Three agents, three numbers. The market never lies — here's how to tell which appraisal has actually earned your trust.
 
Raine & Horne Lower North Shore Team Howe Weekly  ·  3 August 2026
The Monday Newsletter  ·  Real Insight Weekly
 
This Week

How to Read an Appraisal Before You Trust It

Three agents, three numbers — and how to tell which one has earned your trust.

Three agents appraise the same home. Three different numbers. Who is right?
It is the first question every seller asks. It is also the wrong one.
 
The better question is: which appraisal deserves your trust?
An appraisal is not a promise. It is a professional estimate of your home’s likely selling price, and that estimate is only as reliable as the evidence behind it.
Change the comparable sales, the adjustments or the interpretation of the market, and you change the number. That is how the same home can receive three very different appraisals in the same week.
The highest number may make you feel good. The most defensible number is the one that helps you make the right decisions and ultimately achieve the best result.
The Test
Five questions that tell you if an appraisal is accurate
 
Question 1
How recent are the comparable sales?
Conditions across the Lower North Shore can change quickly. A sale from three months ago may still be relevant, but it should be tested against more recent results, current competition and today’s buyer feedback.
If the evidence is old and the agent cannot explain why it remains relevant, the appraisal may already be behind the market.
Ask: What’s the most recent sale in here, and when did it settle?
 
Question 2
Are the properties genuinely comparable?
Being in the same suburb is not enough. Land size, accommodation, condition, aspect, parking, views, topography and street position all matter. A quiet cul-de-sac, battle-axe position or busy arterial road can materially affect value, even when two homes are only a few streets apart.
If the appraisal does not explain why each comparable was selected, it is not proper evidence. It is a collection of convenient examples.
Ask: Why was each of these properties selected, and how does each one compare with my home?
 
Question 3
Is it built on sold prices or asking prices?
This catches more sellers than almost anything else.
Asking prices are expectations. Sold prices are evidence.
Current listings are useful because they show your competition and the choices available to buyers. However, they do not prove what buyers are prepared to pay. A sound appraisal should be anchored in confirmed sales, with current listings used as supporting market intelligence.
Ask: Is this figure built on what has sold, or on what someone is hoping to achieve?
 
Question 4
Where are the adjustments?
No two homes are identical, so the differences must be properly accounted for — a larger block, renovated kitchen, better parking, north-facing garden, superior views or quieter position. Those adjustments should be explained, not assumed.
At Team Howe, we use our Sales Price Index: a consistent method that adjusts each comparable up or down against your home. You can see how we arrived at the number rather than being asked to accept it on faith.
Ask: Show me the adjustments — how was each comparable adjusted against my home?
 
Question 5
Does it give you a range you can question?
No honest appraisal can guarantee an exact result before your home meets the market. It should provide a realistic estimate and explain what could move that estimate higher or lower.
Under current NSW law, the estimated selling price recorded in the agency agreement must be expressed as either a single figure or a range. If a range is used, the upper figure cannot be more than 10% above the lower figure. For example, $5.0 million–$5.5 million is permitted. A range of $5.0 million–$6.0 million is not.
An agent must not advertise or quote below the estimated selling price recorded in the agency agreement. If credible evidence during the campaign shows that the estimate is no longer reasonable, the agent must revise it, notify the seller and update the relevant marketing.
Ask: What would cause you to revise this estimate up or down once the campaign begins?
Why It Matters
The appraisal is the foundation for everything
An appraisal isn’t just a number. It’s the foundation for everything that follows:
→  Your asking price
→  Buyer expectations
→  Inspection numbers
→  Early feedback
→  Negotiation strategy
→  And, ultimately, your final selling price
Get the appraisal wrong and every decision downstream becomes harder. Get the evidence right and the strategy becomes much clearer.
How We Prepare Ours
At Team Howe, every appraisal is built from our continually updated database of current listings, withdrawn properties and recent sales across the Lower North Shore.
You will see the comparable properties, sale dates, relevant differences, adjustments through our Sales Price Index and the resulting valuation range.
We believe a number should never ask for blind trust. It should earn it.
David’s Take
The market doesn’t care what we hope a property is worth. It only tells us what buyers are prepared to pay. Our job is not to invent a number — it is to interpret the evidence honestly.
“The market never lies. People sometimes do.”
A data-backed appraisal helps you tell the difference.
And here is one final question most agents will not expect:
“How close have your previous appraisals been to the eventual sale prices?”
Ask to see the record. If the answer is vague, treat the number with equal caution.
Lower North Shore Market Reports — Download Free
Lower North Shore Houses On The Market By Suburb → Download — By Suburb
Houses on Market By Suburb
 Lower North Shore Houses On The Market By Price Guide → Download — By Price Guide
Houses on Market By Price Guide
Next Week’s Topic: How the highest appraisal can lead to a lower selling price.
Thinking about selling this spring?
If you would like an appraisal you can question rather than simply accept — one built on evidence, not opinion — reply to this email or call me. We will establish the honest number and the right strategy before your campaign begins.
Part 2  ·  Weekly Market Report
The Market Never Lies
What the evidence is actually telling us — suburb by suburb.
 
Every week we’re told the Sydney property market is rising, falling, recovering or slowing.
The problem is that Sydney isn’t one market.
Mosman isn’t Northbridge. Northbridge isn’t Willoughby. A $3 million family home isn’t behaving like an $8 million prestige property.
So rather than relying on headlines, I went back to the numbers. Here’s what the evidence is telling us.
Lower North Shore Market Chart
Lower North Shore Market Chart
Lower North Shore Market Chart
Lower North Shore Suburb Detail Chart
Interactive Version Available
We have built an interactive version of this chart covering all 20 Lower North Shore suburbs we track — allowing you to explore the data suburb by suburb. If you would like this sent to you, simply reply to this email and we will send it through.
How the Market Is Trending
 
Activity
Volumes recovered strongly from the 2022–23 rate-shock lull (~980 sales/yr) to a 2025 peak of 1,158 sales / $5.97b. 2026 to 30 July shows 527 sales — annualised ~900, so turnover is running roughly 20–25% below 2025 and back near 2022–23 levels.
 
Prices
The aggregate median has held up — $3.70m (2021) → $4.22m (2025) → $3.96m in 2026 YTD. That ~6% dip is mostly mix (fewer Mosman/Northbridge prestige sales this year) rather than a broad price fall. Several suburbs are at record medians: Cremorne $5.08m, Wollstonecraft $4.78m, Castle Cove $4.04m.
 
Days on Market
Steadily lengthening — 22 days (2021) → 30 days (2026) — the clearest sign of softening. Buyers have more time, and thin-stock suburbs (Kirribilli 182 days on 2 sales, Castlecrag 67) skew badly.
 
Net
Fewer transactions and longer campaigns, but prices broadly resilient. A cooling in volume and urgency rather than in price. Note: 2026 figures reflect 7 months of data only.
This Week’s Data
26
New Listings
15
New Sales
196
Houses on Market
This Week’s Market Data
This Week’s Market Data
 
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→  Visit Team Howe Website
 
 
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Northbridge Interactive Map
Northbridge Interactive Property Map — Click to Explore
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David Howe signature
David Howe
Partner Agent · Raine & Horne Lower North Shore
Charles Tang signature
Charles Tang
Team Howe · Raine & Horne Lower North Shore
Raine & Horne Lower North Shore
Lower North Shore
140 Sailors Bay Road, Northbridge NSW 2063
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