Interested in buying a home or just curious about what the market looks like in your area? No matter your situation, keeping an eye on the housing market where you live is important. On a macro scale, real estate will be your most significant indication of where the economy is and where it might be heading.
Here's a short guide for the best ways to watch the housing market.
Where to research the market
You'll begin your research like you would anything else — finding the best, most reputable resource you can. Some sources base their information on what has happened in the past to make predictions on what's to come in the future. These types of predictions are typically called "leading indicators."
Population in the local area
The Australian Bureau of Statistics (ABS) has some public information on building permits, predictions and area population that may be helpful if you keep an eye on it. You can use the ABS website to check in on population shifts which might indicate an influx of people moving away or into Surfers Paradise — an indicator of your local economy.
Price of real estate
As you begin your search, you may also want to look at housing pricing. If population increase indicates a growing local economy, then pricing will show you signs of supply and demand. As more people move into Surfers Paradise, the higher pricing will likely grow.
Speaking with a professional
When you get closer to possibly selling or buying property, speaking with a professional at Ray White can give you the most straightforward information. We keep an eye on the economy to offer our clients the best advice and guidance any time of the year. Real estate agents at Ray White know whether the economy is right for your specific goals or if you should wait, look elsewhere or start packing now.
Getting the hang of it
On certain websites and after speaking with a designated agent, you may come to pick up on the market cycle. Real estate is an investment, and like most others, the prices, rates and interest fluctuate throughout the year and decades.
Our best advice when it comes to the best ways to watch the housing market is to begin to keep track long before you find a need. Ideally, you and your agent will notice the early stages of an upturn in the local market and make a plan to buy or sell.
We always have the most up-to-date information that can help you make the best decision for your future investments. For more information about your local housing market or for questions about local pricing, contact a Ray Way Surfers Paradise real estate agent today.