3 Unit Development - Epping (Vic)
- Thread starter oc1
- Start date
Hi all,
This is my latest development with construction beginning next week. I’ll be building three 2 bedroom units. At the moment it’s vacant land (corner block) located in one of the subdivisions in Epping Victoria. I bought it in January this year and just settled a few days ago. It already had an approved Town Planning Permit – or DA as it’s known in most other states. Finance is approved based on 65% of end value. At the moment the numbers look like this:
Initial costs
Land: $308,000
Stamp duty/legals: $16,000
Council Application Fees: $1000
Land Surveyor costs: $3,500
Total Costs: $328,500
Construction
Total build: $250,000
Working drawings/engineering/soil report/energy report and Building Permit: $10,500
Subdivision (open space levy in Victoria): ZERO as it is new land where the original land developer pays
Interest: $13,000
Bank app fee: $2,500
Titles & legals: $2,000
Total Construction cost: $278,000
COMBINED TOTAL (LAND & CONSTRUCTION): $606,500
The units would have a combined value of about $840,000 in today’s market. I reckon these will take about 4 months to knock up if all goes well. They are about 70m2 each in living space and single story. Rents would be around $850 pw. I’m sure the figures will vary as they normally do.
I’ve attached pics/images of the land as it looks today and the floor plans. I’ll put up some more pics as it develops. The plumber is in next week to do the underground work, followed by the concrete guy right after that – weather permitting
Cheers, Oscar
been 9 months since this thread.surely development has finished and sold. can fellow somersofties get final sale prices plz
been 9 months since this thread.surely development has finished and sold. can fellow somersofties get final sale prices plz
Geoff, could someone get rid of this troll. It's already destroyed another thread.
asking for the prices it sold for. Troll? I don't think so.
It is when all you do is drag up threads from oc1 with the sole purpose of picking fights over costs and sales prices
You've asked the question. There is no need to follow up any further.
Hi Morty
The $250,000 includes everything, including fencing landscaping and floor coverings etc. PM me, happy to look at your costings on your next project
Cheers, Oscar
Hi Oscar
thanks for sharing this, very inspiring. Do you build anything similar in QLD ( Ipswich) I have a development site for townhouses but cannot find any builder as cheap as yours so far,
thanks again
Hey MJD,
my costs are lower as i build them (i'm a registered builder). Maybe start a new thread?
maybe you/someone could start a new thread that goes something like
Which state
Number of dwellings: eg 1/3/5+
Cost per sqm
Finish: Low/Med/high
Extras included:
Total cost per dwelling
As of date
Many developers here.
im staying out of that one
edit: damn it you edited your original post, now my post sounds like ive escaped from a mental institution :0
That wasn't me!
Willy1111, I sold the first one soon after construction was finished for just under $270k. A lot of similar units, and i mean LOTS, came onto the market mid to late last year which pushed down prices .
The remaining two sold as well but have not settled as yet. Average prices for all units are a little less than $260k. Below what i thought I would get when i first bought the block but still a decent enough return.
Was it worth it? Considering I bought the land with approved permits and built them during a time i was waiting on other permits to come through I would say yes. It was also a very easy build.
Oscar
Last edited: