We are a parochial bunch aren’t we? I mean Australians just love to back a winner! whether its watching the Aussies take apart the Poms at cricket, staying up late and watching Sam Stosur win the US open or riding home a winner at the Spring Carnival. Australians are parochial about all things sport! Now you might be asking what does this have to do with property? Well if it isn’t sport, its Real Estate. We are just as fanatical about the great Aussie dream of owning your own home as we are for buying an investment property as we are to back a winner in the Melbourne Cup!
As quickly as we consume ‘friday’s best bets’ we also scour the internet and newspapers for advice around the state of the property market and any information pertaining to that next property ‘hotspot’.
In an information age, property commentators are for ever making headlines out of some form of statistic. Although these statistics play a role in forecasting various segments of the economy, it honestly can become complicated and then when you add in vested interests by those writing, how does the average Aussie punter make sense out of this news?
Last week I read with interest an opinion piece by Michael Matsuik regarding population growth in QLD and how he challenged that these figures alone should not position the whole QLD market. I agree with Michael’s comments 100%, however we need to ask ‘how does the average Aussie know what’s going on?
The QLD market is made up of 100’s of smaller micro markets that depend heavily on the local economy. So if anything your research needs to be ‘local’.
Being in real estate, our most accurate ‘leading indicator’ for the direction of our property market is simply the number of buyers attending our open homes each weekend. Every week we track and monitor a whole gamut of statistics, however it may as well just be the simplest. The market is the market and the laws of supply and demand ring true. So get out this weekend and check out a few auctions and open homes, in just 10 mins you will make good sense of the market. You never know, you may even make a few cents while you’re at it.
For more on Michael Matusik’s article: http://matusikmissive.com.au/2012/10/25/pop/#more-2605