Hello all! My partner and I have been solidly in the boat of waiting to see what happens with the next election/economy/etc before buying our first house, but we came across our dream home this week and I was hoping for some advise. The house we just found is a beautifully renovated Queenslander on the outside edge of Brisbane City Council. It's not one of the more popular suburbs and has average house prices well below the more inner city ones (3 bedrooms $378,000, 4 bedroom $420,000). The house was only bought last October for $206,000, but it's obvious they've spent the last 6 months doing amazing renovations. It's now built in under, beautiful new kitchen, 4 bedrooms, one bath upstairs, one bath downstairs, and generally just gorgeous. It's price is listed as "Contact Agent", and it has about half as much land as the majority of houses in the suburb. When I rang the real estate about the price, they said the owners were hoping for high $500k low $600k. I can tell they put a lot of effort into the house, but that seems a bit steep when considering the price of the suburb. A small handful of houses have sold over $500k, but all of them were either 2-4X as much land or brand new developments that I would assume foreign investors were overpaying for. The closest other house I could find that sold recently was $460K, and while the renovations weren't as nice, the land was 200 square meters bigger. Mostly I'm just wondering if you think they're over reaching with their price or if renovations really can add $400k of value to a property in a lower-end suburb? If that's their expected price range, would it be a dick move to offer $400k-$420 considering it would be my starting price for a nice house in that suburb? We are young(ish) first home buyers, so please forgive any ignorance on my part. Thank you!