5 min read
All guidesWhat an appraisal is (and isn't)
A market appraisal is a free, no-obligation estimate of the price range your home is likely to achieve in the current market. It is based on evidence — recent comparable sales — and the agent's read of buyer demand.
It is different from a bank valuation, which is a formal paid assessment by a licensed valuer, often used for lending.
How the number is worked out
A good appraisal triangulates from recent sales of genuinely comparable homes — similar suburb, size, condition, land and features — then adjusts for what makes your home different. Current demand, the season, and the level of stock on the market all influence the range.
- Recent comparable sales (the strongest evidence)
- Your home's condition, layout, land size and features
- Current buyer demand and competing listings
- Location factors — schools, transport, amenity
Questions to ask
Ask which comparable sales the agent used and why, how current they are, and what would move your result toward the top of the range. A defensible appraisal can show you the evidence; an inflated one usually can't.
This guide is general information for South East Melbourne, not legal or financial advice. Costs and rules vary and can change — confirm specifics with your agent, conveyancer or the relevant Victorian authority.
