Bayswater melbourne.

[MelbInvester]

Hi All,

There are some properties in bayswater with developments potentials.
The price still be around 500K-600K for 900+ SQM lands?

http://www.realestate.com.au/property-house-vic-bayswater-117250739

what do you think for unit developments ?

MI

 

[strongy1986]

Hi All,

There are some properties in bayswater with developments potentials.
The price still be around 500K-600K for 900+ SQM lands?

http://www.realestate.com.au/property-house-vic-bayswater-117250739

what do you think for unit developments ?

MI

I don't know the area zoning but what are you hoping to achieve ?
550k plus 450k costs for three units

So 1mill and you have 3 units - don't think you will be far ahead

I think the trick with developing is you need to be able to build a lot of units - 5 or more
Or you buy a large block for the same price as a smaller block. This might happen when the large block has a dump of a house on it.

 

[imbi3]

Looks like its best use is for apartments as per REA

 

[Lil Skater]

Lots of development in Bayswater/Boronia.

IMO it's starting to get overstocked with 1/2 bedroom new apartments and are taking longer to rent out.

Townhouses are easier to rent, but numbers may not work as well.

I see a lot of these apartments sitting vacant for a long time.

 

[MelbInvester]

Hi

Thanks, i just look this area and noticed this and recent listing. i think if we can put 3 or more units will make the difference.

Bayswater
Investment Property in Bayswater
3 BEDROOM UNITS
5 year growth 6.1%
Median price $450K
Median rent $375pw
Rental yield 4.3%
Rental demand Average

http://www.realestate.com.au/property-unit-vic-bayswater-117338419

http://www.realestate.com.au/property-unit-vic-bayswater-117258371

http://www.realestate.com.au/property-unit-vic-bayswater-115299911

I'm not sure 900SQm will allow 3 units need to check with Knox City council.

3 unit Total Cost: 1M : Sale 3 x 450 = 1.35M Profit: 350K

Is this right?

MI

 

[D_One]

Have you factored in council contribution, head works, engineers and designer fees?