Real Estate Week In Review And 8 Property Search Tips

What happened around the Melbourne and Victorian Real Estate Market during last week?

A clearance rate of 76 per cent was recorded this weekend compared to 72 per cent last weekend and 73 per cent this weekend last year. There were 826 auctions reported to the REIV today, with 631 selling and 195 being passed in, 93 of those on a vendor bid. This weekend marks the first major auction weekend of the year – with a further 1,470 auctions scheduled for next week. By the end of February, more than 3,000 homes are expected to have been auctioned, which is about 500 more than February last year. The clearance rate for the year to date is 71 per cent, compared to 70 per cent in 2014.

Continue reading for buyer tips:

8 property search tips

Supportive information sources: REIV and REBAA in association with Master Advocates – Real Estate Services – published February 2015
Category: General
Posted by: Mark

8 property search tips

As a general guide, REBAA recommends the above mentioned tips for fine-tuning the property search:

  1. 1. Put together a wish list
    Too often buyers randomly go and inspect property with little thought in mind of their future needs. Before you start inspecting property, put together a wish list of needs and consult the list regularly while you evaluate properties. Consider issues like neighbourhood, transportation, schools, architectural styles and land size.
  2. 2. Choose your top 3 suburbs
    By narrowing your search down to your top 3 suburbs, it is more realistic to be able to properly research the market. If you choose more than three suburbs, you are unlikely to be able to gauge market value and risk overpaying.
  3. 3. Inspect 100 comparable properties
    In order to properly understand the market in your preferred suburb, it is recommended that you inspect 100 comparable properties. Obviously, this is time consuming. Enlisting the services of a professional buyer’s agent is the most effective way to save time in the property search. You can also research comparable properties is via the internet through real estate websites like www.realestate.com.au. There are also numerous property sales data reports available to supplement your research.
  4. 4. Create an agent contact list
    Once you have identified your top three suburbs, your next step is to put together a comprehensive database of every selling agent in those preferred areas.
  5. 5. Contact the selling agents
    Once you have put together the database of selling agents, you then need to contact them and let them know you are interested in buying a property in their area. Sometimes you may be lucky to find a property that has not yet been listed, giving you an advantage of your competitors.
  6. 6. Create a shortlist
    Once the research has been completed, you need to put together a shortlist of three or four properties and focus carefully on these.
  7. 7. Arrange inspections
    Multiple inspections may be needed to determine which property is preferred. Make sure all the appropriate building and pest inspections are conducted if the property is going to auction. Take a camera and photograph internal and external features of the house to help you remember your inspection. Always take a brochure from the selling agent as well.
  8. 8. Get a floor plan with measurements
    Make sure the floorplan is practical and functional. A good floorplan allows an efficient flow of traffic and makes the most of light and aspect. Changing an existing floorplan can be costly.

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