Hi all,
Im new to the forum and slightly new to property investment. My first property is being built in Augustine Heights the springs. I signed contracts in september, but there have been building delays due to weather. So not due for completion until Dec or Feb, which is great as im not paying holding costs.
Im looking to get into my next property within a month or so after completion of my first. Im looking at Melton in Vic(thought?) as I am moving to Melb CBD next year and would be after a house I could renovate myself after purchase and put a tenant in while I subdivide and on sell.
Any advise that could be offered to this end would be appreciated, however the main nugget i’m after is how do I find/pick a property that can be subdivided? Is it land size, density of suburb?
Thanks in advance for any info.
meltons yuck, check bacchus marsh
The suitability of a property for the purposes of subdivision rests on a few major considerations:
- The size in the context of the planning scheme.
- The zoning of the property and any special overlays.
- The proximity to transport, schools and other amenities.
- Knowing who has the deals. Agents settle a lot of these "off market".
A many minor considerations, including:
- The cost of land and its subsequent value after subdivision.
- The design constraints of the site.
- The presence or otherwise of any covenants or encumbrances.
- The topographical and geotechnical constraints.
Hope this helps, and good luck with your search.
Hey wealthyjvd I was thinking Melton due to the proximity to the city. Bacchus Marsh seems a lot further away.
Thanks for the details Christian, in regards to size what size would you recommend as a starting point to look…
Cheers
If you're looking in say the middle suburbs a good starting point (but by no means a certainty) is 1:300m2, so you should expect a 900m2 allotment to yield three dwellings. However, there are many different outcomes and it may pay to seek the advice of a planning consultant before you purchase.
you need to check council codes for minimum size lots for a subdiv. Most differ.. Don't get caught out like most.
My advise, would be to to talk directly with the council town planner on duty. Most are helpful.
Hi Micklo,
I have just completed a subdivions in Greater Dandenong and it was smaller than 300m2. The main thing they needed to know was that it met their codes/requirements/fancies etc. Apart from residential zones and other 'character' requirements overshaddowing, overlooking, private open space, are all issues to consider and it is worth having an architect to look at a proeprty for you if it is going to be a tight fit.
Good luck with it all,
Andrew
itsandrew
Go as far as you can see and you will see further.
Christian
//The presence or otherwise of any covenants or encumbrances.//
How does one go about finding if these are present?
Thank you.
Marie
(newby)Hi Marie,
Covenants, mortgages, caveats and other encumbrances can be found on the property title.
If a property is for sale, the title should be in the contract documents.
Otherwise you can carry out a title search.Hope that helps.
Christian.
Hi Marie,
Check this thread https://www.propertyinvesting.com/forums/property-investing/help-needed/4332481
There's some good information in it to help answer your question.
Hope this helps,
Andrew
itsandrew
Go as far as you can see and you will see further.
Thanks all great feedback , Andrew what sort of costs where involved with your sub division?
Hi Mick,
My costs are inflated due to requiring a VCAT hearing, redrafting, additional surveying etc just to get the TPP. Check this thread as I think it has what you want. https://www.propertyinvesting.com/forums/property-investing/value-adding/4331700
Regards,
Andrew
itsandrew
Go as far as you can see and you will see further.
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