It’s always a good idea to conduct your own research into the property market when you decide to sell. This will help you get a feel for how the market is performing so that when you meet your shortlist of agents you are considering using, you’ll have some background and be able to ask more detailed questions.
Here are some of the most important things to look at:
1. Number of properties
How many properties are in your suburb, and how many are currently for sale? Does that see like a lot or is there just a few? How does it compare to neighbouring suburbs? This will help you understand if you’re in a buyers or a sellers market.
2. What’s the demographic mix?
You might think you know who lives in your home suburb, after all, you live there! But sometimes the data tells a different story. Is your suburb made up of couples or families? How many people live in each home? What is a typical job and salary? All this information will help you build a picture of the perfect buyers for your home.
3. What’s the median sales price?
The median sales price is the ‘middle’ price of all the properties that have sold in the suburb over a period. It’s regarded as more reliable than an average price because it won’t be skewed by individual sales at the very high or low ends. However, like all data points, it should be treated as a guideline. You’ll need to understand the type of property that constitutes a ‘median’ sale and see how your property compares. Your agent can guide you here.
4. How much time is it taking to sell?
The time on market or days on market figure tells you how long it is typically taking for properties to sell by private treaty. In a strong sellers market, this will typically be under 30 days. The longer the time, the more mindful you will need to be about getting the pricing of your property right.
You can find a lot of this information on property portal websites such as Realestate.com.au or Domain.com.au and the Australian Bureau of Statistics webpage.
Or if it does seem a bit too complicated, ask the agents you interview to provide answers to these questions. If they can’t provide an answer, consider another agent!