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Question - The property is in close proximity to two universities. Recently three houses on the same street were sold for $3,000,000, $3,150,000 and $3,000,000 respectively. The first house that was sold consists of 3 bedrooms and 2 bathrooms, the second house has 3 bedrooms and 3 bathrooms and the third house has 2 bathrooms and 3 bedrooms.
(a) Using the information given, use the market value method of valuation to give the estimated value of the house at 12 Institution View.
(b) Give one reason why there could be a variation in the actual selling price from the amount that you have estimated.
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