Is this a good deal or is this a lemon?
$719000 for a 4 bedroom house in Mt Wellington? Situated near Sylvia Park Shopping Centre and Close to schools. Its even near the new Springpark Development. Spacious 4 bedroom home with gardens for entertaining guests and children to play. All of this on a fully fenced freehold section of 683sqm. What more you could ask for?
So is this A good deal or is this a lemon?
Running a quick search on relab.co.nz reveals the following results. A power python is 800m away but other than there’s not too much concern until we do further research.
If you do quick research, you will find that a 3 bedroom house on the same road sold for $402000 in March 2016. That’s 90,000 below CV. When a neighbouring property sells for less than the CV in a booming market, That’s always a red flag. The seller is not stupid. In a booming market, there must be something wrong with the property for the owner to sell below CV.
But on further investigation the property is located on Jolson Road. A search on NZHERALD reveals the following results:
No wonder the house is selling well below the median house price of a 4 bedroom house. When in doubt, stop and do more research.
The seller is not stupid. In a booming market, there must be something wrong with the property for the owner to sell below the median price. Your job is to find out what that reason is and whether it is worth the hassle of buying a cheaper property.