When you’re researching a suburb, it’s really
important to have access to good tools to help you collect data and make sense of that
data. So, today, I want to share with you the top 5 property or suburb research tools
available for you and these are absolutely free. Hey, I’m Ryan from onproperty.com.au, and
this month, we’re talking all about suburb research to launch my new course on Advanced
Suburb Research. If you want to learn how to research a suburb and you want a checklist
to follow so you can easily compare areas and choose the best area for you, go to onproperty.com.au/suburb. Now, on to the 5 best free tools for researching
suburbs. The first tool is called DSRdata.com.au. I just recently discovered this tool and it’s
a very, very valuable tool. You’ll need to create an account but it’s absolutely free
and you can login and you can search for the demand-supply ratio of a suburb. So this [inaudible
1:00] and analyses a bunch of different data to give you an indication of how much demand
is there in a suburb compared to the supply of that suburb. It’s a score out of 100, with 50 being a theoretical
equilibrium between demand and supply – so, demand is the same as supply. Anything over
50 indicates demand is higher than supply and anything under 50 indicates supply is
higher than demand, and therefore an area is either not likely to grow more than national
average or may even decrease. So, it’s a very valuable tool to get that figure and to quickly
understand an area. But this doesn’t have everything in there, it doesn’t have capital
growth trends that you can bank on. And some of the data in there, I don’t necessarily
trust – like days on market, for example. But, there’s a lot of great information in
there. So, a very valuable tool, I recommend it to everyone. The second most valuable tool when it comes
to researching a suburb is onthehouse.com.au. This is a free tool out there and this is
great when you’re looking at individual properties. It can give you so much information on individual
properties. You can look at past sales history of that property. So you can see that this
property sold 5 years ago for $425,000. Sometimes it shows you past listings or past rental
listings of the property as well, but I don’t really rely on that. But also, they can give
you comparable listings and comparable sales for an area. So you can say, okay, this property’s
listed at $600,000 what are similar properties in the area are listed for and what have similar
properties on the area sold for? They also give you a rough valuation of a property that
you’re looking at. So, I find it a very, very valuable tool when you’re down to looking
at the property and understanding, should I buy this property? Is it over-valued? etc.
So that’s onthehouse.com.au. The third most valuable tool when doing property
research is yourinvestmentpropertymag.com.au/top-suburbs. That’s a mouthful but this tool is great.
You can go through and you can punch in your suburb and it’ll give you capital growth trends
for the area. So, it’ll show how has this area performed over the last 10 years, last
12 months and last 3 months as well. And I do show you inside the Advanced Suburb Research
course how you can use Your Investment Property Mag to get the data for 3 years as well, but
there is an extra step to take that I just can’t be bothered elaborating in this video.
But, yeah, Your Investment Property Mag has some really great data there in terms of median
price as well. It goes through days on market and some of that sort of stuff. The fourth free tool that I recommend is the
Census Quick Stats page. To find this page, just simply go into Google and google “census
quick stats 2011”, or if you’re watching this after 2016, google “census quick stats 2016”.
This is a great tool to understand an area, population of an area, income of an area,
education levels, some of the dwellings of the area, find out what percentage of people
are renting in the area. So, this is a very valuable tool – Census Quick Stats. Again,
that’s absolutely free. And the fifth tool that I recommend is propertyvalue.com.au,
which is by CoreLogic, who may know as RP Data. I don’t know if this is a new tool,
I only just discovered it last week. But, this tool is cool, you can go in there, you
put in a suburb and it gives you the basic details of a suburb – things like the median
price, median rent, median rental yield of an area, I think they give you the last 12
months growth of the area, as well. It’s pretty basic in what it offers. But in order to get
access to that information, which is a really easy way to it, it’s a pretty clean interface
and it makes sense. You can also drill down into the property level, but I haven’t done
this and there is some sort of upgrade where you can get access to more data. But I didn’t
see it as so valuable that I would pay for it. That’s propertyvalue.com.au, which is
the fifth tool. Some other notable mentions for free property
tools that you can look into is WalkScore.com, to understand what sort of cafes and restaurants
and things are within walking distance of an area. There’s Real Estate Investar, which
is a paid search tool and property analysis tool. It is quite expensive. I signed up for
a 2-year contract, I think I paid $99 a month or if you sign up for just 1 month, it’s $250.
But there is a 21-day free trial where you can use it. It’s got great search functionality
to find properties and also has reports on suburbs as well. To get that 21-day free trial,
go through my affiliate link at onproperty.com.au/rei for real estate investar, you can get access
to that free trial. Also, there’s a site called PriceFinder.com.au.
Again, quite expensive, only if you’re a super serious investor would I look at this. There’s
another one called RipeHouse.com.au, which does have useful information. But, again,
it’s a paid tool and it’s quite expensive. So, only if you’re a really serious property
investor would I recommend PriceFinder and RipeHouse and maybe Real Estate Investar as
well. But Real Estate Investar, will probably be on the top of the list of those ones. So, there you have some property research
tools that I hope help you to go out and to find the data. And if you want help actually
assessing that data and collecting the right data, not just collecting all the data of
a suburb, you don’t want to get suburb overwhelm or data overwhelm, you want to understand
just the right data that you need. You want to understand it so you can make a decision
as to what’s the best suburb for you invest in. So inside the Advanced Suburb Research
course, I’ve got a one-page checklist with all the key data points on there and I’ve
also got video tutorials to show you exactly how to collect that data using free online
sources and then how to analyse that data. What do the figures mean? What do the trends
mean? And how can I compare one area to another so I can really understand an area and feel
confident to invest? So if you want to check out the Advanced Suburb
Research course and get access to that checklist, go to onproperty.com.au/suburb. I’m Ryan McLean, and until next time, stay
positive.