It can be a tricky working out what a property is worth because there are many different variables to consider.
But there is one metric property professionals reference most of the time – size.
A property’s size is expressed in square metres (sqm) and can refer to land size (houses) or area on title for strata apartments.
A property’s size can be found in the survey or strata plan in the sales contract or search online at valuergeneral.nsw.gov.au
The square metre rate.
You can work out what one sqm of land or apartment is worth in the local area by checking comparable properties that sold recently and dividing the sold price by the land size of those properties.
Now you have a square metre rate for that suburb/area.
Multiply the square metre rate by the size of any properties you’re considering in that local and you’ll end up with a reasonable idea of what they’re worth.
Yes, plenty of other factors weigh in, such as whether the property is renovated, and the how recent the comparison sales you reference are, but otherwise this method is fairly reliable.
That’s all for week – if you have any questions please do get in touch.
You can book a call with me here: https://on.sprintful.com/15min-call-with-dan-sofo