Property appraisal

What Should a Property Appraisal Include?

An appraisal is an argument, and a good one shows its evidence. If an agent gives you a number without the comparable sales behind it, you have been given an opinion — and opinions are the cheapest thing in real estate.

Published 22 September 2026 Updated 22 September 2026By William Whyte Property · 261 Thomas Street, Dandenong VIC 3175

The short answer

A useful appraisal shows the comparable sales it was built from, how each was adjusted for land size, condition and position, what the local market is doing right now, and a value range rather than a single number. It should also recommend a method of sale and explain why. Anything less is a guess with a confident delivery.

An appraisal is not a valuation

These get used interchangeably and they are not the same thing. A bank valuation is produced for a lender, to a prescribed standard, to decide how much it is willing to lend against a property. It is deliberately conservative, and it is not designed to tell you what your home will achieve in a competitive sale.

An agent appraisal is a market opinion: what your property is likely to sell for, given the current evidence, the competition and the buyer pool. That is a different question, and it needs different evidence — recent sales of homes a buyer would genuinely consider alongside yours.

What a complete appraisal includes

1.The comparable sales it was built from, identified specifically — street, date, land size, condition and price.
2.An explanation of how each comparable was adjusted, and in which direction, to arrive at your figure.
3.A separate read on the land and the dwelling, because in this corridor the land often drives more of the value than the house.
4.An honest assessment of condition, including what is dated and what has been updated.
5.The current market direction for your suburb and property type, with the data behind it.
6.A value range rather than a single number, because a point estimate implies a precision that does not exist.
7.A recommended method of sale — private treaty, auction or off-market — with the reasoning.

Common appraisal shortcuts, and what they hide

Shortcut	What it hides
A single number with no comparables	That the figure came from a suburb median, or from what the seller wanted to hear.
Comparables from a different suburb	That there is nothing genuinely comparable nearby — which is itself important information.
No adjustment for condition	That a renovated and an original home have been valued as though they were the same property.
No adjustment for land size	That the block, which often carries much of the value, has not been assessed.
An inflated figure to win the listing	That the campaign will start above the market and spend its most valuable weeks going nowhere.
A range so wide it covers everything	That the agent has not formed a view, and is protecting themselves rather than advising you.

The adjustments that matter most in this corridor

In South East Melbourne, three adjustments do most of the work. Land size and shape come first, particularly in the established suburbs where blocks vary considerably and where some buyers are weighing future plans for the site. Condition comes second: in suburbs with older housing stock, a renovated home and an original one a few doors away can sit in genuinely different markets.

Inclusions and finishing come third, and they matter most in the newer estate suburbs, where homes are similar in age and buyers price landscaping, heating and cooling, flooring and remaining builder warranty individually. A Clyde North appraisal that ignores those differences is not telling you much.

Notice what is not on the list: the number of bedrooms, on its own. Bedroom counts matter, but they are far less predictive here than land and condition — which is exactly the kind of thing a suburb median cannot capture.

Why we give a range

A precise figure feels more authoritative, which is precisely why it is used. But no one can know your property will sell for exactly $812,000. What can be established with evidence is a range, and what sits inside that range — a strong campaign, competition at inspection, a motivated buyer — is what the work of selling is for.

A range also makes the campaign honest. If the market responds at the lower end, you know early and can adjust. If it responds at the upper end, you have room to hold firm.

Where to go next

Property appraisal How our appraisal works, and what you receive.Property appraisal guide A reference guide to appraisals, valuations and how to prepare for one.Free instant appraisal Get an indicative value range for your property now.

The market your appraisal sits in

Median house prices, growth, time on market and yield for the suburbs discussed on this page.

Suburb	Median house	5-yr growth	12-mo growth	Days on market	Gross yield	Auction clearance
Clyde North 3978	$752,932	27.2%	3.14%	50	4.14%	11%
Cranbourne 3977	$720,000	26.3%	9.1%	17	4%	61.1%
Dandenong 3175	$723,677	-0.81%	1.29%	30	3.7%	50.8%
Endeavour Hills 3802	$868,837	10.57%	7.76%	24	3.74%	66%
Hallam 3803	$789,109	10.99%	1.82%	33	3.72%	55.5%

Sources: Andrea Monti, Andrea Monti Buyer's Agent, Barry Plant / PropTrack, CoreLogic, Cotality / OnTheHouse, Domain, Heatmaps.com.au, OnTheHouse / CoreLogic, OnTheHouse / Cotality, PremiumRea, PropTrack / Barry Plant, Property.com.au, REIV, REMAX Australia, REMAX Diamond, SuburbsFinder, Victorian Valuer-General, Woodards, Your Investment Property Magazine, property.com.au. Data last updated 2026-11-01. A dash indicates no figure was recorded for that suburb — for example, a suburb where no auctions were reported. Figures are suburb-level medians and describe the market, not any individual property.

Sources and references

William Whyte Property — suburb market data (suburb-level medians, growth, days on market, gross yields and auction clearance), compiled from Domain, REIV, realestate.com.au, CoreLogic/OnTheHouse, HtAG Analytics and Your Investment Property. Refreshed monthly.
Valuer-General Victoria — annual property sales and valuation reports.
Australian Bureau of Statistics — Residential Property Price Indexes, Australia.
Consumer Affairs Victoria — guidance for Victorian consumers on appointing and working with a real estate agent.

What Should a Property Appraisal Include? — frequently asked questions

What is the difference between an appraisal and a valuation?

An appraisal is an agent's market opinion of what your property would sell for. A valuation is produced for a lender to a prescribed standard, and is deliberately conservative because it exists to protect the lender. They answer different questions and often produce different numbers.

Why do agents give different appraisals for the same house?

Usually because they are using different comparable sales, or adjusting for condition and land differently. When two appraisals differ, the useful response is not to average them but to ask each agent which comparables they used and why — that will tell you which figure is better reasoned.

Should I trust an online property estimate?

Automated estimates are a useful starting point for context, but they cannot see your renovation, your block's shape, your street position or the condition of the neighbouring properties. Treat them as a rough range and nothing more.

How should I prepare for an appraisal?

Have your documents ready — recent rates notices, any building or renovation permits, and details of what has been updated and when. Walk the agent through the work you have done. The more they can see and verify, the more specific the appraisal can be.

See an appraisal that shows its working

Our free appraisal sets out the comparable sales, the adjustments and a value range — so you can judge the number rather than just accept it.

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William Whyte Property · 261 Thomas Street, Dandenong VIC 3175