Compare the evidence behind each agent's figure, not the figures themselves. Ask every agent for the recent sales their estimate is based on, check those sales against your home, and be cautious of one figure well above the rest.

It's normal for agents' figures to differ, and it's easy to be drawn to the highest. Consumer Affairs Victoria advises against choosing an agent just because they give you the highest estimate.

An appraisal is an agent's estimate of what your home is likely to sell for. It isn't a valuation (a formal assessment by an independent, qualified valuer, usually for a fee) or a guaranteed price.

Why do agents' appraisals differ?

Honest agents can reach different figures because they choose different recent sales to compare your home with, and adjust differently for size, condition, location and when each home sold. One may weigh your renovated kitchen more heavily, another the busy road out the front.

There's also a reason figures can lean high. Agents compete for your listing (the job of selling your home), and a higher figure can be more persuasive.

Close figures don't confirm the price. Two estimates close together may simply mean two agents used the same sales. That's expected. NSW Fair Trading says estimates can vary, but all agents should base theirs on similar evidence.

How do I compare property appraisals?

Line the estimates up side by side and compare what each one rests on: the sales, how your home compares with them, and whether it's in writing. The figure with the strongest evidence deserves the most weight, whichever agent gave it.

Here's an example with made-up figures for a three-bedroom house in Melbourne, before any agreement is signed.

Read across the rows, not just the top line. In this example, Agent C's figure is the highest but has the least behind it, while A's and B's rest on recent sales you can look up and compare with your home.

When you discuss the asking price with the agent you choose, it's worth starting from the best-supported estimate rather than the highest.

Check the sales yourself

Look up the sale price and date of each sale an agent quotes, and ask yourself whether that home is really like yours. If one agent's sales are all bigger or newly renovated, that can explain a higher figure.

• Use a property report. OpenAgent's free property report lists recent sales near you.
• Go to open homes and auctions for similar homes nearby, and note what they sell for.
• Get an online estimate. OpenAgent's free estimate is a rough cross-check, but it can't see inside your home.

What if the appraisals are far apart?

Find out why before you choose. A gap may come from the sales each agent picked, or from an agent pitching high.

• Close together and well supported: choose on the agent, not the figure.
• One high figure with little behind it: ask for the sales. South Australia's Consumer and Business Services (CBS) warns in its guide for sellers that the highest estimate "may be unachievable and could delay the sale".
• All different, using different sales: ask each agent what they make of the sales the others used.
• Given months apart: ask the earlier agent for an updated figure, since newer sales may have changed the picture.
• Still unsure: consider an independent valuation, as Consumer Affairs Victoria suggests. A valuer isn't the one hoping to sell your home. Our guide explains what a valuation costs and how to find a valuer.

What must an agent give you?

In most states, an agent has to put their estimate in writing in some or all cases, and in several it has to come with the evidence.

In Victoria, NSW and South Australia, it goes in the agreement that appoints the agent. Victoria calls this a sales authority, NSW an agency agreement and South Australia a sales agency agreement. This is what the rules required as at 19 October 2026.

Everywhere in Australia, an agent mustn't mislead you. NSW has also passed further changes, including rules on comparable sales, but as at 19 October 2026 they weren't in force, and no start date had been announced. Check your state's consumer affairs site before you sign.

What does a high appraisal commit you to?

In Victoria, NSW and South Australia, a high estimate sets a high floor for any price buyers see. Any price the agent advertises or quotes to them can't be lower than the estimate in your agreement. A high advertised price can put off buyers comparing it with similar homes.

In South Australia, that floor is the agent's estimate or your own price, whichever is higher, and your auction reserve (the lowest price you'll accept at auction) can't be more than 110 per cent of your price in the agreement. In Victoria, the advertised price also can't be below your reserve once you've given it to the agent.

In Victoria, buyers also see the agent's Property Price Statement, which gives an indicative price (a price guide) that can't be below the estimate, alongside the comparable sales. For an auction or fixed-date sale held there from 16 October 2026, your reserve must also be published at least 7 days before the sale.

Consumer Protection WA says quoting buyers a price below your asking price or the agent's estimate is also illegal in WA.

In Victoria and NSW, if the estimate stops being reasonable, the agent must tell you in writing, with reasons or evidence, and update the agreement. NSW Fair Trading says the agent doesn't need your consent to do this.

Giving you a high estimate to win your listing is called overquoting, or buying the listing. In Victoria it's illegal for an agent to deliberately give you a high estimate to get your business, Consumer Affairs Victoria says.

In the ACT, a dishonest representation about the estimate is an offence. In NSW the estimate must be reasonable, and in South Australia it must be genuine.

Red flags when comparing appraisals

• One figure well above the others. NSW Fair Trading says: "Be cautious of much higher estimates, as they may not be reasonable."
• Little or nothing behind the figure, or sales that aren't much like your home.
• An estimate the agent won't put in writing, in a state where the rules require it.
• A range wider than 10 per cent in Victoria or NSW, or any range at all in a South Australian agreement.
• Pressure to sign on the spot. In Victoria there's no cooling-off period (time to change your mind) once you've signed a sales authority, Consumer Affairs Victoria says.
• An estimate that drops soon after you sign, without written notice (in Victoria and NSW) or your signed agreement (in South Australia).

Questions to ask each agent

• Which recent sales is your figure based on, and how does my home compare with each one?
• Will you put the estimate, and the evidence for it, in writing?
• What price would you advertise my home at, and why?
• What method of sale do you recommend, and why?
• How did your recent listings sell compared with your first estimate?
• How does your commission work if the price comes in above or below your estimate?

The South Australian Government lists a lower commission if your home sells below the agent's estimate as a term you can negotiate. NSW Fair Trading says to take care with commissions that change with the price, so read those terms closely.

Our guides to structuring an agent agreement and the questions to ask in a real estate agent interview cover the rest of the conversation.

Choose the agent, not the number

Weigh how well each agent backed their figure alongside their recent results near you, their marketing plan and their fees and commission.

You can compare real estate agents near you before you invite them to appraise your home. For the whole process, see our guide to selling your home.

Frequently asked questions about property appraisals

Where this information comes from

The state rules come from each state's and territory's real estate agent laws and their consumer affairs pages, as they stood on 19 October 2026.

They include Consumer Affairs Victoria, NSW Fair Trading, the Queensland Government, the South Australian Government, the ACT's Agents Regulation, Consumer Protection WA and Tasmania's Property Agents Board. The national rule on misleading conduct is explained by the ACCC.