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That $1m budget is just to aquire the site. After gaining development approval, you could refinance to gain at least some of the money required for the construction phase. I'm not sure why you came to $530,000 for construction cost. I mean, I see that $1m - $470k = $530k, but can't see why...

I would try to find a property with development potential for around $1m. These are all very rough figures: $200,000 - Deposit $50,000 - Stamp duty $220,000 - Buffer: Even at 10% interest, this would buy you 143 weeks (almost 3 years) of holding costs on the loan for $800,000 I would...

I'm 29 with 3 IPs in inner Brisbane, am about to start a development project with 8 townhouses to start with. Oh yeah, I started when I was 25! Although, with so many 20-somethings on here I'm feeling a bit old. Silly I know.