Every listing term means something specific. 'Under contract' means the property is sold but subject to conditions. 'Offers over' means the seller wants more than the stated figure. 'Expressions of interest' means no set price and you submit your best number. Here is what each term really means for buyers.
What does 'under contract' mean?
The property has a signed contract but has not yet settled. The contract is usually subject to conditions like finance, building and pest, or cooling off. If any condition fails, the property comes back on the market. About 5 to 10% of contracts crash before settlement, so a property under contract is not fully off the table.
You can register interest with the agent as a back-up buyer. If it crashes, you are often first in line.
What does 'sold' mean?
In Queensland 'sold' is generally used once the contract is unconditional (all conditions satisfied), or in some cases only after settlement. Different agents and websites use it slightly differently. If you are uncertain, ask the agent whether it is under contract or unconditional.
What does 'offers over $X' mean?
The vendor is telling buyers they want more than $X. It is a price guide, not a hard floor. Some agents pitch offers-over prices realistically, others use them as bait. On Brisbane's south side, expect properties to typically sell 5 to 15% above the 'offers over' figure when the market is strong. Do your own comparable sales research using the local suburb pages like /suburbs/rochedale-south, /suburbs/runcorn or /suburbs/kuraby to know what the property should actually sell for.
What does 'price guide $X - $Y' mean?
The agent has quoted a range. In Queensland this is now more common than it used to be. The vendor is generally expecting a result inside the range, but it is a guide only. Treat the top of the range as a floor for a hot listing and the middle as a fair reference for a slower one.
What does 'expressions of interest' (EOI) mean?
No price advertised. Buyers submit written offers by a set closing date and the vendor chooses. Common on premium properties in suburbs like /suburbs/rochedale or /suburbs/eight-mile-plains where the vendor does not want to anchor the market to a number.
For buyers this is the hardest to price, because you have no anchor. Rely on comparable recent sales, not the agent's suggestion. If asked what the vendor wants, most agents will not tell you until they see offers.
What does 'auction' mean on a listing?
The property will be sold at auction on a set date, unless it sells beforehand. You may or may not be able to submit a pre-auction offer, depending on the vendor's instructions. Detail on how to buy at auction is in How to bid at auction, and the difference between auction and private treaty is broken down in Auction vs private treaty.
What does 'contact agent' or 'POA' mean?
Price on application. The vendor does not want the price visible online. You will have to ring the agent, and they may or may not tell you the guide. Sometimes it means an aspirational number, sometimes a legitimate concern about privacy. Ask a direct question and expect a direct answer.
What does 'deposit taken' mean?
An offer has been accepted subject to formalisation, or a holding deposit has been paid pending contract preparation. Not legally binding on either side until the contract is signed and the cooling-off period commences. Behaves similarly to 'under contract' in terms of registering back-up interest.
What does 'sold prior to auction' mean?
The property sold before the scheduled auction date, usually because a pre-auction offer was strong enough that the vendor stopped the campaign. You cannot buy it now unless it crashes and comes back to market.
If you have seen a listing with a term I have not covered, most of the common ones are also explained in the /faq. And when you are ready to submit an offer on any of these listing types, /offer is the shortest path.
What should you do next?
Have a look at what is currently for sale on Brisbane's south side over on /properties, or send me a buying question and I will give you a straight answer.
If you will be selling a home to buy your next one, find out what yours is worth with a free, no-obligation appraisal. That number is often the missing piece that turns a wish list into a real plan.
Frequently asked questions
Ready to have a proper look at the market?
Browse current listings, or ask Junaid a buying question and get a straight answer from someone who works the south side every day.
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