I am in Melbourne and my friend suggested me to buy a big block in portland, and then subdivide the block and build two townhouse. But I don't have such experience, in particularly, development in remote area. Is it easily to get council approval, find suitable builder and control them to finish the project on time? Plz give me some suggestions. Thanks.
Development in remote area
- Thread starter newpoint
- Start date
Hi Newpoint,
Is your friend the person selling you the land or are they somehow involved?
Why Portland? .....where's it heading, what's the market doing now and what has it done? Is the population growing.....check out www.abs.gov.au for statistics from 2006 Census.
What does BIG BLOCK mean? What's the size? I wouldn't consider a two townhouse site to be a big block.
If you haven't developed before, it may be unwise to be doing it from a distance for your first one. You can get a project manager (perhaps from Warnambool) but that would eat into your feasibility. Also building costs may be more expensive than in metro Melb.
Do you intend building to hold?.....If so what's the rent you are likely to receive in Portland?
If you're developing to sell. what are recent comprabale sales there?
As for the builder, a decent contract should stipulate the conditions of timely completion and fixed price. As for council approval, ring their town planning department and find out their thoughts on development and what site size is generally required.
This list is by no means exhaustive, however they are questions you need to ask of yourself before you entertain this deal any further. Always do your own research.
Hope this helps you in your due diligence process.
Is your friend the person selling you the land or are they somehow involved?
Why Portland? .....where's it heading, what's the market doing now and what has it done? Is the population growing.....check out www.abs.gov.au for statistics from 2006 Census.
What does BIG BLOCK mean? What's the size? I wouldn't consider a two townhouse site to be a big block.
If you haven't developed before, it may be unwise to be doing it from a distance for your first one. You can get a project manager (perhaps from Warnambool) but that would eat into your feasibility. Also building costs may be more expensive than in metro Melb.
Do you intend building to hold?.....If so what's the rent you are likely to receive in Portland?
If you're developing to sell. what are recent comprabale sales there?
As for the builder, a decent contract should stipulate the conditions of timely completion and fixed price. As for council approval, ring their town planning department and find out their thoughts on development and what site size is generally required.
This list is by no means exhaustive, however they are questions you need to ask of yourself before you entertain this deal any further. Always do your own research.
Hope this helps you in your due diligence process.
.....and:
Median House Prices: Portland 1994-2005
1994 $78,500.....................2004 $166,000..............Change of: 111%
(These statistics courtesy of Victorian Valuer-General 1994-2005)
Shire site:
http://www.glenelg.vic.gov.au/
Your Property:
http://www.glenelg.vic.gov.au/Page/Page.asp?Page_Id=1431&h=1&p=1
Economic Development:
http://www.glenelg.vic.gov.au/Page/Page.asp?Page_Id=103&h=1&p=1
Shire Statistics:
http://www.id.com.au/profile/Default.aspx?id=278
Some other (relatively nearby) regional town/city median house growth stats:
Hamilton: MHP 1994: $67,500.............2004: $175,500............160%
Port Fairy: 1994: $105,000............2004: $320,000..............205%
Warrnambool:1994: $100,000............2004: $245,000.........145%
(Again courtesy from Vic Valuer-General 1994-2005)
If it is possible, these areas are well worth a looksee, even if you don't choose to invest in/around it is a very beautiful part of the State.
Have fun and good luck.
Median House Prices: Portland 1994-2005
1994 $78,500.....................2004 $166,000..............Change of: 111%
(These statistics courtesy of Victorian Valuer-General 1994-2005)
Shire site:
http://www.glenelg.vic.gov.au/
Your Property:
http://www.glenelg.vic.gov.au/Page/Page.asp?Page_Id=1431&h=1&p=1
Economic Development:
http://www.glenelg.vic.gov.au/Page/Page.asp?Page_Id=103&h=1&p=1
Shire Statistics:
http://www.id.com.au/profile/Default.aspx?id=278
Some other (relatively nearby) regional town/city median house growth stats:
Hamilton: MHP 1994: $67,500.............2004: $175,500............160%
Port Fairy: 1994: $105,000............2004: $320,000..............205%
Warrnambool:1994: $100,000............2004: $245,000.........145%
(Again courtesy from Vic Valuer-General 1994-2005)
If it is possible, these areas are well worth a looksee, even if you don't choose to invest in/around it is a very beautiful part of the State.
Have fun and good luck.
Hi newpoint
Ring the council and spend time speaking with a planner. If they are not much help, ring back in the afternoon or later that day, Often there are several planners working for a council and they take shifts at answering outside enquiries.
This would be a good first step.
Cheers
Ring the council and spend time speaking with a planner. If they are not much help, ring back in the afternoon or later that day, Often there are several planners working for a council and they take shifts at answering outside enquiries.
This would be a good first step.
Cheers
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