Just thinking about buying an existing residential property (house on land), then demolishing the house and building new.
For various reasons the house does not have much value, therefore at auction, I want to bid based on land value. I have mentioned this to the agent and he believes this is fair, given the circumstances of the sale.
I do have the RV from the rates installment, for the land value. I then divided the square metre area by that value to arrive at what the land is 'valued' at, per square metre...
My question is this; What is the most accurate way to calculate a median or average land value, per square metre, in any given suburb?
I am concerned that if I looked at the rates RV of several properties in any one area of a certain suburb, that there would still be an 'over inflated' price (as land still seems to be overvalued).
Is my method of thinking correct here, and does anyone have any formulae or ideas re this?
Many thanks.
For various reasons the house does not have much value, therefore at auction, I want to bid based on land value. I have mentioned this to the agent and he believes this is fair, given the circumstances of the sale.
I do have the RV from the rates installment, for the land value. I then divided the square metre area by that value to arrive at what the land is 'valued' at, per square metre...
My question is this; What is the most accurate way to calculate a median or average land value, per square metre, in any given suburb?
I am concerned that if I looked at the rates RV of several properties in any one area of a certain suburb, that there would still be an 'over inflated' price (as land still seems to be overvalued).
Is my method of thinking correct here, and does anyone have any formulae or ideas re this?
Many thanks.
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