I'd seen an older house still in good condition selling for around the 370k mark and found out that a large developer has bought out majority of the suburb because they are housing commission homes and now they are selling off the land for people to build new houses and about 20% is left, with half that I would say private owners..They're making a new estate with older houses still in the estate..
What would happen to the few streets that still have older houses on larger blocks 600sqm when the estate has new houses on smaller blocks 350-450sqm worth 470-550k (for the whole house)?
Would the values of the older house go up, down or not change at all? Would the rents also decrease?
I can't really say where I'm looking as I'm considering making an offer this weekend..
What would happen to the few streets that still have older houses on larger blocks 600sqm when the estate has new houses on smaller blocks 350-450sqm worth 470-550k (for the whole house)?
Would the values of the older house go up, down or not change at all? Would the rents also decrease?
I can't really say where I'm looking as I'm considering making an offer this weekend..