There are two big houses for sale next to each other in Kingaroy. Both are Queenslander style, ResB, and each on 1012 m² blocks (so, a total size of 2024m2) and I think both are rented. One is asking $250,000 and the other $265,000. They are close to the centre of town, in fact are almost directly across the road from the local Red Rooster. Kingaroy has just over 9500 people, and the population is growing (as of the last census). It appears to have strong industry, mining, peanut farming, a big power station in the area, and plenty of infrastructure. There doesn't seem to be a lot of units there, and the prices on the ones that are there seem quite high.
I've been considering buying both blocks with a view to either getting rid of the houses and building units, or having plans for units put through and selling the lot to an investor. I have not done this before. Thoughts, anyone? Any advice would be helpful. I'm looking for stuff like: "Yes, great investment because of this reason/No, horrible idea because of this reason" etc. For example, if I can't fit enough units on that size block to be worth it, then I'd like to know, or if having the plans put through would not boost the value more than the approvals would cost me, I'd like to know that too. Any stories of your own experiences would be most welcome. I've asked for advice in other forums on this, and some have been encouraging, but no-one has given me much that has really helped much.
Thanks!
Originalsin.
I've been considering buying both blocks with a view to either getting rid of the houses and building units, or having plans for units put through and selling the lot to an investor. I have not done this before. Thoughts, anyone? Any advice would be helpful. I'm looking for stuff like: "Yes, great investment because of this reason/No, horrible idea because of this reason" etc. For example, if I can't fit enough units on that size block to be worth it, then I'd like to know, or if having the plans put through would not boost the value more than the approvals would cost me, I'd like to know that too. Any stories of your own experiences would be most welcome. I've asked for advice in other forums on this, and some have been encouraging, but no-one has given me much that has really helped much.
Thanks!
Originalsin.
