When you’re looking to buy a house, you must perform adequate research and due diligence to ensure you’re making the right investment for your family. This process includes reviewing recently sold properties on the broader real estate market to establish a better understanding of new property trends in the current Melbourne housing market.
Read on to learn more from our team at Noel Jones.
The Benefits of Reviewing Recently Sold Properties in the Melbourne Housing Market
Build a Comparative Market Analysis When Looking to Buy a House
Viewing recently sold properties will give you a more comprehensive overview of the Melbourne housing market. By looking at comparable properties, you can understand what other buyers have been willing to pay for similar homes in your area and gain a realistic estimate of your own property’s value, or what you may have to pay for a new property.
What’s more, when you view sold properties, you can understand the number of people currently looking to buy a house in your area by looking at the time between the initial listing and the sale date. If it was a fast sale, that shows a lot of buyer competition, suggesting now might be a good time to sell, but a difficult time to buy.
Review the Price History of the Property
Reviewing different areas of the real estate market and sold properties will also show how much money people have been willing to invest in a particular property over time.
For example, if a property has experienced rapid price appreciation, that may indicate its increasing desirability or potential for continued growth. On the other hand, if it was recently sold at below-market value, this could suggest that the owner was desperate and should not be relied upon as a guide when pricing your own home.
You can study these sold properties to gain insight into their appeal (or lack of) within the wider real estate market. It could be location, the property’s condition, or additional features like swimming pools, solar panels, and air conditioning. From here, you can gain ideas on how to improve the value of either your own property, or a property for sale before you submit an offer.
Uncover Real Estate Trends in the Current Property Market
Viewing sold properties can help you identify current trends in your local property market, such as average home values, types of homes being sold in certain areas, and what buyers are willing to pay for certain features. This information will provide you with further insight into the demand for current houses for sale in Melbourne.
With this data, you can also decide which area you want to invest in next, as well as the features you should prioritise when searching for your new home, to help with future resale value.
Identifying Potential Problems Before Buying
By viewing past sales, you uncover any potential problems with the property and determine whether the market deems it a good investment. This includes inspecting for structural damage and having an understanding of the condition of other features like appliances, HVAC systems, plumbing and so on.
Strengthening Your Negotiating Position
By reviewing past sale prices of similar properties in your area, you will be able to strengthen your negotiating position when it comes time to make an offer on your dream house. You can use this data to compare with the current asking prices to ensure you get the best deal possible.
How Best to View Sold Properties
Property Listing Websites
A great way to view sold properties is through property listing websites. These platforms offer detailed information on recently sold properties, their previous sales history and can also provide you with an overview of the current market in that area. This means contextual data around demographics, average price growth, expected sale times and so on. Plus, they usually offer the option to customise your search parameters based on specific criteria such as location, price range or amenities.
Popular sites include:
Access Your Real Estate Agents List of Sold Properties in the Area
Many real estate agencies will provide access to their database that outlines the properties they have recently sold in a particular area. At Noel Jones, we have an extensive list of recently sold properties available for review, with several fields available to help refine your search, including the number of bedrooms and bathrooms, location, price and more.
By reviewing the properties sold by your real estate agent, you can also understand their performance within current property trends in the Melbourne housing market.
Government Databases & Public Records Offices
Another way to view sold properties is through government databases or public records offices. By looking at these sources, you can find out more detailed information about past sales in a particular area. This includes sale prices, dates of transactions and other relevant details. It’s important to note that while some of this information may be available online, you will likely need to visit a physical office or contact your local government for more detailed data.
For more information and support when you’re looking to buy a house, don’t hesitate to contact us at Noel Jones today.