Whether you are looking to buy a new home or your next investment property, doing your research is critical, but knowing where to start can be tricky. Here is a look at some of the resources you have available at your fingertips and others that you can explore on foot.
Looking for reliable market data sources
There are many resources you can tap into to access market data for different regions across New Zealand. Sources such as CoreLogic, REINZ, OneRoof and realestate.co.nz will all help you understand different property markets across different regions of the country. Additionally the websites like homes.co.nz is helping Kiwis make smart property decisions, it gives home owners the tools to search an extensive list of property data.
From a local perspective, your local LJ Hooker office can provide you with an in-depth local market report detailing the strongest growth areas, most traded and fastest selling areas, the top performing local suburbs and a snapshot of houses and unit sales, median sale price, rental yield, days on market and more. Understanding the local market is very important so make sure you contact your local LJ Hooker office - they live and breathe real estate in your local area and are a great source of valuable local market data.
Researching data like above is more of a traditional method than others, but they are also important in getting to know the real estate market in your local area.
Talk to locals
It goes without saying that locals know how to answer all the important questions you have about an area, from where the best place is to get an ice cream to the best coffee in town, it is also important when talking property, you ask a local. This is a good way to get a feel of the suburb and street, try finding some locals and having a chat to them.
When embarking on buying a house, wander the streets surrounding and see if you can catch anyone in the neighbourhood outside. Ask a few questions about what the area is like, how long they have lived there or what they do/do not like about the neighbourhood.
Property listings
Given the majority of properties are promoted online, this is a good place to research the market. Head to realestate.co.nz, oneroof.co.nz, trademe.co.nz/property just to name a few or directly through ljhooker.co.nz and review the current property listings and recently sold listings in the suburb/areas you are interested in. This will help give you feel for the local market, how many properties broadly fit your needs, what sort of prices they are selling for and what has been sold recently.
Speak to a real estate expert
Your local LJ Hooker Real Estate agents live and breathe real estate in your local area and are a great source of insider knowledge - much of which you would not discover alone, so make sure you contact them and ask about the local market.
Remember; buying a property is not that complicated, but it does take a bit of time to do your research. By thinking outside the box you can find information that others can not or do not find. This will help put you ahead of the pack every time and closer to finding your first home, dream home or investment sooner.
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