My question relates to the subdivision of property.
What are the restrictions on doing this? (I imagine it varies from region to region). Eg, minimum size of land, etc.
How can I found the rules for my region?
Any tips from experienced developers?
Cheers,
Mark Leet.hi shark
just ring the local council where yuo are buying and ask for town planning, they will assist yu with yur queries. Good luck
gianni
We have now 3 properties, in the Melb. east suburbs, 1 front house and big backyard. I’ve decided this is the only property we will buy.
We brought under a company and under a trust, we have to wait 1 year due to cap.gains before selling.
We’ve refurbished/renovated/cleaned/rented the front house.
Our first is just about thru’ council, Hopefully, if no objections, it will be through any day. I think they prefer north facing backyards. It’s been on the market for the whole lot for about 2 weeks, the response a little slow so far, but I think the market has slowed a little.
I think land is more and more difficult to come by, so that’s my reasoning and its almost instant cap.gain. It should bring enough cash back to pay your renov. costs and have a cash deposit for the next property. The av. cost should be about $5000, or less, drafting/council etc costs.
The interesting thing is, there is widely varient valuations by R/E agents of the land, eg. 85,000 to 250,000 for one 500sqm block.
I think they don’t know because there is little comparison in the area. You need to check for easements as you cannot usually build across them and make sure there is at least 3 m side entrance, but I am only talking about Melb. outer east.
Regina
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