Data- How to access and interpret

I am targeting my research on Brisbane suburbs.

I have been flooded with information- some useful, some not so.
Websites such as RP data too look to have a 3-4 month delay on data due to settlement. Is this the case with all website.

There are millions of bits of information that make it very difficult to perform proper analysis.
I am hoping somebody could offer some advice to simplify the process.
1. What website to use for each metric.
2. What website should I pay for a subscription, or what website provides the same information without subscribing.
3. What is the most efficient and effective method to comparing this data without going suburb by suburb by suburb- how do you guys go about it?
4. Where can I find the most up to date data?

Currently I am comparing the following metrics:
-Stock on market.
-Days on market.
-Vendor discount.
-Rental yield.
-Auction clearance rate.
-Renter/OO split.
-Market cycle timing.
-Vacancy rate.
-Online search interest.


I have been suggested to look at the following paid sites:

DSR Data- Is it worth just paying for a subscription to download the reports that basically include all of these statistics before generating an overall score.

RP Data- I have used the free trial on Geelong suburbs but the data only updates to Feb 2021. This is the same data that is provided for free on yourpropertymag.


Advice would be greatly appreciated!

 

When looking at data, I like to start at a broad level and then narrow my search down. I determine which areas fall within my price bracket and eliminate those that don't. I then look for particular LGA's and subsequent suburbs that demonstrate a strong demand. At the suburb level, the metrics you have listed can contrast suburb vs suburb.

Both the subscriptions you have mentioned are great resources but can be quite expensive. If you are looking for cheaper alternatives you could try location score and SQM research.

 

RP data - worth your money and most up to date (one month delay for retail subscribers)
DSR - based on page views a property gets and flawed at times specially in markets like QLD where agents never remove the listings

You don't need all those metrics. Data from all sources is incomplete, flawed or time lagged and you will never be able to reach any dependable conclusions.

I assume you are trying to use all the above to predict the next booming suburb in a city you currently don't live in. It won't work!

Get RP data to research the individual property (last time sold, days on the market each time etc etc) and follow the locals in predicting the next boom suburb.. identify major drawcards such as fall back options for people getting priced out from certain suburbs .. research transport lines and upcoming infrastructure hubs .. pay close attention to school zones.

 

I'm pretty sure DSR data relies on about 20 different metrics.

But I understand what you're saying- all the data (paid and free) I have come across varies to a point where you cannot make any reasonable judgements.

I have been going on RP data and using the free "Signature CMA Report" on each property- but data is very lagging.

I think I'm just going to identify the areas that have high demand at the moment but haven't had as big a price increase in the last 6-12 months and target them, combined with inside knowledge from family members that live up there.

Cheers.

 

Hi Damon,

PropertyDirector.com.au is another great option worth checking out.

We provide vendor discount rates, days on market, stock available, vacancy rates, auction clearance rates, and much more including detailed demographics covering every suburb in Australia.

Data is top quality, and gets updated regularly to reflect current market. Attached is an example of one of these reports (vendor discount rates). You can also compare multiple suburbs simultaneously, which other platforms generally do not provide.

Pricing is very reasonable, so check it out and feel free to reach out to me if you've got any queries. I think you will find it very useful for the type of research you are doing.

 

Hey Damon,

DSR is very good and I have used a Paid Account before. The guy who runs it, Jeremy Sheppard, is one of the best residential property techs in the business & there is no product like that out there. He actually has multiple products on the go run under the Empower Wealth Advisors banner.

Yes median prices are always 3-4 months delayed=CoreLogic (same company as RPData) has a near monopoly on that data, so you are stuck with it. About the only other serious provider is often the Real Estate Institutes of each state.

They are poor at advertising their services, but for most of the metrics you desire, they can give you those on an LGA (council area) level-the problem is Brisbane is one big LGA-unlike the rest of Aus. cities. You can however contact them, tell them what you want in report form and they will give you a price to supply it.

Indeed, what you could consider is: get the historical data for the metrics you want (they can go back to the 1980's with some suburbs), then monthly monitor the new data on any of the free websites like realestate.com.au etc.=most of those websites get their data from CoreLogic. CoreLogic's market is usually on historical data/unusual data points.

My personal viewpoint-the metrics you are trying to analyse are much the same as goes into DSR. What he patents/sells is an algorithm he developed merging all these into a single statistic. You should reach out to him through Empower Wealth or the Contact page on DSR, as he is usually happy to chat with any like minded fellow.

Thank you,
Gty12

 

Domain Group offers API with most of the required metric Domain API | Property Data API | Real Estate Data API Australia | Domain Developer Portal but limited with 500 requests per day. Also, you need to understand how to work with JSON and GET requests.

 

The 'they' I mention in paragraph 3 is CoreLogic.