How much difference do you think, if at all, an older solid brick house (1970's partially renovated in early 90's) would make to the value of a property compared with a vacant block? The property is in outer Sydney. A vacant block sold for $650 up the road, on the same size land (approx 1000 square metres) and an acre sold for $870. There really are not similar properties to compare with as there are mostly acreages.
Whatever it is worth to someone.....I would say 100k, but I have got houses for free and have seen others pay more than what a new build would be....so.....
Thanks so much Dabbler. Hard to work out. Interesting that you estimated 100k as I have an offer that is 105k above what a similar size vacant block of land was sold for. My property has a very large brick garage on the block but I am not sure that would make a great deal of difference. Decisions, decisions.......
Depends on area.....many want newer homes.....and a 90s reno really woul not appeal to many people....inc me, may as well be original 50s as 70 to 90 had some shocking colour schemes
Many people also want a blank canvas, and will pay near the same price for a cleared block of land ta rolf
Yeah...in some spots a vacant block may actually do better and have more interest, but not so likey in Syd seeing every grub has been into it in last few years. If in atea where dev is hot, prob 100k over kand is a good offer now, building will surely cool too, which means less for blocks.
it depends, if ppl buy it to knock down and rebuild immdieately, they might be willing to pay more for the vacant land ( less hassle with demolishing and site cleaning cost). if ppl buy it and hold it for a few yrs, it might be better to buy the land with house ( for rents).
Agents appraisals differ and it is hard to tell if they are overinflating estimates to get business! How accurate do you think, in general an agents appraisal is? I have one you has saId he thinks I will get high 800k or into the 900's. When i pressed him a bit more and about how accurate he thought the valuation was he said he thought it was pretty accurate but to expect from 850k up to avoid disappointment.
