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Don't believe the statistics of property

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In an age where we can get more and more information about property prices and statistics buyers are falsely believing this is the same as knowledge about the property market

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I recently read an article from Andrew Winter the host of?Selling Houses Australia?where he talked about how there?is an overwhelming amount of news and information that bombards us about the housing market this may unwittingly be the opposite of reality.

It is important to understand that there are markets within markets and unless the statistics consider your exact suburb, or area, your property type and the era you purchased it then the numbers may be meaningless.

It is important to remember that markets are not purely state or city driven. They can be suburb by suburb and in some cases even one suburb can display a number of micro markets within it.

Andrew used the example where 'one mining boom town may offer the perfect buying conditions, while the one 250 km down the road may not. And yet they are still both mining towns and in the same state, but real estate wise they could be chalk and cheese'.

Although property data is extremely useful it must be understood that it can only be used as a general guide unless you fully understand the context that the data is collected.

The conflicts between the data and what is really happening can be frustrating however it should be looked at as an opportunity.

If you understand the market more than the statistics show then you have the potential to set the market not just follow its lead.