Property statistics can be confusing unless you analyse what they mean, writes Anthony Keane.
While the numbers don’t lie, they don’t tell the whole truth. Statistics don’t always paint a clear picture and property is no exception.
For everyone looking to invest in property, it pays to take your statistics with a grain of salt.
Many people use stats as “proof” without understanding their limitations, Property Investment Adviser director Will Chapman says.
“If you make a large financial decision such as buying a property based on limited data, the wrong decision can be made,” Chapman says.
Anyone who watches housing values knows “median house prices” can vary by more than $50,000 depending which research is used.
So it pays to make sure you are comparing apples with apples.
Despite the differences, the companies that supply real estate data play a valuable role.