The Ultimate Guide To Renovation Course - Module 3: Individual Suburb Analysis & Suburb View

Welcome back to our analysis on Coburg. So let's dive a little bit deeper. So now what I want you to do is go to suburbview.com because we're going to get some insight into more of the information about the type of properties that are on the market for rent and sale in this area. So let's go to suburbview.com now I'm going to put in here Coburg and wait for it to pop up and then I'm going to go over here to property reports and search. So here comes Coburg. Now to get the information that I want here I'm actually going to go to the rental yields three month report. So this is going to pull up what's been happening in the last three months for activity in Coburg now by houses and units, townhouses and gives me an indication per bedroom as well. So I'm going to fill in the workbook with that information. So this gets us a little bit more information about what the typical type of property is. So we can see here that we've got under houses, one bedroom, two bedroom, three bedroom, four bedroom, even five bedroom houses for sale. And we go over here and we have a look at the listings. Now we've got 42 listings for three bedroom houses and we've got 21 listings for four bedroom houses. So this is really interesting because it really starts my knowledge of this area getting clearer to that maybe three bedroom houses are the typical type of product or property in this area. So I'm going to write down this information of what the medians are for the 1, 2, 3, 4, 5 bedrooms and the rents and the yields and the listings. So let's do that. So the medians for the one bedroom 290,000. The typical rent 310. The yield 5.56. But there's only two listings. So statistically I really wouldn't, you know, put a lot of faith in this data. Let's go to two bedrooms. So we've got $552,500. The median rent is 420 a week. Now this is really interesting because it tells me that three bedroom properties seem to be the properties that are the most in demand or have been the most in demand for the last three months. It also gives me an indication of what the rental yield for the three bedroom properties is. So 3.15. Now of a bit of a concern here, and this might be something that I put down in my notes is that we actually limited our purchase price to 825,000, whereas there's information here that indicates in the last three months, as opposed to the median that we might have been looking at over the last year, that the median price for three bedroom houses is 862,000. So this might indicate that I'm really going to have to find or buy a property under the market to be able to purchase at my purchase price or there might be some opportunity to find some bargains there as well. Or as we learned maybe find a two bedroom property which the median here is 552,000 and be able to create a three bedroom property out of it and potentially get that higher rent. So let's just put our notes down here about that because I think it's really important that we track this and say that the three bedroom house seems to be the typical size. However, there's enough information to support that there is demand for the two bedroom and the four bedroom property. We want to note down that the median price for the three bedroom house is greater than our criteria of 825,000. That is our criteria and that the rental yield is less than our criteria of 3.17% for a three bedroom house. So this is just things to note down and I guess it's interesting to get this information from a different data source and typically because this information is only three months old, it's interesting to see what's happening right now in the market as well. So let's grab some more information from Suburb View about how many properties are on the market at the moment to buy and to rent. Because after all this is now that we're actually looking to do this. Now you can do this in two ways. I can grab this information from Suburb View where the information is free, but if you have access to RP Data Professional then you're going to get a whole lot more detail and information on the market. So let's go back to Suburb View because we're here. We're going to put Coburg in once again and this time Coburg for sale. So we want to get a feeling for what's for sale in Coburg. Now the reason I really like this software is that you can actually get a real feeling of what's for sale and in what areas. So what I'm going to do here is I'm going to have a look under the number of bedrooms. So you can see right at the moment there's 12 one bedrooms, two, 43, two bedrooms 16, three bedrooms, six, four bedrooms. So I'm not interested in one or two or one bedrooms and I'm not interested in four, five, six, seven bedrooms and I want to have not units but houses. So let's get a feel for how many houses that are in the market at the moment. So we can see here that we've got a number of properties that are actually on the market at the moment. We can zoom out a little bit and see where they are and you can see that they're actually listed here as 3333 and a cup 1, 2. So we've got an indication here of the fact that there's 1, 2, 3, 4, 5, 3 bedroom properties on the market at the moment. So I'm just going to write down that we've got five, I must put down here notes from Suburb View. So I've got five three bedroom houses and I've got one two bedroom house. And whilst we're here in Suburb View let's have a look at the rental market. So let's go up to Coburg once again and have a look for rent. Now I want to have a look at houses so I'm going to get rid of units and townhouses. So we have here a number of houses that are for rent and I want to get rid of the one bedrooms and let's get rid of the four bedrooms and the unknowns. And once again I can come down here and I can see how many of those are actually on the market at the moment. So we've got three bedrooms, 1, 2, 3, 4, 5, 6, 7, 8. So I've got eight three bedroom houses for rent. So what this essentially tells me is I've got five three bedroom houses for sale and eight three bedroom houses for rent. I've got one two bedroom house for sale and five two bedrooms for rent. Now you can read this a number of ways but if I was just going to make a comment on this I'd indicate that potentially people aren't that interested in renting the two bedroom houses and I'd write a note down here to myself to say check next week to see if these two bedroom houses, these two bedroom houses have actually rented because it might just be that these have been on the market for a long period of time and if I did buy a two bedroom house without converting it to a three bedroom house, I could be left with a property that no one actually wants. So this is a really interesting thing that I want to note down and it might just be that all of a sudden there's five two bedroom properties on the market to rent at the moment and they'll all be gone by next week. So some really good analysis. 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.