exclusively available to agents thanks to Property 360,” he says.
And it’s not just the property estimates that are important for home buyers, the ability to get to know the street and the neighbourhood is a huge factor in the decision-making process. For example, are there good schools in area? Is the train nearby? Where are the closest parks? And importantly, will my family be happy here?
“For a home buyer, this tool can provide Census data for the local neighbourhood, including occupations, ages, interests, personal income and even average mortgage repayments of those who live in the area. Census information is actually available at a smaller neighbourhood level of around 200 homes.”
Here are a few questions the Property 360 Price Estimate tool can help you answer:
Am I paying too much for this property?
You should always do your research to ensure that you understand the current market. Matching comparable sales before an auction or before making an offer can give you a more accurate price guide than an automated estimate.
Is the agency’s market appraisal an accurate measure of the current market?
If you’re thinking about selling your property, Property 360 lets you select comparable sales and generate price estimates to give you an indication of what your property may be worth.
What if I want to renovate?
Not sure if adding a bathroom or bedroom will improve your property’s value? Using our price estimate tool, you can change the bedroom or bathroom count for any property, then select the best matching comparable sales to get a better understanding of how much value can potentially be added through a renovation and the risks of over-capitalising.
What if I want to redevelop a property?
You can also change the property type from house to unit, then play around with the tool to understand the potential value of a redevelopment site within minutes. This helps with feasibility studies before a formal valuation.
With property insights for over 13 million Australian properties in one place, your research starts at view.com.au. Search your property today.