How to Read a Price Guide in South Australia

South Australia bans underquoting — but price guides remain the most misunderstood number in real estate. Here's how to read them properly and what to do when they don't add up.

1. The law: SA's Land and Business Act

Agents must not advertise or state a price lower than the seller's asking price, the agent's estimated selling price, or a rejected offer. The price guide must be based on the agent's honest opinion of value, supported by at least three recent comparable sales, and updated whenever offers change the picture.

2. Formats you'll see

• Single number — "Contact agent" or a firm price (uncommon in SA).
• Range — "$780,000 – $820,000". The reserve/expected sale sits inside this range.
• "Offers over" — the minimum the seller will consider; expect the sale price to sit 5–15% above.
• "Best offers by" — deadline sale; buyers submit their best number in writing.
• Auction — no price required in advertising in SA; reserve stays confidential.

3. Red flags to watch for

• Guide well below recent comparable sales in the same street/complex.
• Guide unchanged despite multiple offers already rejected.
• Vague terms like "expressions welcome from…" with no upper bound.
• Range stretched over 20%+ (too vague to be useful).

If you believe a guide is misleading, you can report it to Consumer & Business Services (CBS).

4. How to work out a realistic price

1. Pull the last 6 months of comparable sales within a 1km radius.
2. Adjust for land size, condition, aspect, parking, and improvements.
3. Overlay current listings that haven't sold — these define the ceiling.
4. Speak to two additional agents for a sanity check.

5. What to ask the agent

• "What three comparable sales support this guide?"
• "Has the guide changed since the campaign launched — and why?"
• "Have any offers been rejected? What was the highest?"
• "Where do you think it will sell?"

6. Pricing on your own sale

Selling? Use the same discipline. See The Ultimate Seller's Guide and our Selling Costs Calculator.

Want an honest appraisal?

Book a Buri appraisal — we bring three written comparable sales, every time.