Can there be two values for one house?

By Janet Spencer

Interesting property viewing last Sunday. I visited a new 60 square (560 square metre) house in East Kew, Victoria and was chatting incognito with other buyers in attendance at the viewing. In my Sunday clothes, I don’t believe they knew I was an agent.

One local buyer says to me “I have been shopping Kew, Kew East and Balwyn for 12 months and this home is not worth more than 3.2 million maybe 3.3 tops”. “Interesting” I say to him and added ” the selling agent told me they want $3.7 to $4 million.

His answer was “that’s alot of money to pay just secure the number 8”. What he is alluding to is that many Asian buyers believe the number 8 to be super lucky, just as Western buyers sometimes don’t like the number 13. In fact, in my street, there is no number 13 and it was an early 1940’s subdivision. These cultural attitudes do impact on what buyers are prepared to pay and even whether they will buy.

Number 4 is deemed super bad by some buyers. Buyer Solutions had an investor client who was adventurous enough to buy a quality property on Melbourne’s Scotch Hill and it was unit 4. So he changed it to 3a.

The property in East Kew is as yet unsold but I am told the Feng Shui Master is inspecting this week, so we will see what eventuates.

For independent advice on buying or selling real estate, contact Buyer Solutions +61 3 9816 8555 or email jspencer@buyersolutions.com.au

Buyers Advocate