Guide Price vs Actual Sale Price. How different?

Hi PC
The first of hopefully many posts in the future.

I'm looking at Melbourne property prices for the first time and am wondering how far away from guide price the property actually sells for?

In Sydney the guide is often just a single figure whereas it seems in Melbourne the guide is a range.

So for a range of $1-1.1m what would you expect the property to realistically sell for in today's market in inner city Melbourne?

Thanks!

 

The price guide doesnt mean anything. Sometimes its deliberately set low to get people to look at it. Never make an offer solely based on the price guide.

what have comparable properties sold for? Thats your starting point.

 

Thanks Trainee, that's a really good tip.

What's the point of having those 'Agent statement of price guide' in Melbourne? Properties in Sydney don't have those advertised.

 

Just put a maximum price range when searching on realestate.com and you can see the expectation when no price is mentioned.
Agents don't dictate the supply and demand, they estimate based on past data on comparable sales, but if you have just two people bidding against each other with higher price limits in mind then they can easily surpass the price, wouldn't you agree?
People are irrational and sometimes the emotion takes over logic/brain!