I'm preparing documents for preapproval for a construction loan and need to determine the value of the vacant land. It is a 400sq flat, rectangular block in Chermside.
As the block has just been split and not yet titled (this should happen in the next 4 weeks), I can't get a valuer in to value the new block.
The most recent comparable was in Feb 14, being a 400sq block, which sold for 368k.
Has anyone got any guesstimates on what the land would be worth? I'm trying work out a rough LVR to borrow as much as I can on the construction component. I was thinking around 400k but only buying into the Brisbane market 6 months ago I'm largely unfamiliar with the area.
As the block has just been split and not yet titled (this should happen in the next 4 weeks), I can't get a valuer in to value the new block.
The most recent comparable was in Feb 14, being a 400sq block, which sold for 368k.
Has anyone got any guesstimates on what the land would be worth? I'm trying work out a rough LVR to borrow as much as I can on the construction component. I was thinking around 400k but only buying into the Brisbane market 6 months ago I'm largely unfamiliar with the area.