"What's happening in the property market?" is one of the questions I am most commonly asked by my clients.
Of course there are answers like - "Australia's doing this...", or "Melbourne's doing that...". But I find there are such wide variations in those newspaper headline answers, that they're not necessarily specifically helpful to my clients.
What is helpful is to monitor what's happening in the streets, suburb and surrounding areas of their intended purchase. You can use high level data, such as REIV median house prices, to guide what areas you can afford to buy in. Then drill down into your target suburb's data (median prices, clearance rates etc), to determine what is a reasonable market price for your target purchase.
Auction results are published every Sunday morning, giving immediate feedback as to sold prices and clearance rates by suburb, across Australia.
In short, use some of the many free resources to do your homework and know your market . If you're my client, I can provide you with a free report on a specific property, if you're thinking of making an offer.
As ever, please don't hesitate to contact me with any queries or concerns.