Lots of properties that were built in the past would not comply with planning and building regulations today.

If you wnat to build a second dwelling in the back yard, even if you don’t sub divide into 2 lots, both the old plus the new dwelling will have to comply with the planning regulations including carparking, open space, access etc hence the…[Read more]

You are correct that all offers should be submitted, but unfortunately some offers don’t get presented. Acouple of reasons why this could occur include:

1. You haven’t been dealing with the listinga agent. In most agencies he is the only one who speaks with the vendor and he would always prefer that his client’s offers get submitted becuas ehe…[Read more]

Originally posted by resiwealth:
In Queensland we can produce a 4 bed house 16squares for $138,000.00 where on earth does $1100.00 per/m2 come from is beyond me unless the commission is very high.

Mike what is your commission back from the builder or is this a two storey price. We just completed a two storey Westminister 38 sq project home for…[Read more]

Originally posted by Zulik:
Thank you Bill and APerry, that’s very helpful. I will certainly be following these leads up. Michael, what are the main other factors affecting how many units can fit on the block?

Cheers!

Guy

There are a heap of factors such as council zoning, neihgbourhood charecter, setback of neighbouring properties, northern…[Read more]

Originally posted by Zulik:
Thank you Michael,

That’s great. When you say all up costs, does that include obtaining permits etc in the first place?

Also, is it realistic to try and fit 3 townhouses/units onto a 1009 sqm block – approx. 20m by 50m?

Cheers!

Guy

The cost I suggested does not include the costs of permits, but would include…[Read more]

Rob Balanda MBA Lawyers in Appel St Surferes Paradise.

He is a great guy (and a friend) knows his stuff and regularly writes in API

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.au

It depends on the quality and because of the location (which I know well) and relatively low end values, you would have to keep the finishes on the low side.

We have just completed a 3 townhouse development in Bonbeach (next suburb) and are invloved in building all over Melbourne.

Currently the all up costs including landscaping, fences,…[Read more]

The capitalisation rate varies and depends on:

* class of building eg office, retail, industrial

* the state eg tasmania they may require a higher cap rate than in Sydney CBD

* security of the lease and tenant. A long lease to Coles Myer would attract a cap rate of say 5% but if the tenant was a “mum and dad” type business the investor would…[Read more]

In Victoria you can get this info for free at teh REIV web site http://www.reiv.com.au.

They track median prices by suburb.

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.au

There will always be somebody who will tell you why not to invest in property!

I have been investing in property for over 30 years and there has always somebody, or some publication explaining why I should not invest in property.

At times their arguments seemed to make sense, but history has proved them wrong. The average price of a home in…[Read more]

Originally posted by hihopes:
Michael, Bit off the topic, however is there any information regarding property development. I am looking at career change and would like to find information on going about first property development. Very inexperienced in this area, but keen to learn??[biggrin]

Property development can be fun and very very…[Read more]

Originally posted by blogs:
You say the property you settled on last week for $700k is now worth 1 mill, based on what??? Its worth what you sell it for. If you can turn around and sell it today or tomorrow or even by the end of the month for 1 mill then I stand corrected. But it amazes me how people have the preconcieved idea of ‘worth’ an item…[Read more]

Originally posted by marksavs:
How important is population growth in a potential town you want to buy in? is it the be all and end all?
any opinions would be appreciated

the major factor that pushes up property values and in fat rentals is supply and demand.

If more people move into a town, they create demand for the properties that are there…[Read more]

Originally posted by blogs:
Michael….spoken like a true salesman[angry2]

Why wait a little and save 10% when you can buy at peak, because as we all know property is selling like hotcakes and if you dont get in quick there wont be any left right[biggrin]

Why wait a little?

Property prices have been flat for almost 2 years, but I always find…[Read more]

Every time this part of the property cycle comes around I hear teh same argument.

Don’t buy property!

Let’s have a look at a few of the excuses I could have used over the last 40 years or so:
 In the early to mid 60s we had just emerged from a major credit squeeze and finance had dried up.

 In the late 60s we had the nickel share boom a…[Read more]

Most solicitors a re only registered to practice in one state so it is unlikley your solictor could help, but even so as Mal says, there are lots of reasons to use a local solicitor.

By the way, don’t use the one recommended by the selling agent.

Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over…[Read more]

Originally posted by glencarlson:
Hello all,

My name is Glen and I have had a distinction and gained some clarity that harmony is the foundation of building wealth. It is not just what you do but when you do it.

I dug up an old diagram of an economic clock and re read the meaning…[Read more]

Originally posted by jman2207:

Special thanks also to Michael Yardney
for his experience, knowledge and wisdom. Thank you for potentially saving me from making a very costly and uncomfortable investment error.

It was my pleasure, Welcome to the forum, you will find many experienced people here willing to help

Michael Yardney
METROPOLE…[Read more]

Originally posted by ozi:
Hi Michael,

Thank you for the advice. I agree that selling may not be all that profitable in today’s market.

In regards to refinancing, would you say that valuers generally appraise properties much lower than what they are really worth in a flat market, compared to a booming market? …….
Regards,
Ozi

The simple…[Read more]

With all due respect to Terry’s comments, and I am sure he has 2 clients who have done it, it is VERY diffcult to do in Melbourne (the question in the post) in the present market.

We (http://www.buyingmelbourne.com.au) have bought over 20 under market price properties which have been renoveted for clients this year . The clients have spent between…[Read more]