An asking price tells you what the seller is seeking, not what a comparable buyer recently paid. A buyers' agent can use completed sales to build an evidence-based range and explain how the subject property differs. The useful part is the reasoning, not just a screenshot of three nearby results.
Through our buyers' agent referral service, you can find an independent agent to assess a property directly. This guide focuses on reading the evidence pack; our property negotiation guide covers how an assessment can inform an offer.
Start with genuinely similar properties
Look for the same broad property type, local setting and relevant features. Compare usable land, floor area where reliable, bedrooms, parking, layout, condition and restrictions. A renovated house on a quiet street may not support the asking price of an unrenovated house near a busy road merely because both have three bedrooms.
For apartments, the building, floor, aspect, internal area, parking rights and strata circumstances can materially affect relevance. Ask which information is verified and which is inferred from marketing. Do not treat unverified listing measurements as exact.
Check the sale information
- Was the figure a completed sale, an asking price or an automated estimate?
- When was the contract made, and when was the price reported? Are there reporting delays?
- Was the transaction reasonably representative, or were there unusual circumstances?
- How does each property's condition and location compare with the subject?
- Which important details remain unavailable, including concessions or terms?
- Why were some nearby sales excluded from the comparison?
Expect a range with explained adjustments
Comparable evidence rarely produces a single indisputable number. Ask the agent to explain the direction and significance of differences without inventing precise dollar adjustments unsupported by the data. If the most recent comparable sales are old, the range may need greater uncertainty rather than a confident update based on headlines.
In a hypothetical assessment, one sale might have better presentation but inferior parking, while another has similar condition but a more desirable street. Neither is a perfect match. A written explanation of the compromises is more useful than averaging their prices and calling the result fair value.
Distinguish value evidence from your buying limit
An evidence range is not permission to spend up to its top end. Your limit also depends on finance, purchase costs, repair needs and personal priorities. A lender may arrive at a different valuation, which can affect the funds required. Keep those questions separate from what the seller is willing to accept.
Off-market access does not remove the need for comparisons. A property with no public campaign can still be overpriced or have incomplete information. Ask for the same evidence and outstanding due diligence as for an advertised property.
Use new findings to revisit the assessment
If an inspection reveals defects or legal review identifies restrictions, ask whether the earlier comparison assumed a condition or use that is no longer realistic. Obtain specialist advice or repair quotes as needed before changing an offer. An agent can explain the market assessment but should not diagnose a structural problem or interpret legal rights outside their scope.
One limitation worth remembering
Does a comparable-sales assessment predict capital growth?
No. It helps assess current price evidence and its limitations. Future market movements, holding costs and property-specific risks remain uncertain. A supported price assessment is not a promise of profit or a formal valuation unless that separate service has been commissioned.
