There is no shortage of property data available for buyers and sellers wanting to learn more about the market. So much so that it can be difficult to know which data to trust.

The major digital platforms that people turn to often differ from one another, at times significantly, even when you narrow the search down to a suburb or street

Property platforms readily offer automated valuations generated by algorithms. Yet they cannot account for which way a house or pool faces, whether a home has been renovated since it was built, the shape of the block or the quality of the street.

In a suburb such as Mermaid Waters, where aspect and position can swing a price considerably, those details matter.

Timing is another issue. Many platforms rely on historical sales to report current values, and that data can be three to five months old by the time it appears.

A home that sells today may take 30 to 90 days to settle, then another 30 days to be registered with the titles office before it filters through to public records.

Since April, the market has absorbed an election, global conflicts, rising inflation and interest rate pressure, so the figures reported in September potentially reflect conditions that are no longer relevant.

Averages can be misleading too. If five homes on a busy road sell for $1 million one year, and five quiet waterfront homes sell for $2 million the next, the median would appear to have doubled, but the reality is the market has not.

This lag between when sales happen and get reported explains some of the stand-off we often see between buyers and sellers. Sellers tend to look at historical data, while buyers are considering future data.

At present, they will be thinking about how rate rises on the horizon could reduce their borrowing capacity. Combined with higher living costs, buyers expect prices to soften, which is why they are reluctant to pay a premium right now.

That doesn’t mean they won’t pay, but they have a fear of overpaying.

So how do you know what data to consider when trying to position yourself in the market? 

To gain the best understanding, do not rely on one data platform. Compare figures from multiple trusted sources.

The most reliable price indicator remains comparable sales from the past 30 to 60 days, which is what buyers generally measure a property against. A good agent working in your local area should be able to provide a real-time picture of what is happening down to street level.

For an objective view, an independent valuation is worth considering. This should not be confused with a bank valuation, which is less in-depth and leans on replacement cost, a figure that does not necessarily translate to value in today’s market. An independent valuer also offers protection against being sold a dream by an agent quoting high simply to win your listing.

When a property is taking a long time to sell it comes down to one of two things: the property itself or the price. What homes achieved during the pandemic is not today’s benchmark and the market always moves in cycles.

Whether you choose to sell, rent or stay put, the goal should be to make an educated decision so that you have a realistic expectation of the potential outcome, well before it arrives.

Taylor Kleinberg is a sales agent at Kollosche specialising in the Mermaid Waters market. Reach out for advice on positioning your property in the current market.