New data shows where your conveyancing business may have the most growth potential

Recently, Queensland launched digitised residential tenancy agreement. These smart contracts offer the functionality to handle payments of bond and rent, plus facilitate inspections and maintenance. REIQ suggests that these new smart contracts will make QLD “one of the most attractive destinations in the world.”

Understanding where the best opportunities are when it comes to knowing where to focus your efforts on real estate can be challenging. In August 2019, InfoTrack launched the Conveyancing Data Insights Report which reveals patterns from NSW real estate transaction data. The data is reflective of search behaviours of property lawyers and conveyancers.

The Conveyancing Data Insights Report helps you answer the question ‘where should I be focusing my efforts for the best chance to grow my business?’

The report is a trend analysis, based on legal property searches and certificate retrievals for the sale of NSW properties. This differs from other property insights reports, as the data is based on property law and conveyancing search activity, rather than consumer buying and selling trends.

Data in the report is updated monthly, with the most recent update being released in October 2019. The report allows you to:

• Gain insights about the average days on market in your selected NSW postcode and other postcodes within the vicinity.
• Further understand the sale rate of neighbouring suburbs as well as the selected suburb.
• Compare the market performance of a selected suburb versus the surrounding suburbs over the last 12 months.
• Find areas where properties are on the market for varying periods, helping you make decisions about which locations you should be offering your conveyancing services.

Previously, we tracked where the biggest call for information on particular NSW suburbs was and we found some interesting information. The top three downloaded postcodes in the first month of the report’s launch were inner west or western Sydney suburbs. However, with recently updated data, other areas across NSW may be of interest.

If you’ve already downloaded one complimentary report, why not try downloading a different postcode? Discover how data can help you grow your firm. Perhaps you have already read a report for the area you currently work in, but have you ever been interested to expand your offering to other locations? These reports can help you make the decision if growing your business into a particular area is the right move for you.

Or, if you are focused on one area, download your postcode again for the most up to date information.