We have a 906 square metre block with 15 metre frontage and the house would (I believe) need to be moved over a metre of two to enable a driveway to be allowed down the side to create a battleaxe block.
We paid $460K in December 2005 and last appraisal was $650K (or thereabouts - pretty loose appraisal really). (This is the block that backs onto another block we have, giving us 72 perches with two street access, that I have posted about before.)
There is another house almost opposite this one with a queenslander on it, bigger than our queenslander cottage, just as original inside (ours is updated, this is "original") and just as ugly. (Both houses have been closed in and are ugly from the street, both fixable of course with a little money spent opening them back up.)
This house opposite is also two street frontage, on about 800 square metre block. The back of the house faces the next street and is opposite a park.This block was split from street to street giving two 10 metre wide blocks, both with two street access.
Recently, the boards went up advertising a reconfiguring of the block. Now the house sits on one 400 square metre block (about 16 perches), still ugly and they have cut off the back 16 perches which is vacant and has its own street access.
I fully realise that this gives a much easier development or build for somebody because they have created a house on 16 perches and a vacant 16 perch block. They are asking for serious offers over $1.1M for both.
My question is - we have a bigger block, and taking account that we would lose the driveway entrance, we would also end up with probably two 16 perches blocks, one battleaxe and one facing the street. I am guessing that reconfiguring the block would have cost about $20K but I could be way out on this. Plus, we would have to spend $50K or so (guessing) to slide ours over to allow a driveway down the side.
Agent told me the house on its newly reconfigured block was worth about $650K as it is, which leaves the vacant 16 perch block having a value of about $450K which is probably about right.
If our valuation is about $650K, even allowing for the reconfiguring and house sliding costs, we are either way under, or these vendors are aiming for the stars.
Any thoughts. This is in Coorparoo, in a fairly good street near Chatsworth Road.
We paid $460K in December 2005 and last appraisal was $650K (or thereabouts - pretty loose appraisal really). (This is the block that backs onto another block we have, giving us 72 perches with two street access, that I have posted about before.)
There is another house almost opposite this one with a queenslander on it, bigger than our queenslander cottage, just as original inside (ours is updated, this is "original") and just as ugly. (Both houses have been closed in and are ugly from the street, both fixable of course with a little money spent opening them back up.)
This house opposite is also two street frontage, on about 800 square metre block. The back of the house faces the next street and is opposite a park.This block was split from street to street giving two 10 metre wide blocks, both with two street access.
Recently, the boards went up advertising a reconfiguring of the block. Now the house sits on one 400 square metre block (about 16 perches), still ugly and they have cut off the back 16 perches which is vacant and has its own street access.
I fully realise that this gives a much easier development or build for somebody because they have created a house on 16 perches and a vacant 16 perch block. They are asking for serious offers over $1.1M for both.
My question is - we have a bigger block, and taking account that we would lose the driveway entrance, we would also end up with probably two 16 perches blocks, one battleaxe and one facing the street. I am guessing that reconfiguring the block would have cost about $20K but I could be way out on this. Plus, we would have to spend $50K or so (guessing) to slide ours over to allow a driveway down the side.
Agent told me the house on its newly reconfigured block was worth about $650K as it is, which leaves the vacant 16 perch block having a value of about $450K which is probably about right.
If our valuation is about $650K, even allowing for the reconfiguring and house sliding costs, we are either way under, or these vendors are aiming for the stars.
Any thoughts. This is in Coorparoo, in a fairly good street near Chatsworth Road.
That would really put the cat among the pidgeons.
