The indicative selling price is the price you must include in the Statement of Information as a price guide for the property for sale.
It can be either a single price or a price range where the difference between the upper and lower amounts is not more than 10 per cent.
The indicative selling price, or the lower limit of the indicative selling price range, must not be less than:
- the seller’s asking price
- the agent’s estimated selling price, or
- a written offer rejected by the seller because it is too low.
Example 1
If your estimated selling price range is $500,000 to $550,000 and the seller has not provided an asking price, or has not rejected a written offer, the indicative selling price would be:
- $500,000 or more (if a single amount), or
- $500,000 to $550,000, or any 10 per cent range with a lower limit of $500,000 or more.
Example 2
If your estimated selling price range is $500,000 to $550,000, but the seller’s asking price is $570,000, the indicative selling price would be:
- $570,000 or more (if a single amount), or
- $570,000 to $627,000, or any 10 per cent range with a lower limit of $570,000 or more.
Example 3
If you estimated selling price range is $500,000 to $550,000, but the seller’s asking price is $530,000, the indicative selling price would be:
- $530,000 or more (if a single amount), or
- $530,000 to $583,000 or any 10 per cent range with a lower limit of $530,000 or more.
You must update the indicative selling price in the Statement of Information, if:
- you change your estimated selling price
- the seller changes their asking price, or
- the seller rejects a written offer because the price is too low, and
- that price is higher than the indicative selling price.