All you need is a little awareness. Have you ever taken the time to think about what really drives the property market? Below is a brief snapshot outlining some of the key driving influences:
• Supply and demand
• Interest rates
• Reserve Bank decisions
• Media and the news
• Property listings and sales figures
• Demographic changes
• Stock market
• Global economics
• General market confidence
• Sometimes, it is our perception that drives the rise and fall of the property market
Yes, there are real influencing factors (as mentioned); however, when making investment decisions, make sure you base it on facts, not what you feel from the media and news.
Confidence in anything, or a lack of it, can be a powerful influence on someone's future success.
When looking to buy or sell a property, the most important aspect to monitor and research is factual data (that can easily be obtained online from reputable sources) such as:
• Median prices for houses and units
• Growth in values for houses and units listed for sale
• The number of property listings and comparisons to previous periods
• Average sales for houses and units
• Average 'sold' values and fluctuations to previous periods
• Rental prices and vacancy rates
• Average days on the market before renting or selling
• Planning applications in the area
• Local amenities
• Auction clearance rates