A guide price is a figure for potential buyers that indicates how much a property could be worth. It is used to advertise the property to potential buyers to build interest.
Guide prices are not necessarily figures which a property will sell for. The sale price will be dependent on bidding in the auction room. Guide prices can either be a single figure price or a price range. These may change at any time prior to the auction. The most up-to-date guide prices will always be shown on the property details page.
Key points about property auction guide prices:
- The guide price is not the same as the reserve price for a property
- The guide can be either a range of figures or a single figure
- The guide price is not what the property will sell for. It's only an indication of the property's value based on open market value
- The guide price is primarily used as a way to advertise the property to prospective buyers