Perhaps it’s an effect of COVID-19, or maybe buyers are just wanting to get more bang for their buck. We’re seeing a shift in property preferences, with first home buyers having a stronger preference for larger properties – ideally with a backyard or courtyard.
To help with your search in finding such a property, we’ve found a tool which may be helpful.
This tool by realestate.com.au, calculates the median estimated price per square metre (based on block size) of various suburbs around Australia.
You can use it to estimate the median valuation per square metre for a particular suburb you’re keen on, and then compare this information with nearby areas.
We always suggest using tools like these with caution (as there may be inaccuracies/ time lags with the data behind them).
However, it may encourage you to expand your search area to other suburbs that are showing a more attractive estimated price per square metre.
Alternatively, it may help you to justify your decision to pay a higher price for a property in a specific suburb.
It’s no secret that properties are selling faster than ever. And with limited supply, you need to act fast should you be looking to buy.
To increase your chances of being ready to jump on an opportunity when it arises, we suggest getting your finances ready sooner rather than later.
