If you’re buying property in Brisbane, you’ll quickly notice that properties are advertised in many different ways. You might see Offers Over, Offers From, a fixed price, Contact Agent, auction or expressions of interest.

So what do these different Brisbane property sale methods actually mean — and how should they affect what you offer?

The most important point is this: any advertised price is primarily part of the property’s marketing campaign. It is up to the buyer to work out what the property is actually worth and develop the right strategy to secure it at the best possible price.

Just as importantly, buyers need to understand the selling agent’s “rules of engagement”. Every agent, seller, property and market is different, and the strategy can change during the campaign.

What Are the Most Common Property Sale Methods in Brisbane?

From our experience buying property across Brisbane, most residential sales fall into a handful of familiar formats. Private treaty and auction are the most common, with private treaty campaigns often advertised using a fixed price, price range, Offers Over, Offers From, Contact Agent or By Negotiation.

In Brisbane, buyers will commonly encounter:

• Offers Over
• Offers From
• Fixed Price
• For Sale
• Contact Agent
• By Negotiation
• Auction
• Expressions of Interest
• Tender

The wording may be different, but the underlying principle is much the same: the advertised figure is designed to market the property, not tell the buyer exactly what to pay.

What Does “Offers Over” Mean in Brisbane?

Offers Over is one of the most familiar forms of price advertising in Brisbane.

For example: Offers Over $1,200,000

This tells you where the selling agent has chosen to position the campaign. It does not necessarily tell you:

• what the seller will ultimately accept;
• what another buyer might pay;
• or what the property is actually worth.

A property advertised at Offers Over $1.2 million might ultimately sell for $1.21 million, $1.3 million or, if the campaign struggles, potentially below the original advertised figure.

How much above “Offers Over” should I offer?

There is no reliable percentage or formula.

Rules such as “add 5%” or “offer $20,000 over” are far too simplistic.

Instead:

1. Review recent comparable sales.
2. Consider differences in land, location, condition, size and other property attributes.
3. Consider current market conditions and buyer demand.
4. Decide what you believe the property is realistically worth.
5. Develop your negotiation strategy from there.

The advertised price should be one piece of information — not the basis of your offer.

What About Offers From, Fixed Price and Contact Agent?

Offers From

This generally establishes a price point from which the agent is encouraging buyers to engage. It does not necessarily represent a firm minimum price.

Fixed Price

A fixed asking price provides clearer guidance, but it can still be optimistic, deliberately attractive, negotiable or overtaken by changing market conditions.

A property advertised for $1.3 million does not automatically mean $1.3 million is either too much or a bargain. Compare it with the sales evidence.

Contact Agent / For Sale / By Negotiation

Sometimes there is no advertised price at all.

The agent may provide verbal guidance once you enquire, or may deliberately provide very little information.

Listen carefully to what the agent says, but still form your own view of the property and an appropriate offer.

Understand the Selling Agent’s “Rules of Engagement”

Knowing the advertised sale method is only the beginning.

You also need to establish how that particular agent intends to run the campaign.

Every selling agent operates a little differently. One agent might negotiate verbally before requesting a signed contract. Another may insist that all offers are submitted on a contract. Some agents actively encourage early offers. Others want the property exposed to the market for a period before the seller makes a decision.

Ask practical questions:

• How would the seller like offers submitted?
• Will the seller consider an early offer?
• Is there a deadline?
• What settlement period would suit the seller?
• Is the advertised campaign likely to change?
• When does the seller expect to make a decision?

Tell the agent you’re interested

If you are genuinely interested in a property, make sure the selling agent knows.

You want them to contact you if:

• the seller changes their price expectations;
• an auction is brought forward or cancelled;
• the seller decides to consider offers before auction;
• a deadline is introduced;
• or the campaign changes direction.

You don’t need to reveal your maximum budget or negotiating strategy. But remaining invisible to the agent can mean missing important developments.

Expect the Sales Campaign to Change

Property campaigns are rarely completely predictable.

• Auction → Sold Prior
• Auction → Passed In → Private Treaty
• Offers Over → Reduced Asking Price
• Contact Agent → Fixed Price
• EOI → Private Treaty

The seller’s price expectations may also move up or down as the campaign progresses.

Try not to become frustrated when this happens. Selling agents are constantly receiving feedback from buyers and relaying that information to their sellers. Vendors also change their minds.

Changes to the sales method, timing and price expectations are normal. The important thing is to recognise what has changed and decide whether your strategy should change with it.

Auction vs Private Sale in Brisbane

One of the differences interstate buyers often notice is that Brisbane has traditionally relied more heavily on private treaty sales than the auction-focused markets commonly associated with Sydney and Melbourne.

If you are relocating from interstate, our guide to buying a house in Brisbane and the differences from Sydney and Melbourne covers some of the other differences you are likely to encounter.

Private treaty can move very quickly

A common mistake is assuming an auction requires faster action than a private sale. Often the opposite can be true.

An auction campaign normally has a nominated auction date, giving buyers some time to:

• research comparable sales;
• organise finance;
• review the contract;
• complete building and pest inspections where appropriate;
• decide on a maximum price.

A private treaty sale may have no fixed timetable at all.

A property could be listed during the week, open for inspection on Saturday and under contract shortly afterwards.

Don’t assume there will be another weekend to think about it.

Should You Make a Pre-Auction Offer?

There is no universal answer. Your strategy should depend on the property, buyer interest and current market conditions.

In a strong sellers’ market

A pre-auction offer can sometimes work well.

If the property is attracting strong interest and several buyers appear likely to bid, competitive auction bidding may push the price significantly higher.

A strong pre-auction offer may allow you to secure the property before that happens.

In a buyers’ market

The strategy can be very different.

If there appears to be little interest in the property, making a pre-auction offer can unnecessarily show your hand and give the seller confidence that they already have a buyer.

It may be better to:

• let the campaign continue;
• observe the level of interest;
• allow the property to proceed to auction;
• and potentially negotiate afterwards if it passes in.

For more detail, see our guide to buying property at auction in Brisbane.

Expressions of Interest and Tender

An Expression of Interest (EOI) campaign generally invites buyers to submit their proposed price and terms by a nominated date.

A tender is usually a more structured process and is less common in mainstream Brisbane residential property.

These methods can give buyers more preparation time, but you should still ask:

• Is the closing date firm?
• Will the seller consider an attractive offer beforehand?
• How should the offer be submitted?
• Could the process change?

Again, understand the rules rather than making assumptions based on the heading in the advertisement.

Sellers Often Become More Negotiable With Time

Time on market can be an important negotiating factor.

During the first week of a campaign:

• sellers are generally optimistic;
• the agent is still assessing buyer interest;
• the vendor has had little negative market feedback;
• and significantly low offers are unlikely to be attractive.

Unless the seller has a strong reason to sell quickly, submitting a very low offer during the first few days often achieves little.

Several weeks later, circumstances can be very different.

If the property remains unsold:

• the seller has received more market feedback;
• initial price expectations may have been challenged;
• competing buyer interest may have disappeared;
• vendor motivation can increase.

An offer that receives little consideration in week one may receive a very different response later in the campaign.

This is why the appropriate negotiation strategy depends not just on the property, but also on where it is in the sales campaign and the strength of the current Brisbane property market.

You can follow our latest commentary in the Brisbane Property Market Update.

What Happens If There Are Multiple Offers?

If several buyers are competing for a property, the process can change again.

Rather than cover that separately here, see our detailed guide to the multiple offer process when buying property in Queensland.

Rules of Thumb for Brisbane Buyers

• Treat the advertised figure as marketing, not an instruction about what to pay.
• Research recent comparable sales before making an offer.
• Understand the selling agent’s rules of engagement.
• Ask how offers are being handled and whether there is a deadline.
• Tell the selling agent you are interested so they keep you informed if circumstances change.
• Stay in contact rather than relying solely on the online advertisement.
• Expect price expectations, timing and the method of sale to change.
• Don’t become frustrated when they do — changes in either direction are part of the process.
• Be prepared to change your strategy as new information becomes available.
• Don’t assume a private sale will still be available next weekend.
• Be cautious about making a pre-auction offer where buyer interest appears weak.
• Consider a pre-auction strategy where strong competition could drive the price up at auction.
• Don’t expect sellers to readily accept a low offer during the first week of a campaign.
• Remember that sellers will generally become more negotiable the longer a property remains unsold.
• Decide on your maximum price before negotiations become emotional.

How Can a Brisbane Buyer’s Agent Help?

This is one area where an experienced Brisbane buyer’s agent can add considerable value.

At Your Property Hound, we deal with Brisbane selling agents and property negotiations every week.

We can help you:

• assess comparable sales and determine what the property is realistically worth;
• interpret the advertised price without becoming anchored to it;
• understand how the selling agent intends to run the campaign;
• establish the seller’s likely priorities;
• decide whether to act quickly or wait;
• develop an appropriate offer strategy;
• assess whether a pre-auction offer is worthwhile;
• recognise when the negotiating position has shifted;
• change strategy as the campaign evolves;
• negotiate with the aim of securing the property for the best achievable price and terms.

If you have already found a property and only need assistance assessing the price and negotiating the purchase, our Expert Negotiation Service is designed specifically for this situation.

For buyers who would prefer assistance through the whole purchasing process, see our complete search-to-settlement buyer’s agent service.

The selling agent works for the seller.

Our job is to help the buyer understand what the property is worth, understand the rules of engagement and use the right strategy to secure it at the best possible price.