Property Market Analysis: The key to looking forward

Property market analysis is the foundation for most property professional opinions. The property professional is employed primarily because they understand the current market and can make reasoned predictions on future market trends. The fact that property markets are complex and the determinants of change are not stable over time makes the role of the property professional challenging and, financially, worthwhile. It is crucial that property market analysis is undertaken as competently as possible. This paper examines the nature of property market analysis; starting with its evolution within the property economics field and the current market change factors. Noting the inaccuracies in property forecasts, the paper seeks ways to improve the existing analysis processes. Towards this end, a survey of property practitioners was undertaken and their responses provide useful pointers to collaborative research. A ”3Ps” approach is outlined as it is a useful technique for structuring research teams. The main recommendation of the paper is the formation of teams consisting of experienced practitioners and specialist academics undertaking longitudinal studies. Further recommendations and pointers for future studies are made using the principles/pragmatism/persistence approach. The paper concludes with the author’s opinion on how property market analysis can assist the planning and development of Christchurch