How to Better Understand Your Local Real Estate Market

If you are a first time buyer or have not entered the Western Australian property market for a while, it can be daunting to know where to start your property journey. Especially in today’s market where prices are rising and stocks are selling fast.

The good news for WA buyers is that we still have the most affordable homes in the country. In fact, a report released by the Real Estate Institute of Australia last month found that Perth’s median home sale price (currently $520,000) was the lowest of any capital city in any state or territory in the country. .

While median home sales prices for all regions are helpful in understanding market trends, they don’t tell the complete picture. That’s why it’s important to learn more about market values, buyer habits and local trends.

For example, the overall Perth market saw median home sale price growth of 13% in 2021, but many suburbs far exceeded that figure. Like Woodlands, which was the fastest growing suburb in Perth prices last year, growing by 35%.

If you are interested in the performance of a particular Suburban, you can check out the Suburban Profiles on reiwa.com. These profiles will give you the latest median house, unit, and land prices, as well as one-, five-, and ten-year suburban growth rates. They also include lifestyle information and have an interactive mapping tool that lets you easily compare suburbs.

If there is a specific property you have in mind, or even if you want to know more about your own property,

reiwa.com now provides free CoreLogic Property Reports for any address in the state. You can find an address’s estimated price range and investment potential, market trends for the area, sales and rental history, and how it compares to other properties. It will also give you a glimpse of the suburbs.

And finally, your best asset when looking for a property is the expertise of local REIWA real estate agents. While data and statistics are important, an agent’s hands-on experience and knowledge of the local market are invaluable.

If you are considering buying, contact some local agencies that list properties in areas you are interested in for advice or consider hiring a buyer’s agent to do the work for you.