The Australian property market has been on a rollercoaster over the past few years. Between the ever-increasing cash rate, a surge in demand and lack of supply, and increased post-pandemic migration, for those looking to invest in property in 2024 it may seem like the odds are stacked.
But one way that property lawyers can quell their clients’ concerns, is to be armed with the most recent insights that can help provide context and a more holistic picture around the current market. As InfoTrack’s Head of Property, Lee Bailie, observed, “the role of a property lawyer is multifaceted, and they have become instrumental in supporting people throughout the property buying process. Now, more than ever, purchasers are turning to those within the legal field and relying on their insights and expertise, to make the right financial decisions.”
Why is property market data valuable to lawyers?
- Informing client decisions lawyers are often involved in the buying, selling, leasing or development of properties. Property market data helps legal professionals to stay informed so that they can then offer that sage advice and guidance on to their clients.
- Due diligence is naturally part of the legal process to ensure all aspects of a transaction are adhered to. Property market data can assist with due diligence when identifying any potential risks or issues.
- Risk management is a topic notorious with property transactions. Risk when it comes to property can be mitigated through data analysis that helps to identify potential challenges or pitfalls. It’s especially important to understand market trends, and current movements, to protect your clients’ interests.
- Client advocacy is close to the heart of any lawyer and is a pillar of the industry as a whole. To assist clients in the negotiation process and achieve favourable outcomes, property market data can strengthen your position and assist in effectively advocating for your clients’ interests.
Where can you find the latest property market data?
InfoTrack releases a quarterly Property Market Update which provides you with an insight into the recent insights and trends that are shaping Australia’s property scene. The most current data for Q1 was recently released, which provided the below key insights:
- Queensland’s Gold Coast has proven to be popular with property purchasers, with four locations appearing in the Top 10 Suburbs list based on sales: Surfers Paradise in no1, Southport in no3, Pimpama in no5, Hope Island in no7.
- Houses have entered 2024 as the most popular property type for New South Wales purchasers, taking 44% share in Q1.
- This is a different story for NSW First Home Buyers, where strata properties have remained the most popular property type for the first quarter.
- Victorian buyers have remained consistent in their location choices quarter on quarter.
Find more insights from the latest Property Market Update here. InfoTrack is consistently adding more insights to this report, so subscribe now to stay up to date with each quarterly release.
