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it's called the Property Market...willing seller...willing buyer

Cheers
Corey

Paying for the land (they're not making any more of it).

I think it will cost him more then $120,000+ to fix that place up unless he is a builder...

But yeah big big money in Sydney property market, I think the market is a little too over priced but it seems like it is never going to stop going up especially any where in the inner city, inner west, Bondi, eastern suburbs it is all crazy...

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Market Value is defined as:

The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length
transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion.

Source: Australian Property Institute

Cheers
Corey

Land value, surely you can see that?

The house doesn't add anything so doesn't matter much what condition it is in. Either needs a bulldozer or a major renovation.

Would imagine so. Probably a half million job to really bring it up to 2011 expectations in terms of size/fitout/garden etc. The better single fronteds looks to be around $1.3-1.5million looking at domain so that might be on the low side.

$120,000 to fix it up in a very basic way maybe that would make it liveable, eg put in a floor, cheap kitchen bathroon, repaint, fix roof.

Rickrolling

http://en.wikipedia.org/wiki/Rickroll

Cheers
Corey

It is 5km's from the CBD, gotta be realistic.