After saving enough for a deposit, I am starting to look to purchase my first home. Having no prior experience, I have no idea how to estimate the value of a property! I've seen property listings come with an expected "Offers above X" price indication on some properties and some just come without any price indication. I'd appreciate the community's advice on some of my below questions, so I can make an informed decision when putting in any offers. I live in Brisbane and considering buying in the northern suburbs within 15-20kms from CBD.
- How do buyers evaluate the potential value of an established house?
- Are listings with an expected price indication usually reasonable?
- Is the annual land valuation from state government considered the actual value of the land?
- How much depreciation can we apply for established houses?
- Can I calculate the value of the property based on the current value from the annual land valuation + cost of constructing the same house at today's market conditions - depreciation?
- If I were to buy a land in an upcoming stage in an estate, is the price on the lot usually negotiable to some extent or is it fixed? Is there a way to determine how much the site is really worth? Any other factors that determine the price of the lot?
I really appreciate your responses and any suggestions or links to help me understand the real estate market here.