How to calculate an accurate price guide for your home in the ACT

Canberra’s residential sales market is still on a roll and putting a market price on a home is a delicate balance of art and science, according to local agents.

Ryan Broadhurst, of Belle Property Kingston, says the process usually begins with contact from a potential seller.

“We first get the basic details – location, block size, beds, baths and so on, just to start putting together a rough mental idea,” he says.

“Then we follow up with an inspection that drills down to a more complete understanding and a comprehensive list of features.”

Broadhurst says this audit also notes the overall level of presentation and the condition of key features such as kitchens and bathrooms.

“Much of the valuation, however, is based on recent sales along with our own local knowledge,” he says.

Natalie Kokic Schmidt of McGrath Gungahlin agrees that past sales data provides the key information.

“I also consult closely with my vendors to really understand what they think their home is worth,” she says.

“If they are overly optimistic, I will try to manage their expectations through market evidence. We aim to meet realistic expectations, but in the end it’s really the buyer who determines a home’s value.”

Kokic Schmidt says, more often than not, detached homes are sold via the auction route while other dwelling types, such as townhouses and units, are often sold by private treaty.

“There are always exceptions. We recently marketed a home for sale by private treaty at $445,000. It eventually sold for $488,000,” she says.

THE PRICE IS RIGHT

• History. Past and recent sales history provides the strongest indicator of future price range. Factors considered by agent area specialists include location, block size, home size, configuration, presentation and vendor expectations.
• Demographics. An understanding of buyer persona provides an insight into price tolerance. Is your home best suited to a family, downsizers or investors? Each approaches a purchase with a different idea of budget.
• Auction or private. A detached family home is often best suited for sale by auction, particularly in a market with limited supply. Private treaty bests suits categories with more supply such as townhouses and units.

NGUNNAWAL

17 MAWALAN STREET

PRICE GUIDE: $449,000 + 

3 bed 2 bath 1 parking

CALWELL

3 TATCHELL STREET

PRICE GUIDE: $789,000 

4 bed 2 bath 2 parking

LAWSON

1 OUTBACK STREET

PRICE GUIDE: $1.35 million +

5 bed 7 bath 2 parking