Asking price and reserve
Victoria defines the figure this job is about as “the lowest price at which you are willing to sell your property.” At auction that figure is the reserve price; in a private sale, the asking price.
Working out that figure is the job an agent’s appraisal used to do. Without one, this page sets out five things the official sources offer to read, each useful and each with a limit.
Five things to read, and what each is not
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NSW land values
It isA value for the land, from the Valuer General of NSW, who sets and oversees the valuation of land in NSW. To search for one you need a property number, which you can find on your notice of valuation, issued at least once every three years. The Valuer General can also supply a certificate of land value, a legal document certifying an entry in the Register of Land Values. NSW land tax is based on the value of the land a person owns.
It is notA price for your home. It is a value of the land, set for the state’s valuation system, and this page does not treat it as a guide to what a home will sell for.
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Victoria’s Property Price Statements
It isA public record of agents’ sales. Every residential property advertised in Victoria by an estate agent must have a Property Price Statement. Under rules that started on 1 October 2026, within 7 days of a sale becoming unconditional, the agent must publish the final sale price as part of the statement, online and free of charge, for at least 18 months. Agents must select and provide the 3 most comparable property sales in the statement, and a confidentiality agreement with a seller or buyer does not excuse them.
It is notA statement about your home. Each one is prepared by an agent for a property the agent is engaged to sell.
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The method the law asks of agents
It isA sense of what regulators treat as a reasoned estimate. In Victoria, an agent’s estimated selling price must take into account the sale prices of the three properties most comparable to yours. In South Australia, agents must give sellers recent sales statistics of similar properties and show how they worked out their estimate. In Queensland, an agent who suggests an asking price must do a comparative market analysis.
It is notA duty on you. Each of these rules is written for agents.
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A list of what moves a price
It isTasmania’s Property Agents Board, writing for agents, says comparable sales, buyer feedback, valuations, the property’s features, material facts and the marketing method may all influence the expected sale price.
It is notA formula. The Board offers it as a general guide.
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The buyer’s own valuation
It isSomething a Queensland buyer is told to consider. The warning statement a Queensland contract of sale must carry recommends that the buyer obtain an independent property valuation and independent legal advice before signing.
It is notYour valuation. It is the buyer’s.
What a long campaign can cost
Victoria’s page for private sellers adds a point about time rather than numbers: “Keeping a property on the market for a long time can reduce the likely selling price.” If you do not have to sell urgently, it suggests considering withdrawing the property from the market. It also says: “Do not accept an offer unless you are completely satisfied and willing to sell at that price.”
Once you have a price, the advert has to match it
NSW pairs the two steps in one line: decide on a realistic price, then advertise that price accurately. In Victoria, the rules against underquoting are written about agents: underquoting can occur when a property is advertised at less than the agent’s estimate, the seller’s asking price, or a price the seller has already rejected. Job 01 covers the wider rules on honest advertising, and job 03 covers what happens when an offer arrives.
A solicitor or licensed conveyancer can explain how the price and deposit appear in your contract. This page gives no figure for any home.