On the Gold Coast its easy, look at comparable sales in the neighbourhood around 2005-2007 for houses up to $700k, and put your offer in just a touch under that regardless of the asking price unless redeveloped or heavily renovated. So many underwater here at the moment some are advertising silly prices, the agents can barely conceal the humiliation, but true vendors are accepting well under the odds, almost tempted to register halfway through an auction recently before pulling my head in. If over $700k try 2004ish prices. Bargains to be had, but more to come yet here.
In decent markets, be your own valuer. Value of land plus replacement cost of structure and improvements, minus depreciation, condition and repairs required, compare to recent sales to verify your figures, then offer anywhere between 5 and 20% under that value depending on state of the market.
Making the offer -
In Qld, get the contract, complete it that day, ask agent for trust account and what deposit they want (trust me), always have building and pest clause, always a sunset and stick to it. Always be finance approved, costs you nothing but will save you thousands, don't know why anyone would look at houses with finance first being in place, just nuts. Sold all of ours in last 10 years, ignored subject to sale offers, and gave finance clauses 7 days to approve otherwise sorry, no deal.
One thing I can assure you of is that the deal of the century comes around once a month, so always be prepared to walk away.
