Where to find the crucial facts and figures before you buy.
The golden rule of property is to research a location before buying into it. We show you where to find all the pieces that make up the jigsaw.
‘Suburb profiling’ is a bit like being a detective for a day. It involves keeping tabs on recent sales, uncovering future development plans and identifying factors that could underpin future price growth in any area you are considering.
Thankfully, the internet offers a wealth of freely available information.
Meet the people
The Australian Bureau of Statistics is a good source of facts and figures on population growth. Combine this with information sourced from local council websites to see whether an area you’re looking at is experiencing population growth or declining numbers.
Locations with large – or growing, populations tend to attract a diverse range of industries, which creates employment opportunities and further enhances growth prospects.
Understand price movements
A number of firms like RP Data and Residex offer varying levels of suburb information, often for a fee. A handy starting point may be the website of SQM Research, which features a wide range of free data including an asking price index and vacancy rates tailored to individual postcodes.
Compare supply and demand
The property listing site RealEstate.com.au is helpful to gauge whether a location is experiencing an undersupply of properties that could underpin future price growth. Enter a suburb name into the search box on the ‘Buy’ page, and click on the ‘Suburb profile’ tab on the right hand side. Along with median prices and demographic information, you can also see how many people are looking at homes for sale in that area.
Wear out some shoe leather
Ultimately there is no substitute for visiting a location yourself but with some profiling to work from, you can minimise time wasted looking at suburbs that are unlikely to suit your goals.
Knowledge is power so research is key! Is there a fall back tactic for sussing out a suburb that you swear by? Share it with us in the comments!
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Aussie does not provide any financial or investment advice. This article has been prepared as a factual guide only. It does not take account of your objectives, financial situation or needs. Aussie recommends that you seek independent financial advice and obtain your own professional legal and taxation advice before making an investment decision.