We are considering purchasing a second floor unit: 2 Bedrooms, separate kitchen/living. It is neat and tidy but could certainly benefit from a reno (1970's kitchen and bathroom).
I am looking to recent figures in the area for an idea on pricing, but there is no recent sales of this type of unit. The only data available is for single storey units that also have a backyard.
Does anyone have a rough guide to the difference in price one could expect single vs multiple storey? E.g. If single storey is 400K then multuiple would be 300K, i.e. 25% less.I have found a single storey unit of similar size and dimensions, but with backyard. It went for 258K (back in Jan '09) and the vendor wants minimum 220K for the one we are looking at.
the_maddog wrote:Does anyone have a rough guide to the difference in price one could expect single vs multiple storey? E.g. If single storey is 400K then multuiple would be 300K, i.e. 25% less.No, there is no such guide – you can't do it that way.
Email Mike Lloyd – Fusion Finance [[email protected]] who is a forum member and he'll e-mail you back a Residex CMA that should give you some idea of what the property is worth. He has posted about his free offer before – but I can't find it easily.
The residex will give you some idea of prices paid however if there have been no recent sales, you may have to go back further or widen your search eg next town (if country)/suburb, other blocks of units.
There is no simple comparison between units and duplexes/semis as the zonings & allowable development are quite different.
Thanks Mike for your fast service emailing me the three Residex Reports I asked for.
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