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A Deep Dive into Property Data

To date, property decisions have often been made based on a combination of gut feel, first impressions and only a very limited amount of data. This is due to a lack of data tracking during the early stages of Singapore’s development.

With newer developments in big data and data analytics, property platforms like 99.co and SRX now offer a more in-depth perspective into Singapore’s property market. This allows us to uncover relevant business insights and make educated predictions so that homeowners can make more informed decisions on their property sale or purchase.

Buying Properties: Then vs Now

 

Then

Now

Finding a resale property

Newspaper Ads

List provided by Agent that you worked with

Find on Property Portals

Researching on property

Asking your agent

New launch flyers

Development Websites

Property Portals

Listing properties

Newspapers

Flyers

Property Portals

Valuation

Through property agent

Asking neighbours

Property Portals

Which data is ‘relevant’?

With more and more homeowners viewing their properties as not just a place to stay but an investment vehicle, there has been increasing demand for information beyond the usual PSF, location to nearest MRT, unit size, etc. 

As buyers become more and more savvy, agents need to provide more value than simply a transaction service. As professionals in the industry, they are now requested to give advice on how to select properties with good investment potential and help homeowners plan their future exit strategy.

What are the factors that affect the price of a property? Learn more at Creating Your Umbrella #2: Buying A New Launch Condo and Creating Your Umbrella #4: Buying A Resale Property.

To cater to this demand for more information, property platforms now provide functions like 99.co’s Location Intelligence and Price Index Flash Reports that help users learn more about properties within the areas they are interested in or fulfil their requirements.

Location Intelligence

99.co’s smart map-based search engine for property has made searching for properties easier for consumers as it captures, stores and visually displays listings and market data, making house hunting easier.

Price Index Flash Reports

99.co publishes three flash reports with price indices every month: HDB Resale, Condo Resale and Rental. The company has been doing this for over seven years to give consumers a greater understanding of the latest market trends such as the price growth for various districts or HDBs (according to room type), transaction volumes and of course, the rare million-dollar flat.

X-Value

SRX’s X-Value is the go-to indicative valuation tool of many real estate agents, homebuyers and sellers. Through analysing big data, they make indicative appraisals based on years of granular market data. Through constant polishing of the machine-learning algorithms, they aim to provide even more accurate property price valuations to their users.

Determining a Property’s Potential Through Data

By collecting and collating historical data, we are better equipped to understand the impact that these factors have on property prices and are thus able to predict with relative accuracy the potential of new developments.

A property’s potential as an investment is based on data like:

  • Rental yield
  • Property resale index
  • Transaction volume in an area
  • Other real estate statistics

By accessing and analysing these data from sources like URA and SquareFoot, we are able to estimate the investment potential of a property.

Case Study: Parc Esta Data Dive

One of the most successful new launches in recent years was the Parc Esta condominium in District 14. Located in what is known as the Rest of Central Region (RCR), Singapore’s largest growing property market, Parc Esta was identified as one of the projects with the strongest growth potential when it first launched.

During Parc Esta’s launch period (late 2018 – end 2020) it was the best-selling project in the RCR, taking up 15.5% of the total new sales volume during the period. At a median sale price of $1.277 million, $1,690 psf and 69 sqm, the project enjoyed great success due to its strategic pricing and great location.

 

The Future of Property Data

In the longer term, property tech and data analytics is set to play a more central role in the real estate industry. As buyers and sellers begin considering more and more data in their property decisions, the demand for more data and analytics will grow. 

More people are already using platforms like 99.co to compare property prices. Additionally, these platforms are becoming the primary way that properties are bought or sold, educating homeowners on various data to:

  • Compare prices
  • Evaluate their homes
  • Determine the right price to enter
  • Calculate potential yield
  • Analyse the effect of future developments/transformations

There are many reasons and factors behind choosing a property, however data can help you determine if the decision fits your personal and financial needs. With data already playing a key role when it comes to choosing properties for many Singaporeans, we believe that it will play an even more pivotal role in years to come.

Check out our interview with 99.co’s data analyst Pow Ying Khuan as we explore how big data has affected the property landscape today.



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