A question we are often asked is “Why do Agents hide the selling price of homes?” and the answer to this is because one of the parties involved with the sale or purchase of the home has requested that the final price we sell for, remain private (or a secret).
While this has clear benefits for those who value their privacy, it can make it difficult for prospective sellers and buyers to get a good idea of the sale price of comparable properties.
It’s understandable that people can become frustrated when we can’t tell them what a property sold for, but our clients’ wishes need to come first in these instances.
So why do people want to hide the selling price?
The sale and purchase of a home for some people is a very private transaction. Buyers may not want anyone else to know what they have paid for their new home, and sellers don’t wish to advertise how much they have received for the sale of their property. This request in common in family law matters. We understand and respect these requests.
Is it legal to hide the selling price?
It is perfectly legal to ask your agent not to publicise the sale price of your property on their own website and also sites like realestate.com.au and domain.com.au.
Can the selling price appear on listing websites?
When a request is made by a buyer or seller to hide the selling price, once the settlement has occurred the price can later appear on these sites. This is because these websites compile their information from a number of sources, including that of the Valuer-Generals office in Victoria. The information is supplied to the Valuer-General by the Solicitors completing the settlement process and this is public information.
Keeping your selling price hidden.
If you have requested that your agent keeps you selling price hidden then there is no reason why they shouldn’t do this, but remember it is very hard to stop a determined person from finding out what a property sold for at some point in time.