Property sales history: how buyers can use local evidence before making an offer

Before making an offer, buyers should look beyond the asking price and build a picture of what similar properties have actually sold for in the local area. Sales history is useful evidence, but it works best when it is combined with careful property checks and a realistic ownership budget.

This article is general information only and is not legal, financial, building or valuation advice. Ask appropriately qualified professionals to assess the specific property, contract and finance position.

Start with genuinely comparable properties

Compare several recent sales in the same suburb or nearby area. The most useful comparisons usually share important characteristics such as property type, land or floor area, age, bedroom and bathroom count, parking, condition and position. A detached house should not be compared casually with a townhouse or apartment simply because the prices appear similar.

Adjust for the differences

Local evidence needs context. Renovation quality, natural light, aspect, a corner position, traffic exposure, views, outdoor space and access to transport or services can all affect how a property compares with another sale. Treat an online estimate or one standout transaction as a reference point rather than a final answer.

Check the property and contract separately

A sales comparison does not reveal hidden building defects, drainage problems, pest activity or contract risks. Arrange appropriate inspections and have the contract reviewed before signing. NSW Government guidance explains the importance of due diligence and conveyancing, but buyers should obtain advice for their own circumstances.

A practical pre-offer checklist

• Gather several recent, genuinely similar local sales.
• Record the differences in condition, position, land or floor area and inclusions.
• Review the property at different times where practical and investigate obvious risks.
• Allow for transaction costs, repairs, insurance and ongoing ownership expenses.
• Keep your offer within a comfortable budget, not only the maximum a lender may approve.
• Use an independent building professional and conveyancer or solicitor where appropriate.

Sources

• NSW Government: Buying property in NSW
• NSW Government: Conveyancing for property buyers and sellers