NSW Just Bought Granville 1.5mil house Valuer General say land value 1.3

Discussion in 'Property Analysis' started by cz998, 17th Jan, 2022.

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Is it a good deal

  1. Good

    4 vote(s)
    44.4%

  2. Bad

    3 vote(s)
    33.3%

  3. Netural reasonable priced

    2 vote(s)
    22.2%
  1. cz998

    cz998 Member

    Joined:
    9th Jan, 2022
    Posts:
    5
    Location:
    sydney
    Hi Guys
    Just bought my first property at 49 kemp street granville
    https://www.realestate.com.au/property//49-kemp-st-granville-nsw-2142
    Number of reasons I bought it:
    1. Corner block
    2. Big land 930m2
    3. Granny flat seperate access, rental income is around 1000 per week
    4. sold price in 11/2014 is 1.275 so less than 20% increase, so more space to grow
    Con:
    1. Flood zone
    2. Front house is old

    So first question I have for you gurus out there, is it a good deal or bad deal?

    And recentlly, the land of this property just got valued for 1.3mil
    Is this something i should happy about, or i just got set up by Parramata coucil, so i pay more land tax to them, is this land really worth 1.3mil?

    Really appricate any input and advice.
     
    cz998, 17th Jan, 2022
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,248
    Location:
    Sydney or NSW or Australia
    VG's value is for ratings purposes for the land. You have buildings as well.
     
    Scott No Mates, 17th Jan, 2022
    #2
    cz998 likes this.
  3. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    6,675
    Location:
    Mt Druuiitt
    Sounds like a reasonable deal with a lot of upside. Relax.
     
    datto, 17th Jan, 2022
    #3
    Piston_Broke and cz998 like this.
  4. lucidity

    lucidity Well-Known Member

    Joined:
    29th Jul, 2020
    Posts:
    45
    Location:
    Sydney
    3.46% gross yield, good deal.
     
    lucidity, 25th Jan, 2022
    #4
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,536
    Location:
    Sydney
    VG valuations have no basis to value the site and whats on it.
    Comparative land sales in the area with and without dwellings would be a better guide to m2 pricing / value. Looks OK
     
    Paul@PAS, 25th Jan, 2022
    #5