24 Maleela is a beautifully renovated family home in one of Balwyn’s better precincts.

Position Macro: Maleela is one of Balwyn’s better streets, partly due to most of the homes being on bigger blocks (we have been involved in buying/selling at 9 and 17) and its location near schools, particularly Camberwell Grammar.

The tram at the end of the street is good, but the train is distant. This is not a major issue as the tram runs past Burke Road Connection (into many other suburbs), past MCG for footy, and into the city. For many Asian-Australians, the tram also runs the other way to Box Hill. The freeway to the peninsula is a plus.

Within the Heritage Precinct Reid Estate, you can see that this has been a successful overlay in keeping the character of the past – the 1930s.

Position Micro: Some road noise is discernible outside the home on entrance and in the backyard. This is not a general issue, as most buyers would not be affected, but some sensitive souls may not like it. However, my best guess is even they would not be annoyed by it after a while. No noise was apparent to me when inside the home – although the master bedroom will need some secondary checking as it’s largely glass and unsheltered by buildings from road noise. (later check shows double glazing – no noise issue)

Across the road is a large block of land, currently a nursing home, but sold and looking to be developed (in VCAT process at the time of writing). THIS IS AN ISSUE that needs to be understood as to what can go there and how that may interrupt life for several years and capital growth in the long term if it is perceived by future purchasers to be an eyesore. This, for me, is the only key negative of this home. It may not be a negative, but it may be – you need to make an informed decision.

Property Building: On first impressions, this is a grand home – a classic late 1920s/1930s with a beautiful façade, lovely front plantings, and plenty of space for cars without going into the basement garaging.

Within the house, quite simply but hopefully no less dramatically in the impression I am trying to leave with you – it works. In our rating, you will see that we could not fault the proportions, the sizes, the flow, the light, the connections (within and to the outside), the transactions, the separations for small and large, younger and older families – its perfection in flexibility.

When you see that B.E. was the lead architects, you know why – they have the DNA for beautiful, practical, and well-built residential work over a long period of time (*meaning we know them and have bought their buildings before and recommended them; we have no financial connection with them).

Let’s just say everything for a modern family is there now and will continue to be that way for decades to come. We have been harsh in our marking of three levels with no lift – but there is provision for a lift should you want to put one in.

Downstairs, you float inside and outside, and upstairs, you have a sense of expanse with the views. Bedrooms are sensational with good separations, a parents’ wing, and lots of storage. As the second level is set back from the first level, you see flat parts of the lower roof – not a plus – but for me easily solvable with river stones.

Property Land and Outside: The size, at over 1300sqm, is well above average, allowing good setbacks from the front of the street and side neighbors. However, a potential weakness is its irregular shape at the rear. I say potential because the way it has been landscaped and protected with plantings, in my mind, negates the issues of cropping into an irregularly shaped backyard. There is no BS in my comment in that I actually really like the feel and do not see any element of compromise.

Price – the 3rd P that sets this an A-grader or a potential A-grader.

Its big attractions are the beautiful renovation of a large house, well-located to many key eastern public and private schools, all on a big land size. It is perfection, but perfection with an unknown (across the road).

Is this $10 million on a strong day with lots of interest? It may be thought of, but we are in a weaker market and it does feel like something in the $9 million range. For it to be in the $8 million range is possible, but our best guess will fall with solid interest over the $9 million, rather than under it.

Before we start any negotiation, we give our opinion on price or value, and we do that by focusing on the three opinions that count:

1. The seller
2. The highest other bidder (if there is one)
3. The most important: yours

To arrive at those opinions, we consult extensively with others, including agents (like the ones who didn’t get the job), databases, and our own records.

We give a price range because giving a single-figure opinion that is too high means you pay too much, and giving a single figure opinion that is too low means your client may miss out when they might have been prepared to pay more with better information.

We use land and building in our calculations rather than just comparables to calculate the range, as it reduces the chance of big mistakes. We use emotion (call it variance or error tolerance) because nobody, including me, gets it right every time.

Our difference is that we know we can be wrong, and we have a strict double-check process of peer review.

Finally, price is also determined by agent skill, timing, and the process. Often, actions (or non-actions) can have a significant consequence on price.