Learn how to use RP Data Professional to analyze Coburg properties by filtering for bedroom count and land size. The presenter compares RP Data results with SuburbView to find typical rent ranges and land sizes for two- and three-bedroom houses, then validates the findings with census data in the next module.
Chapters
So let's jump over to RP Data Professional and have a look at the comparable information that we can get for the properties on the market at the moment. Now this is paid software and you can find information about that in the resources section. So if you have access to it, there's so many, many more things that you can do in your analysis and it actually speeds up your analysis. So let's jump over there and just see what's on the market at the moment. I'm going to put my suburb in Coburg and Coburg 3058 and hit search and this is where I can get a whole lot more information. But for a moment we're just looking at what's on the market and what's for rent at the moment. So interestingly here we've got 14,000 suburbs that are in this, sorry, 14,000 properties in this suburb. But we want to actually look at what's on the market and we decided that we were just looking at houses. So on the market, 166 properties, just houses. We can refine this further down to 49 properties. And we were just looking for the two and three bedroom properties. So potentially the two bedroom house that we could pull up to a three bedroom or potentially the three bedroom property. So you can see we now go down to 24 properties. They're actually on the market right at the moment. Now I love this software. It actually gives me a glimpse into all the other data about these properties as well. So I can see here that 380, 4, 400 square meters, 150 square meters, 417 square meters. So if we go back to our workbook here, if you remember the first initial information we wrote down and we said the typical land ranges between 350 and 450. So that's the typical type of properties that we're looking at to compare with. We can actually refine our search here down to that. So let's do that. We say that we want to have the land size between, let's say 300 and 500 square meters. Now remember, we had 24 properties on the market. We refine that further. There's only 16 that fit this criteria. So you remember, you know, we've started with all of the suburbs in Australia essentially, and in this example all of the suburbs in Melbourne, we've come down to just a short list of suburbs and now we're actually coming down to the short list of properties on the market in the suburb that fit our criteria. So we're really filtering down to finding the best possible suburb that fits our criteria. So we can even go further on this. So this is interesting. It tells me the property prices that are on the market, the vicinity of the prices we can see here that we've got. And if I just say for instance, very quickly take two bedrooms off and just leave three bedrooms, I've actually got 10 three bedroom houses on the market at the moment. And if I take the three bedroom off and put the two bedroom on and refund that, I've got six two bedroom houses. So I'm actually going to write these up in my box. So comparable properties for sale by bedroom. So I'm going to put here three bedroom and I'm going to put 10 and I'm going to put here two bedroom and I'm going to put six. So that gives me that information. Now there's a whole lot more information here and I'd love to go into detail about it and we will in future videos. But for now we've really started to look at the properties on the market. So let's just jump over here to this tab which is rentals. So once again I'm looking at two bedroom properties now for rent. I'm looking between 300 and 400, 300 and 500 square meters. It gives me what the actual rents are. So 4904-854504-00300, 450, 495, 485. I can go into more detail and actually click on one of these properties and have a look at the type of properties. Now this is really handy because I can have a look at all the photos of the properties so I can see what standard of fixtures and finishes actually deserves a $535 a week rent. So this is really very handy. So we've got 22 bedroom properties, two bedroom properties for rent houses and let's just change that over to three bedroom. And we've got 48 three bedroom properties for rent. Now this is a lot different data than what we found with Suburb View. Suburb View scrapes data from a number of different real estate sites and RP data technically has a lot more data and as we can see a lot more sale information and rental information because they actually have a back end of pretty much every real estate agent in Australia and they update overnight and in actual fact they revalue. When we look at the valuation tool on this website, they revalue every property in Australia every single week because they actually backend all of their information. Into the banks. So it's really interesting to look at all the extra data that we can get here from RP data. But what I might note down here is, you know, when we're looking at, when we're looking at those two bedroom properties. So I'm just going to put that information up here as well. So we've got 48, three bedrooms and we've got two bedrooms. We've got 22 bedrooms for rent. And I'm just going to write down around about that 450 to 500 or 495 seemed to be the weekly rent that we could see that was on the market at the moment. RP data. And if I jump into here and just quickly make, you know, look at what the three bedroom properties are any 4, 3, 5, 15, 620, 450, 520, 390. And I'm getting a feel for what the typical type of property looks like too. You can see all these brick facades. So when I actually hit the streets I know what a typical property for rent is looking like. 500, 600, 575, 520 is a little one that looks a bit run down. 485. So some really good information here. I would say somewhere between 500 and 600 is the typical rent that I would actually start thinking about for a three bedroom property. So once again, some really good information. We've looked@suburview.com where you can find some of this information that gives you some indications of what's in demand and what the market bears for properties on the market for rent and for sale. Because after all you're about to hit the streets and start looking. And as you can see, RP Data professional gives you a little bit more detail. It's a lot faster to actually put your criteria in and you'll actually be able to grab a whole lot more information about those properties that are on the market. So this really allows me to build up my knowledge of what the typical property is really like in this suburb. It's indicating to me a three bedroom house is the typical property. Now we are going to substantiate that even further in the next video when we get into the demographics and we get into the census information. So let's do that in the next video.
