How much should I consider land value when offering on properties?
I've recently started using NSW's land value registry to look up land values for properties I've been interested in. It's not my only metric to use but it is an extra thing I use. When looking at the purchase/sell price I've seen the land value for freestanding houses range between 50-80% of the total price. Usually the renovated properties are on the lower end but there are also unrenovated properties on that lower end as well.
What exactly goes into the land value calculation, and how much can I use it to guide my offers? I recently found a property in a blue chip location for sale at 85% of land value, which I thought was amazing value because the house itself was fine though unrenovated. What could I be missing here? Sewer lines, protected trees blocking redevelopment, etc?