Homeowners preparing to sell are reminded that a property's market value can be influenced by multiple factors, with location, property features and broader market conditions all playing a major role in determining what buyers are willing to pay.

While council or land valuations are used primarily for rates and tax purposes, a home's market value is the estimated price it could achieve in an open and competitive market. Ultimately, property professionals note that a home's true value is determined by what a buyer is prepared to pay at a given point in time.

Location remains one of the strongest influences on value. Properties close to schools, public transport, shopping centres, healthcare facilities and employment hubs often attract stronger buyer demand. PRD chief economist Dr Diaswati Mardiasmo points out that liveability and access to amenities are among the key factors that influence residential property prices.

The property's own characteristics are also critical. Factors such as land size, number of bedrooms and bathrooms, construction quality, energy efficiency, views, floorplan and recent renovations can all affect buyer interest and sale price. However, property experts caution that not every renovation adds value, particularly if homeowners overcapitalise or undertake improvements that do not appeal to local buyers.

Market conditions can be equally important. Interest rates, housing supply, buyer confidence and the balance between supply and demand all influence property values. Recent housing market analysis has shown that higher interest rates can reduce borrowing capacity and place downward pressure on prices, while lower rates often improve buyer sentiment and demand.

Comparable sales are another essential measure. Property valuers and real estate agents typically examine recent sales of similar homes in the same suburb or neighbourhood to estimate a property's likely selling price. Industry data providers such as Cotality use information including property attributes, location and recent transactions to assess housing values and market trends.

For homeowners seeking an accurate estimate, consult a certified valuer or experienced real estate agent who can assess both the property's features and current market conditions before setting an asking price.