Hi Everyone,
Just after a bit of advise on purchasing a block of land. My husband and I are looking at buying a block and then building a house on it with a view of either selling it once it’s been built (depending upon what we could sell it for) or renting it out afterwards.
The block choices are a 400sqm rear block in Morley for approx $120,000, a 440sqm rear block in Joondanna for approx $175,000, a 600sqm rear block in Bayswater for approx $175,000 or a 550sqm rear block in Bedford for approx $160,000.
On each block of land we would consider building either a 3 x 2 house or a townhouse.
Any help would be most appreciated.Hi Bonnie,
That’s a hard one. Perhaps it really depends upon what your first option would be ie: if you are considering renting then look at the vacancy rates in each area and see whihc has the lowest vacancy rates.
If you’d prefer to sell, then look at what similar houses on similar blocks are selling for, take away your costs of building and the land, whihc would give the most profit?
Sorry, not a lot of help, but it’s the best I can think of.
Regards
PKThe block choices are a 400sqm rear block in Morley for approx $120,000, a 440sqm rear block in Joondanna for approx $175,000, a 600sqm rear block in Bayswater for approx $175,000 or a 550sqm rear block in Bedford for approx $160,000.
On each block of land we would consider building either a 3 x 2 house or a townhouse.What type of houses are standar for these locations? Also, the blocks are tiny! 400sqm? That is scary!
Have a look at this site and see what you can find in relation to your query. I find it good for things like median house prices, rental info AND a description of the TYPICAL houses in each suburb. You don’t want to build something that sticks out like sore toes (or something).
Have a look, you might find the answers to your question there.
http://www.reiwa.com.auCheers
C@34
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