Thanks for all the helpful advice 'findanotherslave' and all the others . You say that $90,000 is the most I should pay! they will not go that low.
So how about this property comprising of 2 older style flats,v good condition, and on the right side of the tracks, still can only get $220-240 wk each flat. The land is large enough to put up 5 townhouses, I don't have access to the finances to do that.

rent=$460
half=$230
times 1000=$230000
this house is for sale for $295,000
by your reckoning its price  should be $230,000
The owner will not go that low, maybe $270,000 .
Iam beginning to think all the property here is overpriced,but what can any buyer do about it?