14 October 2025

selling tips | Setting the Right Price for Your Property

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A worn blue facade with a 'For Sale' sign on a rustic balcony.

Introduction

Setting the right price for your property is one of the most critical steps in the selling process. In a competitive market like Canberra and the ACT region, pricing your home appropriately can mean the difference between a swift sale and a prolonged listing. Finding that sweet spot involves a blend of market knowledge, strategic thinking, and a touch of intuition. This article will guide you through the essential steps to help ensure you set the right price for your property.

Understand the Local Market

Before you can set a price, it's essential to have a solid understanding of the local real estate market. The Canberra market can be quite dynamic, influenced by a variety of factors including government policies, economic conditions, and buyer sentiment.

  • Research Recent Sales: Look at comparable properties (often referred to as 'comps') that have sold in your area within the last 6 months. Pay attention to their size, condition, and features.
  • Monitor Current Listings: Examine properties currently on the market. How do they compare to yours? This will give you insight into what buyers are willing to pay.
  • Consult Local Experts: Engaging with a local real estate agent can provide invaluable insights. Agents have their fingers on the pulse of market trends and can offer data-driven advice.

Consider Your Property’s Unique Features

Every property has its unique selling points. When determining the price, take into account the distinct features that could attract buyers. Consider the following:

  • Location: Proximity to schools, parks, public transport, and amenities can significantly affect your property's value.
  • Condition of the Property: Newly renovated homes can command higher prices. Conversely, properties needing repairs or updates may need to be priced lower.
  • Size and Layout: The number of bedrooms, bathrooms, and overall square footage can influence pricing. Open-plan living spaces are particularly popular.

Utilise Online Tools and Resources

There are several online tools available that can assist you in determining the right price for your property. Websites such as CoreLogic and realestate.com.au offer valuable data and insights into property prices and trends.

  • Automated Valuation Models (AVMs): These tools provide an estimated value based on various data points, including recent sales and property characteristics.
  • Market Reports: Regularly published reports by real estate agencies can give you an overview of market trends, price fluctuations, and buyer behaviour.

Emotional vs. Market Value

One of the biggest challenges sellers face is differentiating between emotional value and market value. It’s natural to have a sentimental attachment to your home, but this can cloud your judgement when it comes to pricing.

  • Detach Emotionally: Try to view your property as a product rather than a personal space. Focus on what buyers are looking for rather than what you love about the home.
  • Set Realistic Expectations: It's vital to set a price that reflects current market conditions rather than what you wish to achieve. Overpricing can deter potential buyers and lead to a lengthy selling process.

Price Strategies to Consider

Once you have gathered all necessary information, you can consider different pricing strategies:

  • Competitive Pricing: Set your price slightly below the market value to attract more buyers and potentially incite a bidding war.
  • Psychological Pricing: Prices ending in '9' or '5' can sometimes appear more appealing to buyers (e.g., $499,000 instead of $500,000).
  • Price Banding: Set your price within a range that buyers typically search for. For example, if most buyers look for homes between $600,000 and $700,000, pricing your home at $650,000 can make it more visible in searches.

Final Thoughts

Setting the right price for your property involves a careful balance of market research, property appraisal, and strategic thinking. It’s crucial to remain flexible and open to feedback during the selling process, as market conditions can change rapidly. By taking the time to understand your local market and leveraging available resources, you can set a price that attracts buyers while ensuring you achieve a fair return on your investment.

If you're ready to take the next step in selling your property, don't hesitate to reach out to Jonny Warren Real Estate. Our team of experienced professionals is here to help you navigate the selling process and ensure you set the right price for a successful sale.

Category: Selling Tips