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thank you hodge very helpful.. in this scenario he paid market value... it's a scenario.. hey Marg, yes the house could be demolished if you wanted and another one built but i do not see the point to this the house is ok looking.

I'm aware of this, that is why i put up how much the developer had paid and when he had paid for it to give you an idea of how much the land was worth.

how will the suburb make a difference, this scenario could be anywhere? its 17kms from melbourne cbd

i'm looking at buying this old property so basically some one has bought this old property 700m2 block and subdivided it. and built 2 brand new units at the back. leaving the front old house 300m2 but now the old house's drive way will be used for the units at the back meaning theres no car...