Buying in Sydney is highly competitive, and many statements made by selling agents are designed to create urgency, manage buyer psychology, or protect the vendor’s negotiation position. As local Inner West buyers’ agents, we are frequently accustomed to hearing a range of representations from selling agents. We set out five of the most common statements buyers misunderstand in the Inner West and across Sydney; what they usually mean in practice; and how we suggest property buyers respond.
1. The price guide
In New South Wales, a selling agent must not advertise or state a price that is less than the agent’s reasonable estimate of the property’s likely selling price, and any price range used for a single property must be no wider than 10 per cent from the low end to the high end. In addition, certain “shorthand” price signals that obscure the true estimate (for example “offers over”, “offers above”, or “$X+”) are prohibited when stating or publishing the estimated selling price.
What it means in practice: The guide is a marketing tool, not an indication of value or an asking price, and it may lag the market if comparable sales are moving quickly. Even where an agent is acting scrupulously, a guide can be overtaken by the market, which is why agents are expected to ensure their estimate remains reasonable and revise it when evidence or circumstances change.
How we respond as buyers’ agents:
- We treat the guide as one input only, then anchor our assessment objectively in recent comparable sales, land value drivers (size, orientation, zoning overlays and improvements), and buyer demand for that micro‑pocket.
- We ask the direct question: “What is the current estimated selling price recorded in the agency agreement, and has it been revised?” (Agents must revise and update advertisements when the estimate changes.)
2. “We’ve had interest at $X.X level”
In Sydney’s tightly contested property market, statements about “interest at $X” are common during campaigns. While agents are permitted to communicate genuine buyer feedback, NSW underquoting provisions exist specifically to prevent misleading price signals and to ensure buyers are not induced to spend time or money on properties clearly beyond their reach.
What it means in practice: The agent may be signalling that buyer feedback is trending above the advertised guide, or they may be testing your ceiling before committing to a formal revision of the price estimate. “Interest” does not necessarily mean a written offer, an offer on a Contract, or even a buyer with finance approved. It can range from a verbal comment at an open home to a conditional offer subject to multiple contingencies. In some cases, it is a strategic prompt designed to shift your expectations upward without formally adjusting the guide (which would require updated advertising and internal documentation under NSW regulations).
How we respond as buyers’ agents:
• We clarify the substance behind the statement: “Is that interest verbal or written?”, “Have any contracts been issued at that level?”, “Are there formal offers the vendor is considering?”
• We ask whether the estimated selling price recorded in the agency agreement has been revised to reflect this feedback (and if not, why not).
• We rely on settled comparable sales and live buyer demand in that micro-market rather than reacting to unverified price cues.
• We avoid bidding against ambiguous “interest” and instead structure offers with clear terms, timeframes, and expiry conditions to control the negotiation dynamic.
In short, “interest at $X” may be meaningful — but only if supported by evidence. Our role is to separate genuine competitive pressure from narrative pressure, and to ensure our clients move based on data rather than suggestion.
3. “The vendor is taking the property to auction”
In Sydney, particularly in the Inner West, auctions are frequently used because they create transparent competition and compress the negotiation timeline with an artificial deadline, but they do not guarantee a sale. The agent’s focus is the vendor’s result, not buyer certainty.
What it means in practice: The agent wants you fully committed to the auction pathway, including pre‑auction inspections and accelerated decision-making so you can be herded along to the auction along with the other buyers. However, there are many instances where the vendor will consider pre auction offers, particularly with buyers’ agents involved to facilitate the process. On the other hand, if the property goes to auction and passes in, the agent will still attempt to negotiate a deal afterwards.
How we respond as buyers’ agents:
- We always explore the possibility of buying prior to auction. Research suggests buyers may pay on average 10% more at auction.
- We ensure our due diligence is completed without delay, because auction purchases in NSW have no cooling‑off period, and the terms are effectively unconditional.
- We prepare for all outcomes: buying before auction, a competitive auction, or a post‑pass‑in negotiation where leverage can change quickly.
4. “Another buyer has made a strong offer”
Often in Sydney’s competitive Inner West environment this is true; however, sometimes it is a negotiation tactic designed to extract your maximum price without giving you any verifiable detail. NSW Fair Trading’s underquoting framework requires agents to keep records of price representations and to be able to justify their estimates, which is one reason precise price statements should be treated carefully in practice.
What it means in practice: The agent is putting you under pressure to make your highest offer. Once your offer is received, they may well go back to the other buyer (if they exist) and the process repeats – all designed to extract the maximum price for the vendor. In a tight Sydney campaign, it can also be a technique to convert “interested” buyers into “fear of missing out” buyers.
How we respond as buyers’ agents:
- We ask the agent about the other offer. How much is it for? Can we see written proof? What is the profile of the other buyer? Are there any unusual terms of the offer? If answers are vague, the other offer may not be that genuine.
- We request process clarity: “Is the vendor genuinely considering offers prior to auction?” “What is the deadline and what terms matter most to the vendor?” “What is your process for submitting offers to the vendor and will you be contacting other buyers?”
- We make any offer in writing with clear conditions (deposit, settlement, finance/building), and we avoid incremental bidding without a defined framework.
5. “You’ve missed this one, don’t worry, there will be plenty more”
In Sydney, good stock in tightly held suburbs (including much of the Inner West) does not always present with the frequency buyers expect, especially for specific criteria such as quiet streets, parking, good natural light, and school catchments. This line might be used to reassure you if you have just missed out on a property.
What it means in practice: the agent wants to keep you on side so that they can keep you on their database and market future properties to you.
How we respond as buyers’ agents:
- We advise our clients objectively: there might be “plenty more” properties, but how many that truly meet your non‑negotiables at a price you can justify? If the property is suitable and ticks all the boxes, consider putting your best foot forward instead of missing out and losing time to ongoing property searches.
- At the same time, we keep a pipeline view of upcoming opportunities and comparable results, so our clients do not overpay simply due to perceived scarcity.
Practical steps we recommend
- Ask questions that force precision: current price guide, whether it has been revised, and what evidence triggered the revision. What are the circumstances of the vendors and the level of interest from other buyers?
- Document everything material the agent tells you about the price, process, and timing, because NSW guidance expects agents to keep written records of price representations and to maintain evidence supporting their estimate.
- Decide any offers based upon an analysis of comparable sales and your own risk limits, not on competition narratives.
If we are acting as your buyers’ agents in Leichhardt, the broader Inner West, or across Sydney, we focus on verifying price reality, controlling process risk (contract, strata, building inspections), and negotiating from evidence rather than urgency. For more on how we support property buyers through Sydney campaigns, we invite you to contact us.
