Valuation is not a perfect science. You can never tell in a booming market when an auction will perform to expectation or go stellar and deliver a price no one predicted.

But understanding the basics of how to assess the factors that impact the pricing of a property will reduce wasted visits to open homes and auctions of homes that are likely to be beyond your reach.

As experienced agents, we've listed a few of the primary activities that will help you assess the likely price of either a house or apartment. 

Market mood

There's no greater influence on the ebbs and flows of the property sector than market mood. Check auction clearance rates and days on market to take a temperature check of your target suburbs. The higher the auction clearance rate, the stronger the market – even when properties are not sold by auction.

Days on market

It's helpful to know how quickly properties are being sold. A fast market is any time under three weeks. Any home on the market for more than two months might be an opportunity. You can find this information on websites, or as local agents, we'd be happy to share these insights. 

Recent sales

Check out popular real estate websites and apps to see what has sold. Or subscribe to our mailing list and we'll share properties we have sold. Make sure you're comparing properties that are similar in style, size, features and location to the ones you are considering. 

Hot buttons

Don't discount the additional value of features of a home for which buyers are prepared to pay a premium. These might include a home office, new kitchen, swimming pool, or a second parking space. Being definitive about value is tricky because of these considerations. 

Vendor discounting

Talk to local agents about the number of properties selling after a vendor has dropped their price and find out what the average discount is for the suburb. Discounting can even happen in a strong market simply because the owner asked a little too much, couldn't get the desired price but was still keen to make a deal. Again, this is information we can provide.