No price on the listing does not mean no answer. Auctions, expressions of interest and price on application all leave the figure for you to work out, using the same evidence agents themselves rely on: recent sales of similar properties, price guides and the property's own condition. Here is how to build a defensible range before you spend more time on the property.
Why some properties do not list a price
A property can go to market without a price for a few different reasons.
- Auction: the vendor and agent want the market to set the price on the day, so no figure is advertised in advance.
- Expressions of interest (EOI): buyers submit an offer by a set date, without seeing what anyone else has offered.
- Price on application (POA), or "contact agent": the agent gives the figure only to buyers who ask directly.
None of these are a signal about what the property is worth. They are a sale method the vendor and agent chose. In every case, the first step is the same: ask the selling agent for a price guide, in writing, so you have a record of what they told you.
The price guide, and what governs it
A price guide is the agent's estimate of what the property is likely to sell for. It is not a valuation, and the rules around it differ by state, so check the current position for where you are buying.
In New South Wales, an agent's estimate has to be reasonable and based on evidence such as recent sales of similar properties, terms such as "offers over" or "offers above" are banned, and a price range cannot be more than 10% wide. See the NSW Government's page on price estimation and underquoting for the current detail.
In Victoria, an agent selling residential property has to give buyers a Statement of Information. It must show a price or price range with a spread capped at 10%, three recent sales of similar properties with address, sale date and price where available, and the median price for the suburb. You can ask for it at an open inspection, find it on the online listing, or request it from the agent, who has to provide it within two business days. See Consumer Affairs Victoria's page on understanding property prices and underquoting for buyers.
If you are buying somewhere else, your state or territory's fair trading or consumer affairs regulator will have the equivalent rule. Ask the agent which document or figure applies, and get it in writing.
Build your own view of the price from evidence
A price guide is a starting point, not a conclusion. Build your own view from evidence you can check.
- Recent sales of similar properties: properties genuinely like this one, not just nearby. Match on type (house, unit, townhouse), size, condition and street appeal, and use sales from the last few months. A renovated house two streets over tells you less than a similar, unrenovated one on the same street.
- Asking price versus sold price: an agent's price list or a listing portal's sold-price history shows what similar properties actually sold for, not just what they were advertised at.
- Days on market: a property that sold quickly near its asking price suggests the guide was close. One that sat for months and then sold well under asking suggests the opposite.
- The agent's own comparables: ask directly for the recent sales they used to set the guide, with addresses. A guide with no comparables behind it is just a number.
None of this replaces a professional opinion. It gives you a range to test one against.
Worked example: turning three comparables into a range
Example: a three-bedroom house is listed "price on application". You find three recent sales of similar properties from the past four months.
| Comparable | Sold price | Adjustment | Reasoning |
|---|---|---|---|
| A | $780,000 | +$15,000 | Smaller block, but a renovated kitchen |
| B | $810,000 | −$10,000 | Similar size, but a newer bathroom than this one |
| C | $795,000 | no change | Closest match: same street, similar condition |
Adjusted, the three comparables land at $795,000, $800,000 and $795,000, a range of roughly $795,000 to $800,000.
That range is arithmetic on the sales you found. It is not a valuation and not a prediction of what this property will sell for. Treat it as the starting point for a conversation with the agent, and adjust it as you see more evidence.
When to get a formal valuation
A range built from comparables is useful for deciding whether to keep looking at a property, not for finalising an offer. For that, a qualified valuer can provide an independent, formal valuation for a fee. Whether a valuer has to be registered or licensed differs by state, so check the valuer's registration where your state has one, or their qualifications and professional membership where it does not. The valuation you commission is an opinion that is not tied to the selling agent's interests.
If you are borrowing to buy, your lender will usually arrange its own valuation before it formally approves the loan, with the timing depending on the lender. That valuation is for the lender, to decide how much it is willing to lend against the property. Confirm your own finance details directly with your lender or broker.
Set your maximum before you bid or offer
Once you have a range, decide the most you are willing to pay before you are in a negotiation or standing at an auction. Base it on your range, the guide and the condition issues you found, not on the moment itself.
Write the figure down, along with what it is based on. A number decided in advance, away from the pressure of a live auction or a closing date, is easier to hold to than one decided on the day.
Doing this in Virtual Buyers Agent
You can add a property before you know the price. On its Finances page, the Price guide check is where you record what the listing or the agent gave you. If the property is going to auction with no guide at all, you can record that directly instead of leaving the check open.
Until a price is recorded, the property shows a dash where the price would go, and the figures that need it, such as yield, wait until there is one. If you want to start modelling sooner, enter your own estimate as the price, when you add the property or later in the Price guide check. It is recorded as an estimate until you mark it as confirmed, and the yield and cash flow worked out from it are modelled figures either way. Virtual Buyers Agent does not fill in a price for you: it does not substitute a suburb median or an automated valuation.
Once you have a figure, you can test it against a weekly rent using the public Rental Yield calculator, without signing in.
Reviewed 28 September 2026.