Setting the right asking price is a crucial step in selling property in Melbourne’s inner-north, especially in 2026. The right asking price attracts informed buyers, leverages market data, and withstands scrutiny. Expert Michael Tomadakis provides a comprehensive guide to get this right.
Understanding the Right Asking Price
The importance of the right asking price cannot be overstated. In competitive markets, buyers armed with data will quickly dismiss overpriced listings. By focusing on recent comparable sales, unique feature adjustments, and acknowledging market signals, sellers can better align their property with buyer expectations.
Step 1: Analyze Comparable Sales
Michael advises starting with a solid foundation: recent comparable sales within a 1-2km radius, emphasizing similar condition and land value properties. The last 90 days of sales provide the most reliable benchmarks. Key adjustments should consider unique attributes like renovations, parking availability, and property appeal.
Step 2: Evaluate Unique Features
Every property has unique features that can enhance its value. Adjusting for elements like a modern kitchen, additional parking spaces, or significant locational scarcity is essential. These factors can influence potential buyers and shape the right asking price strategy.
Step 3: Market Testing and Feedback
Understanding market feedback is critical. If buyers push back against the price, it may be too ambitious. Michael recommends a feedback evaluation within 10-14 days of listing. Monitoring open-for-inspection traffic provides insights into market perception. Low visitor numbers or casual interest may suggest a price above perceived value.
Step 4: Adapt to Market Signals
Prompt action in response to market signals ensures relevance. Michael stresses the importance of recalibrating the price within two weeks of low inquiry. Delays risk a property’s freshness and appeal, potentially decreasing interest and selling power.
Step 5: Use Evidence-Based Reports
A case scenario: Vendor A lists their townhouse based on outdated sales data. Michael prepared an evidence-based report using recent comparable sales from 2026, revealing a market gap compared to previous high expectations. The property, priced accurately, drew immediate interest, securing multiple private appointments and early offers. Michael explains shifting buyer budgets, emphasizing the pitfalls of relying on outdated figures.
In conclusion, setting the right asking price involves detailed analysis, market awareness, and timely adjustments. Michael Tomadakis’ approach prioritizes evidence over assumption, proven effective in the demanding Melbourne inner-north market.
Ready to set your price accurately? Contact Collings for a tailored pricing appraisal that goes beyond guesswork and relies on market data.
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