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Weekly Asking property price - SQM Research

Discussion in 'General Property Chat' started by JK200SX, 25th Feb, 2016.

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  1. JK200SX

    JK200SX Well-Known Member

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    So, what does "weekly asking property price mean"?

    If you look at the following graph for Wynnum as an example:
    upload_2016-2-25_13-8-14.png
    Does it mean that the house price is 608.3K (and the week before it was ~622K), So, do you then look at that data (over say a rolling quarter) and assume that the suburb has gone down? You could also look at it, and after careful investigation determine that the lower asking price is due to more of the lower cost property (ie older, smaller,etc) that has hit the market and being sold, rather than the more expensive ones. Also, as part of your process and following the market over the long term, you would realise that all the low/middle level stock has increased, and has seen capital growth, but not reflected in the online data.

    What are your thoughts on this? (Sorry, i hope my post makes sense?)
     

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  2. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Correct you have to remember there will be noise in the data due to small sample size and timeframe. There just isn't enough total sales to keep the line smooth. You will hit mini trends where a few cheapies come on and sell in a suburb, pulling this number down and then a month where a new unit block sells (for example) by the beach and see a dramatic jump. The key is to look at the longer trend I reckon. But if are watching a market really closely and see a jump in asking prices before the median has lifted it could represent a coming shift. I would want to see this trend confirmed by several other indicators as well, not just this one.
     
  3. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Screenshot_2016-05-17-22-33-45.png Screenshot_2016-05-17-22-32-25.png Sqm Research has Hobart with a very tight rental market, Canberra houses also strong and Perth (and Darwin) still in the toilet...
     
    Last edited: 17th May, 2016