After more than 40 years in property, the oldest rule still holds: location decides the price. Put the same building in two different places and it will sell for two very different prices.
The same building, different places
Size, age and specification can be identical. What changes is what surrounds the building: who wants to be there, how easily they reach it, and what is planned nearby. Those decide what a buyer will pay and what a tenant will rent it for.
What sets the price of a location
Access to roads and rail, the amenities around it, the businesses and people already there, and the supply of similar property. A location that is improving tends to show it first in rents, and later in prices.
What we do
We compare like with like: past transactions for similar properties in the same location. That is how a price is put in context before you commit.