As I always say, every boom we have new comers (ie new buyers) come in saying the boom keeps going.
Let's just say I'm happy to sell 3 in Jul/Aug, and if it really loves another notch up (ie 10%), I'll sell another 3. And 3 more if it runs 10 more percent
Thanks - all pretty valid points. I'll probably end up procrastinating and doing nothing again. But yes building 2-3 townhouses is the most practical. Building a luxury mega townouse is probably equally as rewarding (or maybe not), but would be difficult to sell in a tough market given the price...
MTR, wouldn't be surprised if the median price in Melb has already past $700k this quarter. How does say $730k and $970k compare? Does that change your perspective?
Smaller townhouses would probably rent better, as it's at that $1000-1200 sort of price range that more professional families can afford.
A mega townhouse would really be a trophy inner city house I'd use myself to be honest, and hope it could fetch a lot of money in a very hot market. I'd...
Building crapper and more would have higher IRR if you sold at conservative prices in both cases and sold immediately.
But a luxury townhouse could fetch the sky in a hot market, because they are scarce and there're not many 200sqm plus land size townhouses a few hundred meters from CBD...
Thinking of building townhouses in a very prime spot (think laneway off Drummond St in Melbourne or laneway off Crown St Surrey Hills Sydney type of location). I have an empty piece of backyard that I can subdivide out.
Is it better to build 2-3 four level 70sqm townhouses that would...
Distasteful maybe, but it goes back to what I always say.
In early 2012 when the market was soft, no one wanted to hear about properties or auctions. In 2015, they're all piling in.
What more can I say, except that people seem to like paying triple the prices?