HOME > BLOG > Buying and Selling > Determining the Auction Reserve Price

When selling by house auction, determining the value of your home is the first step to setting the reserve price, or the minimum price that you will accept for your house at the auction.

The price should reflect the full property value, while being realistic and therefore attractive to buyers.

So how much is a house worth? Well, that is dependent on such things as location, size, age and extras. Your real estate agent will have a strong knowledge of recent home sale prices, listings and property values in your area. Use this as a guide to determine what your house auction price will be.

You can also engage the services of a registered valuer whose job it is to determine home valuations.

Changes in the state of the economy and the property market may affect house auction sale prices, so it’s important you stay on top of what this will mean to your house worth. Your real estate agent is the most experienced person to talk to about these concerns and can advise on fluctuations in interest rates, property availability and buyer demand.