I was looking at ranking of suburbs by growth over the past 12, 24 and 36 months, as part of my general research.
Obviously the highest ranked suburbs have seen 12 month increases in median price of >40% because they have so few property sales that median is skewed (used RPdata to check number of property sales).
So my question is: for an initial 80/20 approach to identify growing areas, roughly how many property sales do you want an area to have had in a 12 month period for you to say "Ok this area is quite possibly growing and may warrant a more detailed search"?
P.S. I understand the risks of reaching conclusions based on median price patterns which can be skewed based on the types of dwellings sellings, new develpoments, renos etc. This is simply a method I am using to quickly draw up a wide range of possibly interesting suburbs that will warrant closer inspection.
Obviously the highest ranked suburbs have seen 12 month increases in median price of >40% because they have so few property sales that median is skewed (used RPdata to check number of property sales).
So my question is: for an initial 80/20 approach to identify growing areas, roughly how many property sales do you want an area to have had in a 12 month period for you to say "Ok this area is quite possibly growing and may warrant a more detailed search"?
P.S. I understand the risks of reaching conclusions based on median price patterns which can be skewed based on the types of dwellings sellings, new develpoments, renos etc. This is simply a method I am using to quickly draw up a wide range of possibly interesting suburbs that will warrant closer inspection.
