When you’re thinking of buying or selling a home, it’s always worthwhile spending some time to discover what is happening in the market.
There’s much more to real estate than simply monitoring the price barometer.
While that might be the baseline measurement of any decision to buy or sell, there are many other reasons that price trends can be influenced.
Data released by the Australian Bureau of Statistics reveals what is happening in real estate across the country.
- More than 40% of Australian households reported moving within the past five years.
- 11% of households reported significant structural problems in their current dwelling.
- 25% of moves were within the same suburb or locality.
- 7% of households moved from a different state or territory.
- 3% moved from overseas to Australia.
- 12% said they moved to own a bigger or better home.
- 22% of households with a person aged 65 or over said they’d moved to downsize.
- 13% moved to be closer to family and friends.
- Solar power use increased from 5% in 2007–08 to 22% in 2019-20.
This data may help you consider the ideal buyer you wish to attract.
For example, if you intend to sell the family home, you’ll want to be noticed by couples with children. Alternatively, if you’re putting a one-bedroom unit on the market, it may be more attractive to first-home buyers.
It is worth remembering that the nation is not one giant property market, rather it is made up of thousands of micro-markets, each with its own characteristics and price performance.
So if you’re researching, always focus on the relevant area and the property’s size, style and age. Beyond these core benchmarks, other factors, such as water views, a swimming pool, parking or a renovated kitchen or bathroom, will affect prices.