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No probs MTR. I'll start one up within the next couple of days.

This one won't be ready to build for 6 months or so. I have another unit development starting in a few weeks. I can start a new thread with all the details on that one if you like??? Cheers, Oscar

I simply asked the vendor. He was in a happy mood and relieved he sold. He said yes. I was surprised too :D

Hi MTR I was successful picking it upso i am very happy. There were 4 other bidders. It was a looooooong drawn out auction. I was even able to negotiate a longer settlement after the auction was concluded. Nice :) The numbers stack up pretty well. Roughly speaking: 4 unit development, land...

It's true that agents will call their preferred clients before it hits the market. I buy some sites in this manner from agents that i have a great working relationship with. I guess they prefer to deal with buyers that can and will pull the trigger. I also buy sites that are listed on websites...

I bought this with a pretty long settlement (8 or so months) so the permits were obtained during that period. Subdivision could have been tricky if the new underground electricity pit wasn't located in the right spot. Some councils, actually most, don't like the conduits running from the pit...

Hey Rooster, no i'm based in Melbourne. You're right though, finding the right block at the right price is key. However, you can still pay asking price when you can find a way to fit an extra unit on the block, especially when the property is marketed incorrectly. It's amazing how buyers...

Sounds like Melbourne a while ago. How frustrating!! Jerky, years ago it was the cheap entry level. But now if the deal stacks up I would develop anywhere - i don't discriminate :D

Hi MTR Thanks. Yes, the Melbourne market has fallen back but it has pretty much stablised in most areas. There's much less competition to buy development sites now which is great. It gives you more time to do your homework. :) This is what i do full time nowadays. I have two to three on the go...

Thanks Matt. Anson, the units are 7 squares living plus single garage (for 2 of the 5 units). The units have a decent finish for what they are. I'm able to get the costs down by building similar units over and over again and surrounding myself with others in the industry.

Hi all, I thought I’d share the details of my recently finished unit development (Dec 2012) with all fellow forum members. You will see below that a development of this size would be financially doable by most investors. The property (located at Gippsland) was purchased as vacant land in 2011...