All Topics / Help Needed! / Still a bit confused by all this. Want to build townhouses.

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  • Profile photo of spludgeyspludgey
    Participant
    @spludgey
    Join Date: 2010
    Post Count: 8
    February 28, 2010 - 12:25 pm

    I'm just starting out and have never owned property before. Now I have come into some money and have about $220000 to invest. I have done a lot of reading on real estate investing and investing in general.

    Currently I'm living in Sydney, where this sort of money is barely considered a deposit for a reasonably nice place. So I have decided that I want to keep renting down here for a few years and invest my money by buying a property on the Central Coast, as I'm up there at least once every two weeks anyway.

    Now I need some guidance for what I want to undertake.
    I want to buy a block of land and put three townhouses on it, sell one and rent the other two out. I don't really know if this is realistic. I've been trying to research what the minimum land size per dwelling is, but I'm just confusing myself more and more.

    Basically, my question is: What is the minimum size land that I would be allowed to put three townhouses on in Gosford City Council if the area is zoned 2b?

    mattnz
    Participant
    @mattnz
    Join Date: 2007
    Post Count: 574
    February 28, 2010 - 1:08 pm

    I’m actually trying to be helpful with this comment.Call the Gosford CC and ask them.

    Profile photo of JustinTJustinT
    Member
    @justint
    Join Date: 2010
    Post Count: 8
    March 2, 2010 - 4:20 am

    Hi spludgey,

    I think I have a similar situation as you do. What suburbs in NSW have you been looking for land to build? I found it extremely hard to find a land with a good price in Sydney.

    minimum size land and other development related info can be found in DCP or LEP (I think) on the council website.

    JT

    Profile photo of Ryan McLeanRyan McLean
    Participant
    @ryan-mclean
    Join Date: 2010
    Post Count: 547
    March 3, 2010 - 12:51 am

    My question to you would be why do you want to build 3 townhouses? What is your investment strategy?

    If you haven’t investing in property before then maybe doing a large development straight off the bat isn’t the best option. I’m not saying you can’t make money doing it, or that you shouldn’t do it (by all means go ahead) but just be careful. If you have never bought a property before there is so much to learn.

    It might be a better idea to split up your $220k and buy a couple of cheaper positive cashflow properties first and get to know the ropes of investing in property. Then move onto a development.

    Not trying to pull you down, just trying to be helpful

    Ryan McLean | On Property
    http://onproperty.com.au
    Email Me

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