NSW Opinion on price

Discussion in 'Property Analysis' started by CoachLasso, 27th Aug, 2020.

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  1. CoachLasso

    CoachLasso Member

    Joined:
    27th Aug, 2020
    Posts:
    12
    Location:
    Sydney
    Hi PC community,

    Looking at getting some opinion around how much do you think this property is worth? Or how much would you pay for it?

    This is the ad on Domain
    9B Ventura Avenue, Miranda NSW 2228 | Domain

    The property located in Miranda (NSW), duplex/semi detached. I inspected the house and it looked great (maybe even nicer than in pictures). Compared to other duplexes I have seen it feels more spacious, all bedrooms on 1st floor have a good size. It looks quite different compared to other duplexes which are usually long with not much width.

    However, the land size is pretty small (290sqm) which means it has a tiny backyard. The size of the property is also a little bit smaller than similar properties.

    It’s located in a street where there are at least 3 boarding houses being built and the area is looking to be more crowded in the near future.

    The vendor is looking at getting $1.5M which I tend to think is a bit overpriced considering its smaller size (both land and actual property). With boarding houses being near do you think it would impact its resale value in the future?

    I'm trying to assess whether a fairer price should be around $1.35M, $1.4M, $1.45M?

    Here are some comparable properties around Miranda that recently sold.

    $1.5
    https://www.realestate.com.au/sold/property-house-nsw-miranda-133360906

    $1.5
    https://www.realestate.com.au/sold/property-house-nsw-miranda-132972918

    $1.350
    Sold 46B Miranda Road, Miranda NSW 2228 on 30 Apr 2020 - 2016240510 | Domain

    $1.530
    Sold 6B Carramar Crescent, Miranda NSW 2228 on 24 Dec 2019 - 2015904889 | Domain

    $1.460
    Sold 187A Karimbla Road, Miranda NSW 2228 on 10 Mar 2020 - 2016111137 | Domain

    $1.430
    Sold 187B Karimbla Road, Miranda NSW 2228 on 17 Apr 2020 - 2016219520 | Domain

    Thanks in advance for your help!
     

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