Australian property prices are rapidly becoming some of the highest in the world. However, that doesn’t have to mean that homeownership is out of reach.

There are several paths to becoming a homeowner in Australia and the state of local property prices in your area shouldn’t put you off achieving this dream. 

One important step you should take towards owning your own home is to understand how to properly research property prices. 

In this guide, we’ll take a look at how to research property prices in Perth (and Australia as a whole), how to decipher property price guides and why building over buying an established property can make a lot more sense. 

 

Why Is Proper Research Into Property Prices So Important? 

Gaining a deeper understanding of property sale prices in your desired area through thorough research is crucial. 

Knowing what is happening in your local property market supports you to: 

Make Informed Decisions 

As a buyer, spending time researching recently sold property prices gives you the best chance of understanding the true market value of a property in your chosen location. 

This provides valuable insights into whether your desired area is within your budget, as well as being vital to good decision-making regarding any offers to buy. 

Avoid Overpaying

A continuation of the above, undertaking extensive research on property sold prices is the best way to avoid making an emotional purchase and overpaying. 

This can help you avoid buyer remorse and any potential financial strain from going over budget. Value for money should be your primary focus and only research can truly help you determine this. 

Become Aware Of Market Trends & Fluctuations

The Australian property market is incredibly dynamic and constantly shifting. Research can help you identify any market trends such as fluctuations in prices over time. 

Being aware of these trends can help you to anticipate future market conditions and make more strategic decisions regarding when to buy. 

Implement Proper Financial Planning

Without an idea of what property costs in your preferred location, it is impossible to plan ahead. 

Having an estimated price in mind equips you to set up a budget and set savings goals towards achieving this. It can also aid in the securing of pre-approval for a mortgage. 

In some cases, this research and subsequent financial planning may indicate that changes are needed to your financial habits or that you need to widen your search area to make buying possible. 

Achieve Greater Negotiating Power

Attempting to negotiate a property sale without prior research means you are less likely to secure a favourable deal or conditions on the sale. 

Arming yourself with knowledge means you can confidently negotiate and better understand what is fair for both yourself and the seller. 

How To Research Property Prices 

Properly researching property prices and gathering information about the real estate market involves several steps. This process is the same no matter where you live and can be applied by first-time home buyers and investors alike. 

Clearly Define What You Want

• Decide on the location, type of property and features you’d like it to have.
• Factor in things such as proximity to amenities, schools, transportation or similar as necessary to your situation. 
• Pinpoint what would be nice to have and what is non-negotiable.

Make Use Of Online Resources

• Explore local property listings posted online through real estate agency websites, RealEstate.com, Domain and other similar platforms.
• Filter your results based on your defined criteria such as price range, location, number of bedrooms, land size etc. 
• Where prices are not listed, don’t be afraid to enquire about the price guide.

Analyse Comparable Sales 

• Compare similar properties, considering age, condition, size, any upgrades and other factors against what they sold for.
• Where there are large differences in price, try to pinpoint why this is – this can help you with negotiations on your chosen property in future.  

Visit Open Houses

• Take note of asking prices, property condition and buyer interest as this can help you gauge buyer demand.
• Visiting in person is essential for getting a feel for a property and may help you rule out certain things or highlight new factors you’d not yet considered.

Speak With Real Estate Professionals

• Chat with agents at open houses, they are a great source of information regarding your preferred area, market trends and current market conditions.
• Agents may also be aware of any planned developments in the area or zoning details that may influence pricing. 

Document Your Findings

• Keep records of all your research and try to prepare it in a way that is easily digested, such as a spreadsheet.
• Look for trends in your research and highlight any discoveries that may influence your decision-making process.

 

Feeling Outpriced And Overwhelmed? Consider The Alternative

If you’ve already done a deep dive into Perth property prices using the steps above and discovered your desired area is out of reach or that no properties meet your preferred criteria, don’t be discouraged. 

One option that many homebuyers overlook is house and land packages. 

Ideal for first-home buyers and anyone seeking to stop renting and start owning, Stop Renting Perth offers several affordably priced packages. 

Frequently saving our clients significant amounts when compared with buying an existing home, taking this route provides you with:

• A brand-new, turn-key home with a design and layout chosen by you  
• Opportunities to customise and upgrade different aspects of your home with ease 
• Choices over location and land size
• The ability to access first-home buyer and building grants where eligible for even greater savings
• Potential for greater return on investment long-term compared to an older, existing home
• The chance to incorporate modern technologies, energy-efficient features and sustainable building practices to meet current standards and future needs
• Peace of mind that there are no necessary repairs or renovations to navigate or pay for

These are just a few of the benefits you can experience when opting for a house and land package with Stop Renting Perth. 

How Affordable Are House & Land Packages In Perth? 

Our house and land packages in Perth start from as little as $525,000. Offering over 70 home designs to choose from and with access to land in suburbs all over Perth, this price comes in well under the median house price of $676,823 (as of January 2024). 

Factoring in that this is a brand-new property with no expensive renovations or repairs needed and that package costs can often be offset through government grants where eligible, it is easy to see just how truly cost-effective this option is. 

Why Choose Stop Renting Perth?

Having been where you are, we understand how difficult it can be to escape the cycle of renting and become a homeowner. 

Tired of seeing aspiring property owners unable to buy a home or having to settle for one that greatly compromises on what they wanted, we found a solution in our competitively priced house and land packages. 

Offering proven strategies and a road map for success, we support everyday Australians to achieve their dreams of home ownership, even without a deposit or significant savings in place. 

This can see you avoiding common pitfalls when buying property, including overpaying while also seeing you living in your own home sooner than expected. 

To arrange your obligation-free consultation, book a call with one of our friendly team members today.