By Tim McKibbin, REINSW CEO
Part of the property buying process is determining value.
Median and average property prices are helpful, but they are not necessarily what you should focus on as they represent the past sales history of an area, not the current value.
Throughout your buying journey, you must consider all factors that affect the value of a property.
Supply and demand, location, market performance, renovation and investment potential, interest rates and economic outlook will all impact value.
Understanding these factors and their relevance at your time of buying will help you determine market expectation and inform your budget. It will also help reduce post-purchase discrepancies between sale price and bank valuations.