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Method of sale
You can sell your property by private sale or at an auction. Make sure you understand all the advantages and disadvantages before deciding how to sell your property. For more information, go to Understanding property prices.
In a private sale:
- you negotiate with a buyer to agree on a sale price and terms. You can also do this through an agent (if you have engaged one)
- the contract of sale can be conditional, with your approval. This means the buyer can make the sale subject to obtaining a loan, a satisfactory building inspection report, or other conditions
- for residential and small rural properties, the buyer has a 3 business day cooling-off period (with exceptions). For more information, go to Cooling off on a property sale - Buying property by private sale.
Fixed-date sale:
A fixed-date sale is any sale method where a property seller sets a date and time by which potential buyers must make an offer to buy the property.
At a public auction:
- the price is determined by competitive bidding between prospective buyers
- the contract is unconditional. The buyer cannot make it subject to conditions such as finance or inspection
- there are usually additional costs, such as the auctioneer’s fee
- you may have a better opportunity to sell by a specific date; however, there is no guarantee your property will sell
- there is no cooling-off period.
If you use an agent, they will recommend a method of sale based on:
- the type and location of your property
- market conditions
- your timeframe and personal preference.
Reserve or asking price
This is the lowest price at which you are willing to sell your property. It is called the ‘reserve price’ if you are selling at auction, and an ‘asking price’ if you are selling by private sale.
New reserve price disclosure rules started on 1 October 2026.
If you are selling at auction or by fixed-date sale, your agent is now required to publish your reserve price at least 7 days before the auction or fixed-date sale date. An auction or fixed-date sale will not be able to proceed unless the reserve price has been published for the full 7-day period.
An estate agent will send a written request for a seller’s reserve price. This request must be in writing and include:
- a statement with the agent’s proposed reserve price, the reasons for their proposed reserve price and a note that the reserve price must be a single dollar amount that is not described with additional words or symbols
- a statement setting out how the seller can respond to the proposed reserve price.
The seller may respond to the agent’s proposed reserve price by:
- accepting the proposed reserve price by providing signed confirmation
- requesting another proposed reserve price, or
- specifying the seller’s own reserve price with signed confirmation.
To help work out your reserve or asking price:
- get to know prices in your area by checking websites and newspapers for similar properties listed and sold locally, and attending auctions and open for inspections
- use the agent’s estimated selling price as a guide
- consider paying for a valuation by an independent valuer
Be realistic and do not allow emotion to cloud your judgment. This will help you avoid disappointment and the risk of buying a new property based on unrealistic expectations of what your current home is worth.
Publishing the seller’s reserve price
At least 7 days out from an auction or fixed-date sale, an agent must:
- publish the seller’s reserve price by including the seller's reserve price in any advertisement for the property
- update all marketing materials to reflect the reserve price once it is set, and withdraw outdated advertising immediately
- include the seller’s reserve price, once it has been received, in the Property Price Statement.
The seller’s reserve price must be a single dollar amount that is not modified by any additional words or symbols, such as ‘from’, ‘over’, ‘+’ or ‘starting at’.
An auction or fixed-date sale will not be able to proceed unless the reserve price has been published for the full 7-day period.
Sales campaign
The sales campaign aims to attract prospective buyers and encourage them to inspect a property, usually through advertising and direct notification.
Advertising
This is the main way of attracting prospective buyers. The advertising strategy will depend on the type and location of your property and your budget.
Advertising lets prospective buyers know that the property is for sale. It generally includes the inspection dates and times, and details of the agent handling the sale.
Property advertising must not be misleading or deceptive. It is illegal to misrepresent a property in any way when advertising or marketing that property, whether verbally or in writing and photographs. Find more information about Advertising and representations – estate agent obligations.
You must ensure any information provided to the agent about the property is factual and up to date. If advertising is inaccurate, and a buyer can prove a property has been ‘misrepresented’, the buyer may be able to take legal action.
Direct notification
The agent may contact some prospective buyers directly. These are people who have previously asked the agency to contact them when suitable properties become available for sale.
Advertised price
When marketing a property, it is illegal for an agent to quote or advertise a figure that is less than:
- your asking price or reserve price (if you have given one)
- their estimated selling price, or
- a written offer you have rejected because it was too low.
Underquoting can occur when a property is advertised at a price that is less than the estimated selling price, your asking price, or at a price you have already rejected. For more information, go to Understanding underquoting.
Before advertising your property for sale, an agent will generally ask you to approve the advertised price and to confirm in writing that you will consider all offers at the advertised price or within the advertised price range. The advertised price range cannot be more than 10%.
Agent's estimated selling price
This is the price the agent estimates a property is likely to attract. It must:
- be reasonable, and
- take into account the sale prices of the three properties that are most comparable to your property.
The agent’s estimated selling price must be included in the sales authority and can be a:
- single price – for example, $500,000, or
- range of up to 10 per cent – for example, $500,000 to $550,000.
If the agent’s estimated selling price changes because it is no longer reasonable, the agent must:
- inform you in writing
- update the sales authority.
If the advertised price and the indicative selling price in the Property Price Statement for your property are based on the agent’s estimated price, and the agent’s estimated price changes, the advertised price and the indicative selling price must be updated.
Once the reserve price is made public, it effectively replaces the indicative selling price as the advertised price, as the advertised price must not be lower than the seller’s reserve price.
The seller’s reserve price must also be added to the Property Price Statement alongside the indicative selling price. The indicative selling price may need to be updated to reflect the reserve price, if the indicative selling price or range was previously lower than the seller’s reserve price.
For more information, go to Property Price Statement - Understanding underquoting.
If you have not given the agent your asking or reserve price, the property must not be advertised at a price that is less than the agent's estimated selling price.