Research the Market
Knowing market conditions and the median house price of an area will help purchasers be more informed when inspecting properties. They will have a better idea of what is a reasonable asking price for a property in a certain area and this may assist in negotiating the final purchase price.
The Real Estate Institute of South Australia (REISA) publishes State Government sales data to help the public become more informed on current market conditions. The latest quarterly median house price information for each suburb and council area is listed on this website, along with past statistics that can help purchasers establish whether the market is moving forward or stabilising. To access this information click here
REISA also produces a quarterly Market Update report which highlights the main growth suburbs and regional areas in three key markets: sale prices, rental prices and rental yields.
Consumers also have the opportunity to purchase sales data specific to a particular property, street or suburb via the website www.myrpdata.com. These reports are a useful tool when buying or selling a property.
Consumers can also scan newspapers or visit websites such as www.realestate.com.au for a guide to house prices and market conditions and properties for sale in a particular location. By analysing one suburb or region, they can get a good understanding of the price bracket within that area.
Talking to agents, sales representatives or other professionals can also help purchasers get a good feel for the market in a local area.
To assist consumers with real estate queries, REISA operates a free information service – REISA Query Connect on free call 1800 804 365, between the hours of 9.00am to 4.00pm each weekday. This service is staffed by knowledgeable real estate professionals with many years of practical experience.