Avoid the hype: Get a valuation

AS national home prices slump, buyers and sellers have been urged to get independent property valuations, rather than reply on headlines.

Australia is seeing prices falling faster than at any time in the past 40 years.

Capital city values are down 8.1 per cent in seven months, Sydney is off more than 10 per cent from its February 2026 peak.

According to property data analysts Cotality, Sydney’s median house price was about $1,179,000 at the end of October, Melbourne’s just $773,000.

Vendors in many areas are said to be offering double-digit discounts to make a sale.

But experts say parties to a transaction should not be distracted by the clamour.

Sellers could be misled by outdated estimates, with buyers over-confident of snaring a bargain.

“There is a lot of misalignment of price expectations between buyers and sellers,” said Australian Property Institute chief economist Sherman Chan.

“Having an independent valuation prior to listing the property can provide more transparency.”

She raised the subject in Australian Conveyancer’s latest Settlement Day podcast, recorded immediately after the RBA’s November rate hike to 4.85 per cent.

Chan said API-certified valuers are highly trained.

“Real estate agents may be able to provide a guide based on their experience and opinions but with valuers it’s an evidence-based process,” she said.

“Done properly, different valuers should be coming up with similar results, because there’s no emotion or personal preferences involved.”

The API represents some 5000 certified valuers. Chan said a valuation is wise and the cost modest, given the size of the investment.

The latest Settlement Day has Chan, financial adviser David Simon and conveyancer David Winning discussing the effect of the rate rise, the prospect of further hikes and the effect on property into 2027.

• The Settlement Day podcast goes live on Wednesday. Log on to australianconveyancer.com.au