What does it mean when a property is listed POA (Price On Application)?

POA listings are common at the top of the market ($3M+ in metro markets, $1M+ in regional) where the property isn't easily comparable and the agent wants to gauge buyer interest before anchoring expectations. It also appears in down-markets when sellers don't want to publish a low number.

Agent strategy: by withholding the price, the agent can quote different ranges to different buyers based on perceived budget, controlling the negotiation narrative. From a buyer's perspective this is annoying but not necessarily bad faith; it's standard practice in some segments.

How to navigate: ask the agent for the seller's price range or estimated price guide. If they refuse, do your own comp analysis (find 3-5 comparable sales, adjust for differences, anchor an offer at the median). Don't ask 'what's the price', ask 'what's been your seller's expectation' or 'what would a credible offer look like'.

Underquoting laws (NSW Property and Stock Agents Act 2002 + state equivalents) require agents to provide a price estimate that reflects the seller's reasonable expectation. POA can sit in tension with these laws, if the seller has a clear price in mind, the agent should be able to disclose a range. If they can't, that's usually the answer (seller hasn't decided / expectation is unanchored).