I was chatting to a friend the other day, and the usual topic of the Australian property market came up. I think it must be one of the most common questions any property professional is be asked:
“So what is going on on the market? Is it time to buy an investment property? Should I sell? What do you think prices are going to do this year?”
All good questions. All questions I am happy not to answer! I would rather deal in local questions, like:
What is happening in my suburb now compared to a year ago?
How are specific properties types doing on the market?
This is where a status as the local expert can be built up without having to look at a crystal ball. This is where the enhanced filters in RP Professional (http://rpp.rpdata.com) can help. (remember that as an RP Data subscriber RP Professional is part of your subscription – same login name and password, different system).
So how would you know what is happening now compared to a year ago? How easy is it to find out?
Lets take the number of houses that sold in Indooroopilly QLD in the last year (May 2010 – April 2011) vs the year before that (May 2009 – April 2010):
Do a search in RPP for Indooroopilly:
Click on ‘Search’ to see the total properties in Indooroopilly. Now click on the ‘Sales History’ tab to see the history for the last 6 months.
What we want to do is see the history for houses over the last year – so this is where the filters tab in RPP comes in handy. Filters are on the left and enable you to select exactly what you want to find out.
Lets begin, by selecting Houses:
You can see that there are to start with 77 total properties that sold in the last 6 months. When you click on the ‘Houses’ tab this filters down to only houses (not units) – a reduction from 77 to 30 properties:
If we now change the dates for the selection we can see how many sold in the last year (to end April 2011). Note you need to click on an actual day:
Once the date range is selected, the number of properties sold will become clear:
The number of houses that sold from May 1 2010, to April 30 2011 is then 88:
Similarly if we change the date to that for the previous year (May 1 2009 to April 30 2010), 149 houses sold.
For Indooroopilly, there were 149 houses sold in the May 1 2009 to April 30 2010 year, and only 88 houses sold in the following year (May 1 2010 to April 30 2011).
Using Filters, it becomes clear how to isolated both the numbers you need to understand the market, as well as the actual properties in the filter.
P.S. Make sure you also experiment with running reports: selecting properties and running the ‘Sales History’, ‘Market Comparison’, etc reports from the bottom left of the filter bar. These are great examples of getting even more value out of RPP.