Is now a good time to buy property?

Is now a good time to buy property?

The answer to the perennial question of "is it a good time to buy property? " depends on where you are looking according to a specialised property market analysis company providing recommendations of when and where to buy, hold or sell property.

The company officially launched a new web based system today, called SuburbWatch, which has been 6 years in the making by property market analyst, investor, and author Kieran Trass. The system has only been on-line for a few days but already has hundreds of registered users flocking to the website to find out if it’s a good time to buy or sell property.

SuburbWatch reveals startling observations about the short term prospects of property values. Based on SuburbWatch’s analysis Trass says "nearly a third of Auckland suburbs are indicating it’s still a very good time to buy property. In Wellington more than half of all suburbs indicate it’s still a very good time to buy and almost half of Christchurch’s suburbs also indicate it’s a good time to either buy or hold property".

SuburbWatch uses established statistical analysis methods that have been used for decades by share, and other commodity, traders to analyse optimum times to buy and sell assets. SuburbWatch applies these proven statistical methods to assess it’s own ‘localised’ property price index for over 80 suburbs in Auckland, Wellington and Christchurch. These assessments are translated into buy or sell recommendations. The SuburbWatch property price index was created for each suburb by qualified statisticians who analysed hundreds of thousands of property sales dating back to 1990, with data sourced from the SOE Quotable Value New Zealand. The SuburbWatch website includes free tutorials which outline basic trend analysis methods.

SuburbWatch was born out of Trass’s own frustration at the lack of accurate and unbiased information available when he was considering when and where to buy investment properties. He said "Consumers are now insisting on unbiased reassurance about one of the biggest financial decision of their lives, they want transparency in the property industry. SuburbWatch delivers on that front by telling it like it is - whether it's good news, bad news or indifferent."

The website www.SuburbWatch.co.nz currently displays one free ‘live’ example suburb, St Albans in Christchurch, for visitors to view and see how the system works.

ENDS

© Scoop Media