Realestate.com’s New Median Square Meter Price Tool: Find a Bigger Property?

When learning about the Australian property market as both a buyer and seller, the median square meter of a given subrub the main factor in determining property prices in a given property area. Australia has one of the largest average square meter footings for housing in the world, having a national average of 235.8 square meters in 2020 (in comparison to the United States average of 233.1 square meters). This Commonwealth Bank report commissioned from Australian Bureau of Statistics data reflects Australians unique prioritization for larger home sizes, especially after the experiences of families working from home throughout the COVID-19 pandemic. With housing sizes up 2.9% in Australia (the biggest growth in 11 years), Australians want more space in their homes for dedicated office rooms or just spaces that they can experience more serenity. While many Australians believe access to a larger property means being pushed to the outskirts of the city, more sophisticated house-hunting tools offered by real-estate.com could help you find larger properties in your price range and closer to the areas of the city. In this article, we will

1. Go Through How to Use Realestate.com’s Square Meter Tools.
2. Show How A Trusted Mortgage Broker Can Help With the Increased Demand.

Real estate.com’s Square Meter Tool.  

This new realestate.com.au tool (mobile link here), which calculates each suburb’s median estimated price per square meter (based on plot size), can help you zero in on any Australian suburbs. In order to use it, just search a specific area you are interested in for your ideal housing property, and realestate.com will do the comparisons. That’s because not only does it give you the median valuation per square meter for the city’s suburb you select, but it also gives you the same data for the immediate surrounding suburbs. 

So, you can find price discrepancies for housing for given local groupings of areas. Let’s run through an example with you in Brisbane:

1. Teneriffe is one of Brisbane’s most expensive suburbs and topped that city’s list with a median estimated property price of $5196/sqm based on a median plot size of 441sqm.
2. However, about 400 meters away is the suburb of Bowen Hills, with a median estimated property price of just $1621/sqm based on an even bigger median plot size of 652sqm.

When you consider that for the world’s fastest man Usain Bolt 400 meters is 43.03 seconds away, you can certainly see price discrepancies in Sydney can vary widely. This can come from a combination of new housing supply in different suburbs, more “prestige” with given suburb names, and eligibility to local services (such as public schools), median square meter prices can vary quite a lot. If your priority is maximizing the square footage for a housing search, real estate.com’s tool is the best for given maximizations

The Reality of Searching for Property Size: Everyone Has the Information 

Here’s the thing: chances are you won’t be the only one on the hunt for a bargain. Tools such as real estate.coms median square footage comparison tool allows more individuals to rationally compare prices towards. This contrasts earlier property markets that lacked access to information readily available to consumers, leading towards price inefficiencies. As a result, properties are selling at record speed at the moment, with the average number of days spent listed on real estate sites falling to a historic low of 32 days in May. 

To help increase your chances of securing a property in this hot market, it’s a good idea to explore your borrowing options early. Mortgages can be much more easily facilitated by Limitless Loans, a professional, certified mortgage broker specialized in helping navigate the complex policies of mortgages offered by the lending institution. Knowing exact lending amounts and what timeframe you can secure mortgage financing means you can more confidently participate in property auctions. Limitless Loans offers free initial consultations, so it’s worth taking the jump towards that sort of risk. 

So if you’d like to find out more about what you need to do to help make your home-ownership dreams a reality, get in touch today. We’d love to help out.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent.