- October 19, 2020 at 10:01 am #26406end_of_cosmosParticipant
Hi team HtAG,
I would like to take this opportunity to raise a feature request. I was wondering if there is a data focused way on providing consumer confidence feature for property investment per suburb in question. I guess this feature would be an amalgam of supply and demand, a sort of ratio which will give us an opportunity to understand how the population in a particular location perceives the future investment quality of that particular suburb.
I am not sure if this is a matter of collecting information on the amount of times a particular area has been searched for in your or other portals or whether it is simply a combination of day on market, discounting and listing numbers that also take into consideration how this ration amalgam has moved and changed in the past compared to present time.
The way I would use this feature is I would compare it to your confidence feature. The confidence feature you provide tells us that the forecast provided will eventuate with a particular room for error in mind.
The consumer confidence feature allows me to shortlist suburbs that have a low forecasting error but are difficult to chose from simply on numbers provided. It is a useful feature when a few suburbs have been shortlisted and a decision needs to be made on which one to pick.
Hope this makes sense.
- October 19, 2020 at 11:28 am #26408TerryKeymaster
Traditionally Consumer Confidence is calculated using a survey methodology, where 1,200 households in Australia are asked a series of questions. As you can imagine, this metric is only reported for the whole country (and sometimes per state).
I am afraid it is not possible to have Consumer Confidence reported for individual council area or suburb as it would mean performing the aforementioned survey monthly for hundred thousands of households.
Is your definition of Consumer Confidence different to the above?
Here is Consumer Confidence index produced by Westpac & Melbourne institute.
Here is a link to the questionnaire used to calculate Consumer Confidence.
- October 22, 2020 at 8:51 am #26414
sorry to interject. Consumer confidence can be an amalgam of dicounting and DOM as end of consmos has suggested.
It can also be data that shows how many times an area has been search for in the search engine, google or othrwise
- October 22, 2020 at 8:52 am #26415
Can there be a correlation analysis done between day on market, discounting and listing numbers deriving consumer confidence?
- October 22, 2020 at 4:17 pm #26416TerryKeymaster
It is possible, however whatever metric comes out of this analysis should not be called Consumer Confidence. What you are alluding to is analogous to a ration / score that is based on a combination of several other metrics i.e. Dom/Discounting/Sales/Search.
We will note this for consideration after the aforementioned metrics are introduced @ HtAG, which is something that is already in our pipeline.
- October 22, 2020 at 4:31 pm #26420
Well maybe it is consumer sentiment as it is alluding to supply and demand ratio
- October 22, 2020 at 4:32 pm #26421
Looking forward to the new features Terry.
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