Research
Arguably the most important part right behind actually buying the house 🤔
Setting expectations
What have similar properties sold for?
Price guides are often not accurate indications of what a property will sell for. Looking at recent sales in the area for similar properties will give you the most accurate representation.
What have similar properties sold for?
Price guides are often not accurate indications of what a property will sell for. Looking at recent sales in the area for similar properties will give you the most accurate representation.
Onthehouse is a tool by CoreLogic which houses most of the real estate data around Australia. This will typically have a better collection of recently sold properties
Onthehouse is a tool by CoreLogic which houses most of the real estate data around Australia. This will typically have a better collection of recently sold properties
Understand the different sale methods and what they entail
In more recent times, Auctions have been the most popular sales method. As a home buyer you need to be warely of terms such as "Vendor's bid", "Reserve" and "On the market" etc
Understand the different sale methods and what they entail
In more recent times, Auctions have been the most popular sales method. As a home buyer you need to be warely of terms such as "Vendor's bid", "Reserve" and "On the market" etc
LJ Hooker has a quick read that summarises the methods quite well at a high level
LJ Hooker has a quick read that summarises the methods quite well at a high level
Understanding location elements
Powerlines (Transformers)
Many have fears that these are a health concern, as well as being not great for the view.
Powerlines (Transformers)
Many have fears that these are a health concern, as well as being not great for the view.
Soho has a good summary article about this matter. While studies have shown that these don't have health risks, it's definitely worth considering if you plan to re-sell and upsize in the mid-term.
Soho has a good summary article about this matter. While studies have shown that these don't have health risks, it's definitely worth considering if you plan to re-sell and upsize in the mid-term.
Main roads
Main roads are often noisy and hard to drive onto.
Main roads
Main roads are often noisy and hard to drive onto.
Personal experience with this one. We have double glazed windows so sound isn't an issue but driving in and out of the house can get quite stressful at times!
Personal experience with this one. We have double glazed windows so sound isn't an issue but driving in and out of the house can get quite stressful at times!
Too close to a railway
There are rumours of train vibration causing settlement/cracking, but some banks and valuers may mark these properties as "high risk" which my affect lending risk appetite.
Too close to a railway
There are rumours of train vibration causing settlement/cracking, but some banks and valuers may mark these properties as "high risk" which my affect lending risk appetite.
Land zoning
Especially if you're planning on adding extensions or redeveloping in the future, you'll want to check the zoning of the land to ensure that you are allowed to do so.
Land zoning
Especially if you're planning on adding extensions or redeveloping in the future, you'll want to check the zoning of the land to ensure that you are allowed to do so.
This will vary council to council, so be sure to check the council's zoning policies.
This will vary council to council, so be sure to check the council's zoning policies.
Planning permits
Check online regarding any infrastructure that's planned to be build in the local area and consider how this may impact you
Planning permits
Check online regarding any infrastructure that's planned to be build in the local area and consider how this may impact you
This tool lets you find any planning permits that've been approved within a 2km radius of the given address
This tool lets you find any planning permits that've been approved within a 2km radius of the given address
Apartments above shops
May seem convenient but often noisy
Apartments above shops
May seem convenient but often noisy
New / off-the-plan
It may seem nice to have a brand new house. But the build quality in recent times has seen many new home being sold at a premium, while retaining countless defects.
New / off-the-plan
It may seem nice to have a brand new house. But the build quality in recent times has seen many new home being sold at a premium, while retaining countless defects.
Definitely not ruling out all new homes, but always helps to be extra careful and not let the shiny new kitchen and paint fool you.
Definitely not ruling out all new homes, but always helps to be extra careful and not let the shiny new kitchen and paint fool you.
Suburb profile
I put a similar point in the last list, but this one's really often overlooked and worth re-iterating on at this point
Suburb profile
I put a similar point in the last list, but this one's really often overlooked and worth re-iterating on at this point
Speaking same is a great tool for getting quick dives into suburb profiles. It breaks down property data, nearby facilities, demograpghic and even crime rate among other things.
Speaking same is a great tool for getting quick dives into suburb profiles. It breaks down property data, nearby facilities, demograpghic and even crime rate among other things.
Flood/Bush fire zones
This can be a serious addition to your insurance premiums. Check the flood maps and bushfire maps of the local areas, and research what the typical premiums look like for similar properties.
Flood/Bush fire zones
This can be a serious addition to your insurance premiums. Check the flood maps and bushfire maps of the local areas, and research what the typical premiums look like for similar properties.