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Price growth opens the door to opportunities for agents to achieve outcomes, but managing sellers’ expectations for pricing can be a challenging task. How should agents approach the matter?
The Real Estate Institute of Australia (REIA) has shared insights on managing sellers’ expectations amid rising house prices and setting the correct property pricing.
REIA president Leanne Pilkington said agents can manage sellers’ expectations by providing clear, data-driven market insights.
The property market has been evolving constantly, with the nation recording a modest price growth across capital cities in the June quarter, according to the peak body's latest Real Estate Market Facts report.
The report revealed that the national weighted median price for houses increased 1.9 per cent to $1,098,671 in the June quarter, while the price for other dwellings increased 1.7 per cent to $713,438.
Pilkington said that by utilising data, agents can align sellers’ expectations by providing clear, evidence-backed market insights.
“Showing recent comparable sales and highlighting buyer interest helps sellers feel confident and informed about pricing decisions, ensuring they are set for success,” Pilkington told REB.
The peak body added that agents can ensure they target the right pricing by analysing recent sales and current market trends.
“Setting competitive prices, combined with professional presentation and effective marketing, helps attract the right buyers and achieve quicker sales,” Pilkington said.
Additionally, as the market continues to evolve, Pilkington urged agents to stay current with the latest market trends and educate themselves to stay ahead.
“Agents who are informed about current pricing trends can provide accurate advice, identify opportunities for their clients and consistently deliver strong results,” she said.
Ultimately, Pilkington said price growth enables agents to achieve quality outcomes for their clients and bolster their reputation in the market.
“It provides opportunities to demonstrate expertise and attract new business.”
“However, growth that significantly outpaces wage growth creates housing affordability challenges, which has broader economic and social ramifications.”
REIA’s data also showed Darwin had the strongest growth, with house prices rising 6.8 per cent and unit prices growing 6.4 per cent.
“Canberra and Hobart saw little movement, with some declines in certain segments,” the report said.
The report also showed that Sydney remains the most expensive city to buy a house.
The city’s median house price is $1,722,443, while the median unit price is $834,791 – 56.8 per cent and 17.0 per cent above the national averages, respectively.
“At the other end of the spectrum, Darwin continues to be the most affordable capital, with houses averaging $600,000 and units $405,000,” the report concluded.
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