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I’ve recently done a bit of work into this kind of block. A couple of agents told me they don’t go for as much as a block with frontage – if you talk to about 5 agents, they will begin to shape your views on what you could/should expect to pay for such a block.
liz
Hi Eliz,
I took from what Steve said, that the best time to sell property is when:
a) it reaches the point at which you’ve decided to sell! By that I think he meant that if you think that the market is going to trend sideways for a while (as lots of people do), and you have made a tidy profit, you might consider selling. An investor doesn’t just hold on… If you wanted to be more scientific about it, I guess you could look at the yield and work out how much it has fallen (because prices have risen). If your yield has reached a certain low point, this might indicate you should consider selling.
b) When you think you can get a better return from something else or another propertyHe mentioned having a ‘war chest’ a few times too – some cash for a time when property is cheaper or you can see something to take advantage of.
What I took from it, is that it has to be a personal decision, based on fact, (practical reasoning) rather than emotion (blind hope).
As usual, there is nothing written in stone. Reminds me of a school essay of the hardest kind – you need to take a principle and apply it to a particular situation (yours!).
What did other attendees think?
Liz
Thanks for this! I’m sure the guide will help. I note that indeed there is a chapter on subdivision, so I’ve got some reading for this weekend.
Thanks so much for your feedback. Your tips about asking agents what blocks have recently sold for, and being possibly being prepared to accept a slightly lower price will help me get an outcome. Sometimes I succumb to fear that it might all go pear shaped – and I’m determined not to let that happen. Your suggestions have been practical and helpful. Thanks again, Liz
