How we research when property buying: realestateVIEW.com.au

A recent RealestateVIEW analysis has found that while we regularly source feedback and reviews for everything from makeup to cars, it's simply not the case when it comes to property.

In fact, investors like to conduct their own research on every aspect available, whether that be finance, the market or the prices, and even spreadsheet out the results they find.

Petra Sprekos, general manager for RealestateVIEW.com.au, told Property Observer that this trend crystallises what is beginning to be seen in many industries across the board, with the growth of the internet changing buyer behaviour.

"I think it ties in to what we're seeing as general consumer behaviour across the board. The reason I say this is that I was with a representative from Google yesterday, and they said ... that people visit up to 13 sites during the research stage of searching for property. It could be any, media, three top portals, but it ties in what we saw from our research that they go out looking themselves," Sprekos said.

A survey they conducted, of which 72% owned their own home and 28% were looking to buy in the near future, found commonalities between the buyer groups.

Preparation rituals (overall results):

1. Researching everything possible to inform your purchase decision, from finance and local amenities to house prices

2. Attending open inspections to get a feel for the market

3. Efficiency in communication and research – doing everything online if possible, rather than over the phone in person

4. Ensuring all important information is organised and compiled into a spreadsheet

5. Talking to friends and family to gauge their opinions and experience with buying and/or the market

The first three were found to be common across the breakdowns - First home buyers, Next home buyers (upsizers and downsizers) and investors (both seasoned and first time), listed these three in that order.

However, while number four was common to next home buyers and investors, first home buyers found talking to friends and family to be of slightly more importance.

Sprekos said that this is largely due to where first home buyers are in terms of their life stage.

She also said that, by and large, apps and other software is being made to cater for the spreadsheets and journey planners needed, making recording information about home opens and listings far more easily accessed.

"Buyers are becoming more educated, we're seeing them coming into open homes knowing what other homes have sold for," she said.

"Two years ago, that information wasn't as easily accessible and now it increasingly is."

When looking at the data that is critical to the five different buyer groups (First home buyers, Upsizers, Downsizers, First Time Investors, Seasoned Investors) some slightly different considerations were revealed.

Top 5 pieces of information buyers want access to when researching a property

OVERALL
Recent sales
Recent auction sales
Crime statistics
Public transport links

Median house prices

RANK FHBS UPSIZERS DOWNSIZERS    
1 Legal info Recent sales Recent sales  
2 Home loans Recent auction sales Crime statistics

3 Recent sales  Crime statistics Median house prices

4 Buying tips/advice
Median house prices Recent auction sales

5 Crime stats Public transport links Legal info

RANK NEW INVESTORS SEASONED INVESTORS
1 Recent sales Recent sales
2 Recent auction sales Recent auction sales
3 Public transport links Public transport links
4 Median house prices Historical sales
5 Legal info Median house prices

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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