NSW San Souci price confusion

Hey guys,

I've been spending hours trying to discern the reason why these two properties are virtually the same price. 1) virtually the same land size, 2) property 1 is closer to the water, 3) property 1 requires no renovation whilst property 2 either needs a major reno or knockdown rebuild

https://www.realestate.com.au/property-house-nsw-sans+souci-136221178

https://www.realestate.com.au/sold/property-house-nsw-sans+souci-136510766

Can anyone with more experience help me out with my way of thinking?

 

Agent trying to bait people and then running a silent auction?

 

Virtually the same land size, but a small amount can make a big difference.
To my knowledge, the older house can be redeveloped as a dual occupancy as it’s on more than 600m, but the newer house is under 600m.

Also, the older house has already sold and the price of the newer house is still unknown and likely to go over the listed price.

 

Thanks for the replies.

i’ve been offered the house for 2.4m so no silent auction. The only thing I can decipher is that the street has a townhouse complex which may reduce its value.

 

Aspect would play a part too.
The new house has all the living areas facing due south, so this would put many people off.

 

Quite the opposite, if the street is zoned for denser development, it'll push the price up (provided development stacks up).

 

I'm confused as I see to different properties.

 

Thanks for the help guys.

So looks like property 2 has a couple advantages: facing east (vs south) and 600m+ land which means it can be developed as a dual occupancy.

 

You may also want to consider the impact of the F6 if buying in that area. Last I checked, if they build the southern extension there may be a smoke stack fairly close to that newer house.

Shame as I like that area but the F6 puts me off.

 

I live a stone throw away from each property

the Brantwood St option is in far superior location. Wider street
More single dwelling new builds too
As others mentioned can have dual occ setup if required

the house though is dated, new enough to not kdr but young enough for a decent freshen up. I heard a builder did buy it, so be interesting to see what happens.

the newer property is closer to the proposed stack for the F6 also