Importance of Natural Resources

How To Find Comparable Property Sales


In this video, I’m going to show you how to
find comparable property sales for the area. So when you are looking at investing in property,
it’s very important that you assess the property that you’re looking at buying compared to
properties that have recently sold in the area. This will give you a good idea and a
good indication of what the property is really worth and will help stop you from overpaying
for the property. So let’s go ahead and find a property to look
at. Here I am at myrealestate.com.au, which is my absolute favourite search engine for
properties. Let’s go ahead and type in a search request, “units in Cronulla under $700k”.
We’ll look for some of those units in Cronulla under $700,000 and we can see that there’s
a property here, 7/21 Wilbar Avenue for $555,000+. We can see one Croydon Street for $635,000.
Let’s go ahead, we’ll have a look at that one. We can see that it’s 5/2 Croydon Street.
We can see that this one has actually already sold. So let’s go ahead and we’ll find a different
one. I want to make sure that it’s on the market. We can see most of these are $680,000+.
They’ve got really wide guidelines. Sorry about that dog barking in the background.
Here we have $565,000 for one in Bando Road. So let’s go ahead and have a look at that.
We can see the details about this property. Now, this is for $565,000. It is a 1-bedroom,
1-bathroom, 1-car spot property. I can go through, I can have a look at the pictures.
Hopefully they’ve got a floor plan as well. They don’t. That would be something that I
would probably want to look at or want to get. But we can look at this property. Now,
we want to find some more details about recently sold property. So, we can see on the side
here, people also viewed these properties so we can go ahead and look at them, but they
are ones that are listed for sale at the moment. We want to find ones that have previously
sold. To do that, we’re going to go at the top and click on this sold icon here in the
menu bar. That’s going to bring us to the sold page. We then input our suburb, which
is “Cronulla”. And now, this is important; we want to choose the same property type that
we are already looking at. In this case, it’s an apartment and unit that has 1 bedroom,
okay. I’m just going to leave the min and max price empty for the moment. So we’re in
the same property type, same number of bedrooms. We can go ahead and click Search. Now, this has brought up 666 total results,
but it’s going to sort it by most relevant for you and you can see what they sold for.
So we can see here that a 1-bedroom, 1-bathroom sold for $476,000. We can see one in Croydon
Street was sold for $550,000. We can see one was sold for $587,000. One was sold for $440,000.
And you can see the dates that these were sold – 27th of February 2016. We can see one
in Burke Road sold for $611,000. That, again, is a 1-bedroom. Another one in Croydon Street.
So you can go through and you can look at all of these to see what has been sold in
the area. If you want to get really specific, go ahead and click on the map and find your
property in the map. We’re on Bando Road in Cronulla, which is North Cronulla here, just
West of Elouera Road. So we can see it’s all around here where it says number 11. So we
can zoom in there. There’s Elouera Road. Here’s Bando Road where we were looking. Okay, we
can see that 1-bed, 1-bath was sold for $470,000, we can view those details. We can see that
this one was sold for $555,000 and that was 14/21 Bando Road. And we can look at areas
around. I know from living here that the Northern
part of Cronulla up here tends to have older units. And so, it may not be worth or priced
as much. Whereas, when you go South of Cronulla, down this area, it’s quieter. More residential.
Less renters and these properties can sell for more. Doing the map and looking in your
particular area, you can get a great idea of the properties that have sold. You then
need to use some speculation, go through the pictures. See, is this one worse? Is it better?
Does it have a better aspect? Does it have a balcony? What’s the difference? And try
and find the most similar properties to yours and then compare them in terms of price in
order to get an idea of the property in the area. So that is how you go about finding
comparable property sales for your area. If you’re one of those people who wants a
helping hand, you want someone who knows what they’re doing to find you a great area to
invest in as well as a great property within that area that is likely underpriced, then
you may want to consider a buyer’s agent. Now, my buyer’s agent of choice is Ben Everingham
and he’s offering listeners of On Property a free strategy session with him that you
can go, you can talk to him about what your goals are. He can help you set forward a plan
to achieve those goals through investing in property. And if you want his help as a buyer’s
agent, then he can go ahead and help you find the areas and find the properties to invest
in and do all the leg work for you. So if you’re interested in getting on a free
strategy session with Ben, go to onproperty.com.au/session and request your free strategy session today.
Now, these are limited [no audio 5:49]. Now, I do get a referral fee if you end up using
Ben’s services. I like to be transparent about that, but he is a young gun. He is financially
free himself, and now helping other people invest in property. So it’s well worth picking
his brain and getting his advise. So, again, go to onproperty.com.au/session if you’re
interested in that. That completes today’s episode on how to find
comparable sales for the area. Really easy to do, simply go to realestate.com.au. Click
on the sold section. You can then go to the map view and you can look at properties right
near your property. It’s a great tool and comes highly recommended. That’s it for me, guys. Until next time, stay
positive.


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