A correctly priced property is one that stacks up against recent comparable sales in the same pocket, not just against the seller's hopes or a number pulled from an online estimate. Start by pulling together at least three to five genuinely similar sales from the last three to six months, matching land size, condition, aspect and street type as closely as you can. If the asking price sits well above that evidence, you need a very good reason before you pay it, such as a rare view line or a renovation that others in the comparison set did not have.
Days on market and the pattern of price changes tell their own story. A property that has sat unsold for months, or one that has had several quiet price reductions, often has more room to move than the listing suggests. On the other hand, a freshly listed home attracting several groups through the first open home may genuinely be priced to sell quickly, and treating it as negotiable could cost you the property.
Look past the headline figure to what the price actually buys. Council rates, body corporate fees for units, and any obvious deferred maintenance all affect what a fair price looks like once you account for the full cost of ownership. A cheaper purchase price with a tired roof or an ageing bathroom is not automatically the better deal.
Talk to the selling agent about genuine buyer interest rather than relying on vague claims of multiple offers. A direct question about how many building and pest inspections have been booked, or how many contracts have gone out, will often tell you more than the price guide itself. Agents in Queensland are bound by underquoting rules, so a price guide should reflect a realistic range rather than a figure designed purely to generate inquiry.
Finally, be prepared to get your own valuation or a bank valuation if you are borrowing, since lenders will not fund a purchase that is materially above market value. If your figures and the independent evidence line up, you can negotiate and sign with confidence rather than second-guessing yourself after the ink is dry.
Happy to talk it through — no pressure, no sales pitch.