First Home Buyer's Guide to Property Valuation

Buying your first home is emotional, which makes you vulnerable to overpaying. Understanding valuation is your shield against making a 30-year mistake. This guide helps first home buyers value property like a pro.

Don't Trust the Guide Price

In hot markets, agents underquote. If the guide is $800k, the reserve might be $850k and the sale price $950k. Always do your own research on KnowThePrice.

Research Comparable Sales Yourself

Don't just look online. Go to auctions of similar properties. See who is bidding and where they stop. That's the real market value.

Use the Bank's Valuer

Before you bid unconditionally, get pre-approval. The bank will often do a desktop valuation. If they won't lend what you want to bid, they're telling you the property isn't worth it.

Check the Property's History

On KnowThePrice, you can see what the property last sold for and how long it's been on the market. These are key valuation indicators.

Understanding Different Valuations

Council valuation: Used for rates, often below market value.

Bank valuation: Conservative, what they'll lend against.

Market value: What a willing buyer would actually pay.

First Home Buyer Tips by State

NSW: Check stamp duty concessions and First Home Buyer Assistance.

VIC: First Home Buyer Duty Exemption and regional incentives.

QLD: First Home Concessions and Great Start Grant.

WA: First Home Owner Rate of Duty Duty Concession.

Get Your First Property Valuation

Start your property journey on KnowThePrice. Research suburbs, compare values, and submit your own valuations to learn from the community.