Hey there!
Diving into the world of NSW property buying, here's a golden nugget: always split the property value into two – land value and building value.
Think of it like this: land usually appreciates because, well, they aren’t making any more of it! Buildings, on the other hand depreciate over time.
Use the land value tool on this page, to figure out what the land value of your prospective purchase might be worth! This is the appreciating component.
The remainder of the price is a depreciating asset, like a car.