Track Property Values in Melbourne’s Real Estate Market
A common problem for investors is keeping the value of their portfolio up-to-date and this is especially true for investors in the current Melbourne real estate market. The industry is experiencing a very robust period and prices are increasing as more foreign nationals gain interest in acquiring property in this world-famous city. There are several ways to make sure you know the current value of your investment property in Melbourne.
5 Steps to Stay On Top of Melbourne Real Estate Market Property Values
1. Research.
If you want reliable information, obtain it from the source locally. If there’s a section on housing in your paper or a local area magazine dedicated to real estate, get a copy. Compare the prices of properties for sale with the ones you own. Take note of their amenities, number of rooms, furnishings, land size and other information that compare with what your own properties offer.
Also, look up online sources. So much information is stored on the internet and you’re sure to find data on Melbourne real estate market property values. One great source is Property Value and Australia’s major selling portal Realestate.com.au. There are also many other resources across the web, which is a goldmine whenever doing research.
2. Get to know the community.
Have you explored the neighbourhood recently? Take a walk around. Where’s the nearest park? How big and serene is it? Is there a lake or pond where kids could feed ducks? Knowing your property well is not limited to the square metres that your title dictates is yours. Familiarise yourself with the environment and the people living within it, to know where you stand in the Melbourne real estate market. How extensive are the choices available at the nearest supermarket? Or is there a nearby market with locals selling fresh produce, fish and meat? What are the activities residents from different age groups like to do during their free time? How near are the stylish bars, cafes, clubs and restaurants? Is the area more for families, college students, or young professionals?
The quality of infrastructure available and proximity to lifestyle and recreational areas are likely increase the value of your property. Melbourne is well known for its efficient and inexpensive public transportation that covers a broad expanse. The tram system provides free travel within the city’s Central Business District (CBD), strong selling points that have helped boost the Melbourne real estate market.
3. Talk with realtors, other experts and those buying and selling properties.
Who better to ask how much properties are selling for than the experts and people spending a lot of time with these professionals? If you’ve got a friend who happens to be buying or selling the same property type in the same suburb, give them a quick call. If you don’t, consider investing in a consultation with a property expert such as a licensed buyer’s agent in Melbourne. It’s best to consult with a locally based real estate property agent to ensure they’re up-to-date with Melbourne’s real estate market.
4. Finish any renovation plans and spruce up.
To properly evaluate your property’s worth, complete any repairs and refurbishments you have planned or in progress. While you can make an estimate of what it would be worth when it’s done, there’s nothing like a finished product if you want more precise figures. Cleanliness definitely adds points to attracting individuals to your property. Improving your property could give you an edge over competition, especially with the growing number of Melbourne real estate market investors.
5. Have your investment property professionally evaluated.
Play it safe and get the right numbers. Bring in the specialists like a buyer's agent in Melbourne to assess your property first hand via a Portfolio Review. With property rates in the city speedily changing, it’s wise to seek help from someone who makes it their job to know.
Keeping track of property values is essential for an investor, particularly if you’ve purchased more than one property or are planning to gain more. Whether you’re a novice or an experienced investor, it’s more efficient time-wise and cost-wise, to seek expert advice. You can utilise regular consultations and property value tracking tools. These are computer programs designed specifically for the use of property investors to appraise your property according to current values. Some offer additional features such as market changes, customer profiles, watch lists and other information you need to effectively manage your portfolio. Property Value is an example of an online software tool that’s simple, straightforward and offers all the aforementioned features. If you haven’t begun venturing into the industry, today’s technology makes it easier to buy property in the Melbourne real estate market as an investment.
To find out more about buying a property, contact Melbourne’s leading team of buyer’s agents.
