Getting an accurate valuation for your property is crucial when you’re looking to buy, sell or refinance in Australia’s dynamic real estate market. One of the best ways to determine a fair market value is by researching what similar properties in your area have sold for recently. Here’s a step-by-step guide to researching and analysing nearby comparable sales to inform your property’s valuation in 2023.
Utilise Real Estate Websites and Portals
Real estate portals like realestate.com.au and domain.com.au are great resources for researching recent sales in your suburb or neighbourhood. You can filter searches by property type, price range, number of bedrooms/bathrooms and date of sale. Pay attention to comparables of the same type (house, unit, townhouse etc) with similar square footage on the same or nearby streets. Save any useful listings for reference.
Check Out Online Interactive Maps
Many council or county websites have interactive maps that plot recent area sales. Input your property’s location and filter by date range and property type. Click on map pins to pop up details like price, beds/baths, land size and images. Note down sufficiently comparable sales. Google Maps and Earth can also provide an aerial view of your home’s position relative to recent sales.
Look Up Sale Prices Through Property Data Services
For more detailed sales information, utilise paid property data services like RP Data or PriceFinder. Here you can access historical sales records, including the specific sale price and date, for properties across Australia. Focus your search on comparable sales within the past 6 months that are <500 metres away or on the same street.
Drive By Comparable Properties
Once you’ve identified nearby comparable sales, drive by the properties to get a better sense of condition, layout and appeal. Does your home seem superior or inferior? Make notes on differences that could impact valuation like renovations, additions, curb appeal, views or block size.
Consult Real Estate Agents
Chat with trusted local real estate agents to get their professional insights on recent sales activity in the area and what they suggest as appropriate comparable properties. They may highlight extra sales or considerations you should factor into your valuation.
Appraise Condition, Renovations and Improvements
Consider your property’s internal condition, renovations and improvements compared to recent comparables. Features like updated kitchens, bathrooms and flooring or additions like a pool house can enhance valuation if comparable homes are dated. Document any upgrades for appraisal.
By thoroughly researching recent comparable nearby sales and noting meaningful differences that impact value, you can arrive at a well-informed estimate of your property’s current fair market valuation in Australia. Adjust your analysis as new comparable sales occur.
