Buying established or build help to value 5 year old house Frankston Vic

[bigbucks]

hello all ,

Wondering if anyone can advise me how to work out a fair price of a 30 sq 5year old brick house 4 bedroom 2 bathroom in nice area of Frankston is on 650sq metre block 3 km from beach.

Council capital improved valuation is 400k & land at 190k as per December 2008 rates certificate.
i have found out the house cost 250k to build 5 years ago.
The area the property is in is nice established no vacant land is available to compare land value

Recent sales of run down unrenovated older homes 1/2 the size & on same size land have sold for 330/350k.

My other option is to consider to buy the oldest house in the same area 300/350k then demolish & rebuild same size house however that may push a price beyond 580k to do & may be over capitalising.

hoping anyone can help as i'm looking to place an offer on the 30 sq home soon.

 

[DavidMc]

Best bet is recent comparable sales.

 

[Lee O'Keefe]

I might be able to help. Which part of Frankston?

 

[bigbucks]

hi lee,

property is located orwil street frankston

 

[bigbucks]

no other comparable sales of property this size & spec' in area

 

[bigbucks]

also forgot to mention is a private sale & property is vacant

 

[Lee O'Keefe]

Message sent.

 

[bigbucks]

the true value of the above can you say cost cheapest house in area plus demolish & then rebuild costs on top & even then if you need to go to market & sell afterwoods for any reason would you get youre money back? or would it be over capitalising for area.
very interesting in the current economic climate?

 

[RightValue]

Rule number one in Valuation school.

Cost does not equal value.

cheers,

RightValue