price guide from previous sales

[Tsea]

So I am looking at an apartment in melbourne's inner east. The price guide is $460-490K, so looking at that I anticipate they want around $525K.
Looking at previous sales in the block from 2010 and 2011 apartments in this block sold for $515K $505K and $510K.
Are apartment prices in suburbs such as st kilda east, elwood and prahran comparable to what they were in 2010, or is this a case of very low underquoting?
Other possibilty is all 3 payed too much at the time but I'm wondering if the other things mentioned are a possibility
Thanks

 

[Genia]

How long has it been on the market? is this sale by auction? Do all apartments have similar size/floor plan/views/carspaces?

If it is for a private sale and have been there for a while, I would put an unconditional offer of $460K. And if vendor rejects, they have to edit an add, to specify higher price.
If it has been on market for too long, I would try my luck with $450K offer.

 

[Big Will]

Genia you also need to put what settlement period the vendor wants otherwise they can say the settlement period wasn't acceptable

 

[Genia]

Big Will *Thumbs up*

(Haha, sorry, my first writing of your nickname was Bug Will, good on me I noticed that and corrected before posting this)

 

[Tsea]

Going to auction in a few weeks, been on the market for 2 weeks, so I'll wait to auction day. Identical floor plan to the others and all with car spaces on title. Just wondering if apartments in those areas would be more expensive than 2010/11?

 

[Big Will]

Without knowing anything else I would except date sold I would say generally yes.

Unless you were looking in a regional town, then depends.