While it seems like those big four (Amazon, Google, Apple, Facebook) have the monopoly on data these days, there are still opportunities popping up wherein you can benefit from aggregated data that is relevant to you.
One of the best examples of this must be in the real estate sector.
The rise in accessibility to market data for companies has opened a new consumer avenue for those within the industry that see this data as an opportunity. The result is that when you ask yourself, ‘What is my home worth?’ You don’t have to wait for an agent to give you a detailed property appraisal to find out.
Property appraisals, calculated by a professional, are a valuable and often necessary tool, especially if you are looking to refinance based on any capital growth you have seen in any of your investments.
However, you can now access accurate property data, including sales and rental history, neighbourhood demographics and local market data for every address in Australia and you don’t have to pay for it. It was only a few years ago when this information remained behind usernames and paid subscriptions.
So, what do you have access to with these new demographic insights now being provided by the major real estate platforms, such as view.com.au?
- Property Price Estimates. Using your own property’s attributes (such as number of bedrooms and bathrooms) and comparing these and its location to comparable properties close by (that have been sold within a maximum number of months), an automatic algorithm allows you to see an instant estimation of your property’s value. Update your attributes if you have done renovations and choose different comparable properties if those provided aren’t the right fit. Your estimate will automatically recalculate the value of your home.
- Sale and rental history. Get a clear idea of what other homes in your area have sold for and what their rental yield is, allowing your rental yield (if you have an investment property) to reflect the market within your neighbourhood.
- Neighbourhood demographics. This sort of data is the most valuable for those who want to grow and maintain their understanding of the market, so they can approach the sale or purchase of a home more informed. Median sales data allows you to see just what sort of growth is experienced across the country. Median income and mortgage statistics help you see whether you are paying too much for your monthly repayments. Average age, household makeup (couples with children/single parents etc.), and occupancy percentages (owns outright, renting etc.) as well as occupation insights, survey results and local amenities (schools nearby etc) help you gauge whether a neighbourhood you are interested in fits your lifestyle and budget or who you should target the sale of your property towards.
Access to this sort of data to everyday users is relatively new, but is a competitive area in developing stronger relationships between users and real estate agents. Data will inevitably continue to improve in its accuracy and scope, so that people who may be selling or buying a home can approach the process with more insights than they have ever had access to before.