How property reports can help make informed decisions.
The property market is constantly changing, and as a result, so too is the value of homes.
For example, as of February 2023, housing prices were down 9% across the top five capital cities and even more so in the major cities, with Sydney prices decreased by 13.8% over the year according to CoreLogic1. However, it is not all doom and gloom for homeowners. Rental data from the same month uncovered that only 31,000 residential rental properties were available nationwide. While capital city rent prices had risen 24.7% in the last year2.
Such information is extremely useful in helping Australian homeowners and buyers who are thinking about their next property move.
What is the estimated value for my property or the property I’m looking to buy? What is the estimated rental value for my property or the property I’m looking to buy? What are the average sale or rental prices for properties in suburb ‘X’? How many properties have been sold in suburb ‘X’? What is median amount of days a property in suburb ‘X’ has been on the market? These are just some of the questions homeowners and buyers may be asking. Fortunately, there is a resource that can assist individuals in answering these questions – property reports.
What are property reports?
Property reports contain information used by banks and real estate agents. This includes estimated sale and rental value, property history and images, suburb growth and insights, and comparable properties. Generated by property data and analytics providers such as CoreLogic, these useful reports are available to download here.
The benefits of property reports
Property reports can save you time and money. Rather than conducting endless amounts of your own research or engaging with real estate agents prematurely and ill-informed, you can now download a comprehensive view of an individual residence within Australia from a leading property data and insights provider here.
Avant Financial Service client and homeowner Dr Vennassa Wong made use of this valuable resource in her hunt for a new home.
Vennassa shared, “It has been pretty harrowing trying to buy a property in the current market. Vendors are guarded, and real estate agents I found were not chasing me back. The process of negotiating was challenging. The property reports, however, gave a great summary of the homes and area – a quick cheat sheet”.
Whether you are a homeowner or a potential buyer, property reports can provide information to improve your confidence and put you in a stronger position.
1. Homeowner benefits
As a homeowner, knowing the estimated value of your home and predicted suburb growth can provide you with a benchmark sale figure. This may assist in determining if selling currently would be financially beneficial, as well as ensure you do not sell below market value.
Not interested in selling? Property value insights can also help in determining if you should consider refinancing. If your property has increased in value, you could be eligible for lower interest rates or have the option to use your increased home equity to fund an investment or renovation.
Additionally, rental value data can help in setting your rent expectations and if leasing your property will be a worthwhile investment. Plus, for existing landlords it will highlight if you are undercharging.
2. Buyer Benefits
For a buyer, property reports will help establish if a home is suited to their financial circumstances and provide a foundation to negotiate with. This way you won’t form attachments to unrealistic properties or pay more than market value. According to CoreLogic research, 46% of buyers are currently using property reports to help them understand if properties they are interested in are within their budget3
Furthermore, if you are looking to purchase an investment property, suburb growth and estimated rental yield will assist you in judging your potential return.
Interested in discovering a property’s value?
Avan Financial Services has partnered with CoreLogic to provide you with an unlimited number of complimentary Australian property reports. Download a property report here.