While trying to gauge the level of decline in the local real estate market, I came across this handy suburb snapshot feature on homepriceguide.com.au.
You search for an Australian suburb and it provides you with some high-level statistical data such as:
- Median price:The middle price of all properties sold as ranked from the most expensive price to the most affordable price.
- Auction clearance rate: The percentage of properties sold under the hammer or prior to auction compared to the total number of properties listed for auction excluding properties not reported to APM but including properties withdrawn from auction.
- Days on market: The average length of time a property takes to sell from the initial published advertisement to the exchange date of sale.
- Discounting: A measurement on how much (expressed as a percentage) vendors are having to take off their intial asking price to make a sale.
The discounting numbers are most interesting to me. For example, I found that apartments in Victoria Park have been selling for 23% less than the asking price. That’s really puts the asking price in perspective when browsing for housing.
This information seems to be presented more objectively than what appears on the REIWA website and realestate.com.au (I always get the impression that they are trying to upsell the current market).