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
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