1/2 price land?

[Cloudedhouse]

So, this may seem a daft question. However I have never purchased just land before.

I have done research on a block of land in a regional centre. The land value is registered as double the asking prices...? Am I missing something?

Thanks

 

[Aaron_C]

This can happen if the site is contaminated and requires significant clean up to make it ready for residential use.

 

[dammit]

maybe the land floods?

 

[spludgey]

Steep slope, too narrow to build on, etc?

 

[buzzlightyear]

ok, land value that comes from the council valuation often bears no resemblence to market or actual value.

For example, a recent property was on the market for around the $800k (overvalued mind you as it didn't sell) had a council valuation of $1.05m. The land value was $660k.

 

[Pa1nter]

Maybe a desperate seller?
What are other blocks in the area selling for or have sold for in the last year?