Many factors can affect house prices. Location is one. Although every property and every street is different, many factors have to be considered: How close to an airport, how close to any main road or any other sources of noise, how close to the city, flooding possibilities, crime stats, views, etc.
It all depends on the sort of property as some properties might be worth much less for a range of buyers whereas other locations might be more convenient and worth more for another range of buyers.
Another thing to never forget is the market - market prices are also heavily driven by the selling price of similar properties within a radius range.
I could spend the day here talking about that :) Happy to answer any more specific questions if you feel like.
Real Estate Sales Executive
RE/MAX Elevate - Tarragindi