Yes, the budget of $1,500 needs to include all elements.The reason it seems expensive is that people tend to compare "project" houses with "custom" houses.If what you are proposing has not been built before – and this is generally the case with property development, whereby the dwellings must be designed to suit the land available – then it will…[Read more]

Yes, the budget of $1,500 needs to include all elements.The reason it seems expensive is that people tend to compare "project" houses with "custom" houses.If what you are proposing has not been built before – and this is generally the case with property development, whereby the dwellings must be designed to suit the land available – then it will…[Read more]

It is my experience that an allowance of $1,500/m2 (inc. GST) is reasonable.To budget anything less is likely to end in heartache. And if you choose to save 20% margin by managing the project yourself, expect to earn every cent!The profits are generally found in the acquisition of the right property, the design (don't waste m2) and the yield.On…[Read more]

By far the most economical way to heat and cool a house is to harness ambient energy.Thermal mass helps to capture and retain heat for when it's needed.Good insulation and directed air-flows help keep a house cool.Simple things like properly calculated eave overhangs make a huge difference.A south facing courtyard for summer, and a north facing…[Read more]

No worries Simone,A planner or designer will have all the contacts you need.Keep learning, and keep going along!

Simone,It could be better or worse than your projections!For example there are CGT and GST issues to consider.Often the margin is directly related to the initial land value.That is to say, the costs for subdividing expensive land are similar to the costs for cheaper land.The building – in essence – just creates a purpose for the land.Subdividing a…[Read more]

A couple of quotes from unlikely sources. For fans of the sweet science.Mike Tyson: "Everyone has a plan until they get punched in the face."To me it says be ready to accept things as they are. “The Service you do for others is the rent you pay for your room here on Earth.” Ali.“If my mind can conceive it, and my heart can believe it – then I…[Read more]

Subdividing a property "horizontally" is generally known as strata titling.As pointed out there are a lot of planning and compliance costs to be met.The value of the property will probably dictate whether this is worthwhile.The first step is to establish if it can be done – perhaps talk to the local planning department.Then, if it can be done, at…[Read more]

Kris07,All good advice above, but perhaps I can clear up a couple of issues.Funding for developments of more than two dwellings is tough since the GFC. Much easier to develop two dwellings.In your case – and as you alluded to – it may be prudent to subdivide the land first. Once this is done you have two titles and the existing property can be…[Read more]

I am a subscriber. If nothing else it gives an insight into a niche market.

The bargains may be those properties that have been listed for a while.

I am a subscriber. If nothing else it gives an insight into a niche market.The bargains may be those properties that have been listed for a while.

David,BMT quantity surveyors have good information on pricing. Google them.Depending on what you are trying to measure, different feasibility formats are around.If it's a development project, the 3/3 theory is a good starting point:1/3 = acquisition, 1/3 = development costs, and 1/3 = margin.Buy for $500,000, develop for $500,000, end value of $1.5m.

Most dwellings seem to look the same for tenants. A bedroom is a bedroom. So they tend to look then for the points of difference, and I believe these are most notable in kitchens and bathrooms.

Getting back to the original question about Granny Flats particularly.Generally it is – in planning terms at least – an accepted right for people to build a "dependant person's unit" in their backyard. As such there is often no need for planning permission as long as the guidelines are met. These guidelines are to do with size (floor area and…[Read more]

For the sake of clarity, I would also note that Victoria has a similar sounding zone (R1Z) which refers to land zoned for residential use. Unfortunately there are no rigidly prescribed densities within the Victorian Planning Scheme, instead this is a negotiable outcome based on planning arguments and subjective advice.

Or, in simpler terms, a carriageway easement allows for part of the land to be used for access to the property. So, all or part of that land within the easement will "belong" to one title, but be accessible by the other landholders.

Again, these costs vary a lot from "off the shelf" or volume builders at $1,000/m2 or so, to custom built houses and townhouses at around $1,500/m2, and then more sophisticated buildings in the $2,000 – $5,000 range.

With regard to the last two posts particularly:715m2 is an adequate size to subdivide, not withstanding any preclusion on title or by planning overlay.The size of the land (220m2) is more of a practical concern than a statutory concern. That is to say, a density of 2:715m2 is an average of 362.5m2 per dwelling which again is adequate.120m2 is…[Read more]

Keiko,Average m2 cost for this type of construction varies according to all sorts of inputs, however, expect to pay between $1,500 and $2,000 per m2 at the lower end. Because these costs are so significant it's important to get the planning and unit yields right. Look to make the dwellings feel spacious without having too much "superfluous" space.…[Read more]

CeeKay,Perhaps you could consider using what you already have to get what you want.If you have the right type of property, you may be able to redevelop and subdivide that property so that you can down-size and invest at the same time.For example, you could build a second dwelling on the land – suited to your needs – and then either sell or rent…[Read more]