It is an (impartial) resource used for verification. There is a skill to understanding how it is compiled, the degrees of volatility within it, and how to analyse it.
It is the ‘oil’ of the new world. DATA!
When used well, DATA enables objective evaluation of an idea or opinion through statistical evidence, thereby supporting better quality decisions.
Some DATA sets depict lagging indicators (the rear-view mirror stuff).
Some DATA shows leading indicators (behaviours which may influence future outcomes).
Other DATA is largely useless stuff.
There are those who suffer paralysis analysis from DATA. It stops them from moving forward and progressing.
And there are those who like to downplay the enormous importance of DATA, often because they might not like to accept what the evidence says.
Given that there is no such thing as a crystal ball, it is important that important decisions about the future are not made without first understanding the various factors which are likely to have the biggest influence on the end result.
Reviewing the most relevant DATA metrics is key to removing bias and to replacing fiction with facts. Today’s DATA may paint a completely different picture about tomorrow’s reality.
When it comes to making decisions about investing in property markets, we concur that DATA is not the only thing.
For example, we like to cross-reference our on-the-ground experiences with what the data says.
We have also publicly admitted that some of the most valuable information to Propertyology does not present itself in a numeric format. We frequently publish bite-size examples of this.
For this reason, it is not possible to write a mathematical formula (or algorithm) to predict medium-term changes in property asset values.
In addition to the numbers themselves, one needs to understand how the actions of various community stakeholders influence the numbers of the future across various metrics.
The best advisors in a chosen field place great value on leading indicators.
Make no mistake, Propertyology absolutely love DATA.
For (literally) every location in Australia, we compile and analyse more metrics than one could imagine possible.
It is totally impossible to comprehensively analyse, research and make informed decisions without incorporating DATA from a wide cross-section of metrics into the process.
Among other things, skilful analysis of DATA is key to pulling together each piece of a property market jigsaw puzzle. High quality property investment decisions depend on it.
Propertyology is a multi-award-winning buyer’s agency and Australia’s premier property market analyst. Every capital city, every non-capital city, we analyse fundamentals in every market, every day. We use this valuable research to help everyday Aussies to invest in strategically-chosen locations (literally) all over Australia. Like to know more? Contact us here.
We walk-the-walk. Here’s a recent example of our work for a client.