If you are one of the many Victorian homeowners who are currently trying to get a clear picture of what is happening in your local real estate market in order to make decisions about your plans for the year ahead, one of the most timely tips we can give you right now is to ignore the market analytics that have been published recently!
That may sound like strange advice given that we often refer to several respected sources of data in many of our posts. However, the simple fact is that many of these sources have provided some very contradictory messages lately, clouding the picture for many.
For example, on one hand we have the latest Home Value Index report from Corelogic which indicated that the Australian property market had recorded its 21st month of growth in a row in October, but that the Melbourne market had continued to underperform the national average, recording a slight drop of 0.2 per cent in the past month.
If, however, you were to access the latest data from PropTrack, (reporting on the same period), you would find numbers suggesting that whilst the national market had grown by a similar margin to the Corelogic data, (up by 0.3 per cent), the Melbourne market had outperformed the national average by reporting growth of 0.5 per cent in October! Yes, you read that correctly, a price increase…confusing isn’t it?
The statisticians among us will no doubt be pointing out that these well-known market analysts have clearly used slightly different data sources, so there are always going to be some variations…but that’s still quite a variation, isn’t it!
So how should you, a puzzled homeowner, respond to this conundrum? The simple answer is to remember that these statistics reflect trends on a broad scale, not accurate movements in your local property market. So in order to gain some clarity on how your specific property is performing, it’s vital to get a couple of local experts in to provide a one-on-one assessment.
Of course, the simplest and most reliable way to ensure that you are accessing the opinions of the right people is to talk to the team at Ian Reid Buyer and Vendor Advocates so that we can organise this process for you, without cost or obligation.
So why not give us a call this week on 9430 0000.
You’ll also find lots of helpful tips for vendors in our free booklet, ”FATAL REAL ESTATE TRAPS EXPOSED”, so be sure to download a copy while you’re here.
10/24/2024 
