Why is Richmond (Melbourne) median so much cheaper than surrounds?

[buzzlightyear]

I wasnt aware that HS are nortorious for underquoting in richmond..

Not just Richmond

As for a cheeky offer, sure you never know.

These are just high level figures, assuming $800k purchase price, 43k for stamp duty and then buidling costs for a two story contemporary townhouse, say $300k (?). You have a cost base of $1.14 million before you factor in profit, contingency etc.. Sheesh..........PPOR yes, but for developing and selling for immediate profit, that would be a challenge.

 

[Property Meister]

fair enough............ a knock down would cost heaps. and more risk and experience. i though judging by condition of the house, a reno might be a good one, but obviously not...

some of these richmond houses are going for riducluous $$$, and you don't get much for $800k

 

[buzzlightyear]

....some of these richmond houses are going for riducluous $$$, and you don't get much for $800k

This 120 sqm land and property sold for $590,000 in Richmond on Saturday. Good price what is effectively land value