A property within 10’ walk to the station, but...

Hi All,

We are looking at a IP, and having difficulty making sense its price. Yes, it’s a million dollar question but we are keen to hear your feedback.

It’s a 3 beds, 2 baths, 1 lock garage, 620+sqm. We were told the lock-in price is $640k whilst the median price is only $500k.

The house itself is a solid BV house with some renovations have been done. Perhaps the biggest selling point is a 10’ walk to the nearest station (40’ train ride to Melbourne CBD). Would you think the above can justify the price?

Many thanks for any thoughts you would have.

Cheers,
H2H

 

What is the median price of similar houses within 10 minutes walk? The suburb median is vague at best if you don't have comparable properties that you are comparing to the subject property.

 

Thanks for the swift reply @Scott No Mates ! Unfortunately there wasn’t any similar property (house configuration and distance to the station) sold recently but only could track back as far as 2019. Any other comparison point would you suggest?

Cheers,
H2H

 

Similar suburbs eg next station along the line would have similar properties/distances but would be x% median different

 

Awesome @Scott No Mates. It makes now sense why my mom pushed me so hard on maths . Will do and come back with findings.

Cheers,
H2H