Hi there,
I've just put my 2 investment properties on the market and I'm unsure what to expect. Both 3B homes are pretty old but in reasonable condition. The better home is on 1042,m2 block and the other is on 719m2 block, both are next door to each other. They are located in the suburb of Deer Park, Melbourne.
Can anyone help me determine the value of this rare situation? How does a builder/developer calculate the value of these 2 homes for unit development? I just want to be informed and not settle for less than their worth.
Any information will help.
Thanks
Rosie719 m2 house I reckon $320,000 – $340,000
1042m2 house I reckon $370,000 – $400,000
This is my guess
Medium house price is 299,000 however you have more land than average properties in the area.
May get high end of price range if it has a garage and Brick Veneer.You could ask for a free appraisal from local real estate agents also
If you have council valuation on rates notice you could go by this to get an idea also.a new service has evolved called a vendor advocate or sellers advocate
see as an example the following (not a recommendation !)
http://www.sellersolutions.com.au/content/about-us/
http://www.realestateangel.com.au/vendor-advocate.htm
http://www.realestatebuyer.com.au/_admin/userfiles/Introduction%20to%20Seller%20Advocacy.pdf
http://www.synergybsm.com.au/sell/why-use-a-sellers-advocate.htmHow have I done this guess
I have looked at 3 br houses in the area.
http://www.realestate.com.au/property-house-vic-deer+park-106347995
http://www.realestate.com.au/property-house-vic-deer+park-106240238
http://www.realestate.com.au/property-house-vic-deer+park-106151706
http://www.realestate.com.au/property-house-vic-deer+park-106356145
http://www.realestate.com.au/property-house-vic-deer+park-106412317
http://www.realestate.com.au/property-house-vic-deer+park-106429165
http://www.realestate.com.au/property-house-vic-deer+park-106429228
http://www.realestate.com.au/property-house-vic-deer+park-106477747
http://www.realestate.com.au/property-house-vic-deer+park-106481926
http://www.realestate.com.au/property-house-vic-deer+park-105874414
http://www.realestate.com.au/property-house-vic-deer+park-106496725
http://www.realestate.com.au/property-house-vic-deer+park-106364830Hopefully you are going to stage the properties. (this means have furniture in the houses when buyers look at it)
Thanks for the information, really appreciate your input. You've given me figures which match my agent's appraisal.
The homes are tenanted so a little hard to have them nicely presented. The homes are wheatherboard and no garages. We are getting some interest from builders who don't want to look in the homes. I'm pretty sure that you can fit 6 units/townhouses on the site if the homes were demolished. Developers have entered the suburb and there's currently interest in the larger blocks.
Thanks again, we'll see what happens
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