For instance, check out property websites such as www.realestate.com.au, where you can see the price of properties currently on the market similar to yours. This will give you a reasonably good indication of prices, particularly if there are several properties of the same size and type in your area, as market forces will keep prices pretty much in line with each other. But always bear in mind that what you are seeing are ‘asking prices’, and not necessarily what’s actually being paid. So, unless the market is booming, assume you’ll have to take a bit off the advertised prices.
If you’d prefer a more technical approach, you could buy a ‘suburb scorecard’ from www.rpdata.com; this will give you a monthly spreadsheet of key sales statistics. It also allows you to research the data over a longer term. However, reports like these are only helpful when you know properties similar to yours have been sold recently. After all, there’s not much point knowing the price of properties not like yours that have sold three years ago!
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