How to calculate land a strata title land value

[tropic]

I'd like to know how I should calculate land value for a rear strata block.

If a 1000 sqm block has 2 strata blocks (500 sqm each with no common land).
The rear one has a long driveway of approx 100 sqm (25m long x 4m wide). This leave 400 sqm without the driveway.

Neighbouring land is selling around 600K of 1000sqm.

How do I calculate the land value?
The front block usually is more expensive because of the frontage.
Do you use 40/60 ratio etc?

I never look into a duplex before.

Thanks.

 

[thatbum]

Any comparable properties? There's no general rule really.

 

[tropic]

Most of properties in the area are houses or villas.
I have difficulty finding comparable properties.

They have a couple green title properties with a similar size blocks but not quite the same things are they? They have their own frontage.

 

[thatbum]

They have a couple green title properties with a similar size blocks but not quite the same things are they? They have their own frontage.

They would be relatively comparable. You know they would be somewhat less than what they sell for.

2 lot survey strata is otherwise pretty damn close to green title.

 

[tropic]

Personally I prefer to be on a green title block with its own frontage.
I will pay more for it.

Maybe they are people that prefer a rear block for whatever reasons.

 

[thatbum]

Personally I prefer to be on a green title block with its own frontage.
I will pay more for it.

Maybe they are people that prefer a rear block for whatever reasons.

I agree. But in terms of putting a value on it, you can note that your lots are inferior and would be worth somewhat less than the green title ones.

That's how valuers do it in short anyway.