Bit of an open question, but what gain could be expected when getting a property ready for subdivision and building?
example : Poor condition house on 900sqm block $340k
New townhouses in same area selling for $390-450k
Nice houses on full block selling for $400-550k.If this property was rented out whilst everything is set up for sale to a developer who could demolish and build straightaway would it realize much of a gain? Haven't seen any ready to go in area hence i'm asking on here.
Hi Solomon10.
I'm researching the same right now and early results are showing that people are asking $100 – $150 per square metre more than equivalent non DA'd land. Like I said, early signs. I will need to look at other similar suburbs and collate more data ….
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ajacks wrote:Hi Solomon10.I'm researching the same right now and early results are showing that people are asking $100 – $150 per square metre more than equivalent non DA'd land. Like I said, early signs. I will need to look at other similar suburbs and collate more data ….
A
G'day Solomon
What areas have you been looking at that have contributed to your data? And DAs for what kind of developments?
I'd love to see more info when you find it.
Cheers mate.
I have been looking in the eastern suburbs of Melbourne, there isn't a whole lot happening but around 1 for every 90-100 properties for sale are worth further investigation imo. The rest, leave there for the mums and dads..
I've seen properties marketed having approved Development Applications. One example was a 2 bedroom single storey house on a 250 sqm block in Richmond Victoria. The approved plans was for a second storey extension bringing the total number of bedrooms to 4.
My question is, does this add any value above the cost of getting the plans approved e.g. architect / draftspersons fees, council fees etc. Would it achieve a higher selling price?
Ken
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