Building a 3x2 unit - how much in WA?

[Daveh]

Hi folks,

I know this is a very open question however I'm after a rough estimate of how much it costs to build a fully finished 3x2 unit (fully finished, tenant ready to move in) on the back of a sub-divided block with flat land using an independent builder. The land is only around 250SQM.

Based on how much 4x2's are from big names such as dale alcock etc I imagined that a 3x2 unit would come in around $180K max with an independent builder fully finished (curtain's blinds, air con, flooring etc.) Yet I'm being told by the company managing my portfolio that a more realistic figure is a round $230K. It's an old estate and fairly run down yet going through positive transition and so nothing spectacular is needed.

Does $230K or $180K sound right to you?

thanks
Dave

 

[westminster]

$200k is what I spent for a 3 x 2 in Westminster.

That is with a mid range spec - but did include alarm, split system air con, garage (not carport), landscaping, reticulation, dishwasher, alfresco etc etc

Triplexes etc tend to be at a premium to bog standard display home designs as they are often not an economical shape - ie not rectangles or squares. They are designed to fit as much as possible in as small space possible and that means more bricks, more complicated roofing designs etc.

However if your rear block is a decent size and it's already stratad then you could get away with sub $200k maybe.

 

[Daveh]

Do you mind me asking who you built with?

 

[westminster]

Do you mind me asking who you built with?

I used Inspired Homes http://inspiredhomes.net.au/

 

[Daveh]

Sorry can an admin move this thread to the correct discussion group please "Adding Value"

thanks
Dave

 

[Aaron Sice]

depending on spec, I had a 10 unit development priced in Cannington for $145k each turnkey.

smaller, 95sqm 3x2 double garage.

 

[Blikkies]

$200k is what I spent for a 3 x 2 in Westminster.

That is with a mid range spec - but did include alarm, split system air con, garage (not carport), landscaping, reticulation, dishwasher, alfresco etc etc

Triplexes etc tend to be at a premium to bog standard display home designs as they are often not an economical shape - ie not rectangles or squares. They are designed to fit as much as possible in as small space possible and that means more bricks, more complicated roofing designs etc.

However if your rear block is a decent size and it's already stratad then you could get away with sub $200k maybe.

I build an IP for about 160k and its turn key, double garage with remote door, blinds internal painting, carpets etc. So yes it is possible to do that maybe just depend on builder and detail of material used in house I would think.

Cheers

 

[Aaron Sice]

I build an IP for about 160k and its turn key, double garage with remote door, blinds internal painting, carpets etc. So yes it is possible to do that maybe just depend on builder and detail of material used in house I would think.

Cheers

that's about the average for a reputable builder at a reasonable spec.

good to see it's levelled off.

 

[MTR]

Hi folks,

I know this is a very open question however I'm after a rough estimate of how much it costs to build a fully finished 3x2 unit (fully finished, tenant ready to move in) on the back of a sub-divided block with flat land using an independent builder. The land is only around 250SQM.

Based on how much 4x2's are from big names such as dale alcock etc I imagined that a 3x2 unit would come in around $180K max with an independent builder fully finished (curtain's blinds, air con, flooring etc.) Yet I'm being told by the company managing my portfolio that a more realistic figure is a round $230K. It's an old estate and fairly run down yet going through positive transition and so nothing spectacular is needed.

Does $230K or $180K sound right to you?

thanks
Dave

I have had a few preliminary quotes from larger builders 3x2 (145 sqm), turnkey, coming in at around $185,000-195,000 this would include a decent spec. I will be shopping this with smaller builders, lots of conflicting information, am told smaller builders can not compete with the larger spec builders, however smaller builders take a shorter time frame to build and provide a better quality build.

I have yet to shop it with smaller builders, will get the bottom of this eventually and will post details.

 

[Ausprop]

I haven't down one of these for some time... what's the upshot these days? say $170k for the pile of bricks, the site is worth ?? dev costs say $30k and selling costs say $15k, cost price runnign around $315k??

 

[MTR]

Hi Aus
My block was $530,000 (3 unit site)
Builds, med/high spec $190,000 x 3


They are selling these OTP, smaller units high $400,000s, larger units which includes activity area $520,000+
http://www.realestate.com.au/property-house-wa-spearwood-113985611

I know there is not enough of this product in the area, so I am expecting they will achieve this price or very close. They all have street frontage, I am hoping for high $400,000's each unit today. I will be mornitoring these. My development wont be completed till early-mid next year, be nice if they go higher.

 

[HD_ACE]

Hi Aus
My block was $530,000 (3 unit site)
Builds, med/high spec $190,000 x 3


They are selling these OTP, smaller units high $400,000s, larger units which includes activity area $520,000+
http://www.realestate.com.au/property-house-wa-spearwood-113985611

I know there is not enough of this product in the area, so I am expecting they will achieve this price or very close. They all have street frontage, I am hoping for high $400,000's each unit today. I will be mornitoring these. My development wont be completed till early-mid next year, be nice if they go higher.

Are you going build strata or survey strata mtr?

 

[MTR]

Are you going build strata or survey strata mtr?

I think strata built

 

[john_mcgee]

I build an IP for about 160k and its turn key, double garage with remote door, blinds internal painting, carpets etc. So yes it is possible to do that maybe just depend on builder and detail of material used in house I would think.

Cheers

Who do you build with to get a villa for 160k?

 

[Colin Rice]

Hi Dave,

Helping some one ATM who is doing a triplex with 3x2s @ 180k a piece with Inspired Homes.

 

[MTR]

Hi Dave,

Helping some one ATM who is doing a triplex with 3x2s @ 180k a piece with Inspired Homes.

That sounds cheap for Inspired Homes, is that turn key

 

[MTR]

I met up with the builder and my price has come in close to $600K for 3 villas, high spec, does not include water corp fee of around 14K and site/retaining.
I could go with a project builder but I will not get all the fruit and I think the consequence will be the end value could be the difference of 10-20K per villa.

MTR

 

[westminster]

I met up with the builder and my price has come in close to $600K for 3 villas, high spec, does not include water corp fee of around 14K and site/retaining.
I could go with a project builder but I will not get all the fruit and I think the consequence will be the end value could be the difference of 10-20K per villa.

MTR

So about $630k total? I think that is about right for a good triplex. How close is that to your original costings? Or did the upspec (and up price ) which gives a higher end price mean a total rejig of the due diligence?

 

[MTR]

So about $630k total? I think that is about right for a good triplex. How close is that to your original costings? Or did the upspec (and up price ) which gives a higher end price mean a total rejig of the due diligence?

Build is around $612,000 includes everything water corp, the lot, except the retaining/site works, which I think is a little on the high side. I am over budget by around $34,000, reminder to myself 'DON'T BUY SLOPING BLOCKS', damn it, hard to find flat blocks in Spearwood though.

I was expecting around $15,000-20,000 site works/retaining. I have another builder who is in the same league, he is currently around $10K cheaper. However he is not my first choice.

Have tried squeezing first choice builder, however he has 11 projects on the go and not interested in coming down. Will look at some trade offs, still working it and I have a couple of ideas that he may be happy to look at where I can add value, for example, he throws in a brick wall/fence for the front villa so it has an additional private court yard, adding additional value, make some up at the end.

As far as DD, because end value of villas have jumped from 450K to 500K+ I am pretty well covered.

I think Spearwood market is still quite strong, not a lot of this stock around and gets snapped up very quickly, it would be nice if values continue to rise in this area. Certainly development blocks are still rising, so hopefully this will mean that villas will also continue to rise. Lots of good vibes coming from Coogee development which is very helpful.

 

[wrexy]

Justing seeing if anyone has some figures for building 3x2 (2 storey) townhouse around Nollamara/Westminster?

I've not spoken to any builders out there yet, but from what I can gauge from my own research, starting around $250K upto $300K.

Single storey 3x2's in these areas are quite widespread, but double storey, with potentially a view in Nollamara, will hopefully yield some extra $$.

Cheers,

Wrexy.