Understanding property data is important for anyone involved in real estate, whether
you’re buying, selling, or managing property. We’ve created a helpful guide to help
make sense of property data so you can use it to your advantage.
According to Jaime Pratt, Head of PM at VPM, the term ‘property data’ refers to a
wide range of information, from historical sales prices to market trends and
demographics. “This data can help you make informed decisions, whether you’re
pricing a property to sell, deciding on the best time to buy, or managing investment
properties effectively.”
a guide to property data terms
Sales history: This includes past sale prices of properties. “Analysing sales history
can help you understand market trends and set realistic price expectations,” Jaime
says.
Market trends: These indicate how the property market is performing over time.
“Trends include changes in median property prices, the number of properties sold,
and the time properties spend on the market,” Jaime explains.
Demographic data: This includes information about the population in a specific
area, such as age, income levels, and family composition, which can impact property
values and rental demand.
Economic indicators: These include how interest rates, employment rates, and
economic growth influence the property market. Jaime says that understanding
these can really help predict future market movements.
Infrastructure and development plans: Upcoming infrastructure projects or zoning
changes can significantly impact property values. Jaime suggests that keeping up to
date with local government development applications can provide great insights into
potential fluctuations in future property values.
5 ways to use property data to your advantage
To make the most of property data, we recommend the following steps:
1. Set clear objectives: Work out what you want to achieve with the data. Are you
looking to buy at the lowest possible price, sell for a maximum return, or simply
manage a property investment effectively?
2. Gather reliable data: Use reputable sources for property data. “Government
databases, real estate websites, and professional reports are good starting points,”
Jaime says.
3. Analyse the data: Look for patterns and trends. If you are selling, look at recent
sales of similar properties in your area to gauge a competitive and comparable price.
4. Consult with experts: “Real estate agents and property analysts can provide
valuable insights and help interpret complex data.”
5. Stay updated: The property market is dynamic. Regularly updating your data
ensures that your decisions are based on the most current information.
How to apply property data
When selling your property, we suggest referring to the suburb's sales history and
market trends to determine a competitive listing price. “If the data shows that
properties in your area are selling quickly at higher prices, you might consider pricing
your property slightly above recent sales,” advises Jaime. “Conversely, if the market
is slow, pricing competitively can attract buyers.”
For buyers, analysing market trends and economic indicators can help identify the
best time to purchase. “If trends show that property prices are on the rise, buying
sooner rather than later might save you money,” Jaime says. “On the other hand, if
economic indicators suggest a downturn, waiting could result in a better deal.”
Investors can use demographic data to identify areas with high rental demand. For
example, areas with a growing population of young professionals might offer better
rental yields. Jaime also suggests that understanding local infrastructure
developments can highlight emerging suburbs that may see significant property
value increases.
How to leverage property data with tech
Modern technology has made accessing and analysing property data easier than
ever. Real estate apps, online databases, and analytical tools can provide real-time
data and predictive analytics. These tools can help you visualise trends, compare
properties, and make data-driven decisions.
If you’re thinking of buying or selling and need some guidance around the property
data available to you, our knowledgeable team can help.
* Please note: This content is for informational purposes only and does not
constitute financial advice.
