VIC What is your process??

Discussion in 'Property Analysis' started by manny2077, 17th Dec, 2019.

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  1. manny2077

    manny2077 New Member

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    First time poster (lurker) and also prospective property buyer. I have about $100k saved up and am on a decent income around $120k pa.
    Will be entering in the property market (PPOR) early next year and just getting myself educated on the intricacies of the process of buying a house.

    My question to you more experienced folks is around how you search/find a property -
    - How do you scan listings on Domain/Real Estate?
    - Do you pick an area/region to invest in first?
    - Do you have a list of features on which you evaluate each property (from investment perspective and living perspective ) What questions do you ask yourself to pick features
    - How do you organise your notes from viewings/open homes etc
    - What sources do you consult - like RPdata, comparable sales or Section32

    Anything else that might me out, feeling a bit of analysis paralysis :)

    Sorry if that's too many questions...
     
    manny2077, 17th Dec, 2019
    #1
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  2. kmrr

    kmrr Well-Known Member

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    I buy YIP Mag and highlight all suburbs with a median inside my budget. Then i start filtering by:

    yield
    time held
    days on market
    vacancy rates
    stock on market

    then i might start looking at suburb income/profession profiles on abs quickstats, projected population growth on profileid and once i know what type of property i want i start using re/domain and walkscore.
     
    kmrr, 4th Jan, 2020
    #2
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  3. Trainee

    Trainee Well-Known Member

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    Ppor is a different story.

    3 things. What minimum property type (size and age) you will accept. How long a commute. Max budget.

    mortgage broker first. Have a solicitor and inspector ready to go. Understand the offer, contract process which is state specific.

    Only after this, start looking at properties.
     
    Trainee, 4th Jan, 2020
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  4. Jamesaurus

    Jamesaurus Well-Known Member

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    Similar to this but w Corelogic instead of YIP- The ipad version really annoyed me how long it took to load especially.
     
    Jamesaurus, 4th Jan, 2020
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  5. ellejay

    ellejay Well-Known Member

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    ppor is very. different variables.
     
    ellejay, 4th Jan, 2020
    #5
  6. kmrr

    kmrr Well-Known Member

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    do you know where i can download an excel for this kind of data?
     
    kmrr, 5th Jan, 2020
    #6
  7. Sackie

    Sackie Well-Known Member

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    Last edited: 5th Jan, 2020
    Sackie, 5th Jan, 2020
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  8. kmrr

    kmrr Well-Known Member

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    kmrr, 5th Jan, 2020
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  9. The Y-man

    The Y-man Moderator Staff Member

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    As per the posts above, for a PPOR:

    1. find what you can afford - see a broker
    2. filter re.com.au based on the suburbs and you minimum required bedrooms.
    3. If nothing comes up, you need to either:
      • pick some other suburb
      • accept you need to live with less bedrooms
      • wait to save up more

    The Y-man
     
    The Y-man, 5th Jan, 2020
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  10. manny2077

    manny2077 New Member

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    For PPOR, how do you guys communicate/shortlist with your spouse? Many times we cannot make the same inspection together due to work schedule.
    I'm about to draft up an excel and rate different features/requirements :)

    Also, seems like heaps of data sources available these days, from ABS to CoreLogic or YIP. Not sure that simplifies the decision making process though.
     
    manny2077, 6th Jan, 2020
    #10
  11. Trainee

    Trainee Well-Known Member

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    What do you expect the data sources to tell you?

    Sold price on comparables is probably enough.

    if you do a few inspections together, you should get a feel for what your partner likes and doesnt like.
     
    Trainee, 6th Jan, 2020
    #11
  12. The Y-man

    The Y-man Moderator Staff Member

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    I know of no sources or database that collates "will my spouse approve?" data.

    The Y-man
     
    The Y-man, 6th Jan, 2020
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  13. kmrr

    kmrr Well-Known Member

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    care to share your corelogic account? :D
     
    kmrr, 8th Jan, 2020
    #13
  14. spludgey

    spludgey Well-Known Member

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    If you're looking for a PPOR, you're not actually looking at investing. Very different criteria between the two!
     
    spludgey, 8th Jan, 2020
    #14
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