Duplex Development Toowoomba

The mortgage providers were happy to go ahead with the subdivision and gave me permission the day the mortgage insurers wanted it.

Currently the survey plans are in with council as are the building plans. The town planner is trying to get discretionary powers for one of the private yards, as is does not meet the planning code. So, unfortunately these little things are eating into time. At the moment I am happy if the development starts before December, but who knows.

Its all good fun and I will definitely be trying another development after this one. I'm thinking Ipswich.
 
Hi Roachy,

With a guide to timelines with Tmba Regional Council should get the plan back to you in 3 weeks however my guess is it will blow out to be a fair bit longer from my history dealing with them (my money is on 4 - 6).

With DERM turn a round time should be fairly safe working on 3 weeks.

With your lot plan when going to DERM do you have your form 18 signed from your bank?

http://www.derm.qld.gov.au/property/titles/pdf/form_18_version5.pdf

You may require one to lodge with your plan.

Cheers,

Fourex.
 
Hi Roachy,

With a guide to timelines with Tmba Regional Council should get the plan back to you in 3 weeks however my guess is it will blow out to be a fair bit longer from my history dealing with them (my money is on 4 - 6).

With DERM turn a round time should be fairly safe working on 3 weeks.

With your lot plan when going to DERM do you have your form 18 signed from your bank?

http://www.derm.qld.gov.au/property/titles/pdf/form_18_version5.pdf

You may require one to lodge with your plan.

Cheers,

Fourex.

Hey Fourex,

Long time no speak...I'm coming up early December if you are keen to catch up.

Thanks for the form. I will get this signed by the bank ASAP so the times do not blow out. I keep hearing 21 days from TRC. I hope they stay to that timeline. Cause at the moment, it is getting ridiculous on how much legislation there is to jump through.

Next time I will be coming to you for everything including DA etc. hahaha

Have you found a block of land yet?

Regards,

Roachy
 
Hopefully your Duplex will have the slab down by then and we will have a reason to crack a beer when you are up in December.

I purchased one at the end of last year which I am going to put an application into TRC shortly once I have a contract in place with the builder.

With the Form 18 make sure you do not fold it when sending to your bank. It will need to be kept in the same condition as your lot plan when handing it over to DERM that is kept flat or rolled, if it gets creased you run the risk of DERM rejecting it.

Let me know when they do get started on your lot, will send you some happy snaps to show it coming along.

Cheers,

Fourex.
 
2 duplex on 1 title

I have just built another house on my corner block I am living in 1 and rent the other and am wanting to know. does the time for capital gains start when the house was finished or does it have to be on a separate title for a year to reduce capital gains
 
Hi oowead2,

Have a look at the below couple of links which may give you some information to your question.

CGT is a tricky thing in that situation and I think it will require a bit more background information for someone to be able to answer.

I normally hit my account or enquire with the tax department with my exact personal circumstances with a enquiry on if I will be liable for CGT.

Cheers,

Fourex.

http://www.bantacs.com.au/booklets/Capital_Gains_Tax_Booklet.pdf

http://www.bantacs.com.au/booklets/How_Not_To_Be_A_Developer_Booklet.pdf
 
Hey Team,

I have been way too busy with work that I have not even thought about my favourite forumites.

Anyway, we are still trying to get development approval. Toowoomba Regional Council is killing me, slowly, with their non-use of common sense. We are getting closer and closer to laying the slab.

We have successfully sub-divided at the end of last year. We are just waiting for the development approval for the duplex on the new lot.

Hopefully, fingers crossed, we can start building before the end of the year.

I have no faith in planners and I find it funny that my future wife is currently studying Planning (last year). She finds the current planning process poor and lacks the use of common sense. She is the current young planner of ACT, and is going for young planner Australia. Hopefully, she can do us all a favour and change the rules, just a little.

Anyway, I will try and update as much as possible.

Roachy
 
I can't help but feel the Toowoomba market has an oversupply of duplexes, triplexes, units, townhouses, etc. There's a 16 townhouse dev't proposed in Mount Lofty and a 35 unit one in Harlaxton, some of them for the NRAS. You can only hope that the prediction of an influx of miners comes good.

Yes I know TRC is a PITA. Apparently there's a bloke in townplanning who I've forgotten his name, but I think it's Aaron. At least he helps Ardenvale Homes get their DAs through and he charges something like $3k, which is quite reasonable if it saves time.
 
Sorry to reopen this thread after it's been dead for so long... but I am really curious how did you go with the duplex?

Have you finished the development?
Have you made some money/equity/cashflow?
Would you do it again on Toowoomba?
What were the bigest chalenges?
 

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Sorry to reopen this thread after it's been dead for so long... but I am really curious how did you go with the duplex?

Have you finished the development?
Have you made some money/equity/cashflow?
Would you do it again on Toowoomba?
What were the bigest chalenges?

Hey Jefred,

The development is in the building stage and will be finished late June.
In regards to the subdivision and build, equity will be in the realm of $200k. I will provide more detail once the bank does its final valuation.
I would complete another development in Toowoomba, noting they have drastically changed their planning rules, allowing more flexibility. But, I am currently looking into Townsville for development opportunities.
Biggest challenges was getting the plans through the council. Why I say challenging is because it felt like they didn't look at the whole submission, just the first mistake and then wanted you to fix that one before moving onto the next mistake. Instead of looking at the whole submission and stating these are all the mistakes go and change. We also ended up completing an easement in through adjoining properties for stormwater, as the council said they didn't want us to use the main road stormwater (don't know why? never got an answer.) I believe the whole process would have been easier if we were in locality instead of 3000km away.
 
Roachey
Any final prices and valuations you can post when complete?

I am looking at possibly two duplexes in Ipswich and wanted to compare overall project returns.

Looking at holding for long term rather then selling.
 
Costs / Basic Valuation

Roachey
Any final prices and valuations you can post when complete?

I am looking at possibly two duplexes in Ipswich and wanted to compare overall project returns.

Looking at holding for long term rather then selling.

Hey Chin,

I will be getting valuations done once complete.

Looking at costings it would be something like this (plus subdivision):

$315000 property
$30000 subdivision costs
$350000 build

TOTAL $695000

Basic valuations in line with realestate.com.au -5%

TOTAL $855000

Equity $160000. Buy and hold strategy.
 
Thanks Dec.

Is that valuation for the lot - including the front house? i.e. 3 dwellings

I am assuming so.

Mine has the potential to retain the existing house and build 2 x duplex blocks at the back. Tossing up between driveway access or full road - waiting for estimates of civil works to compare the 2.

Value of each of the duplexes (4 of) would be around $300k as a 3/2/2/ each.
 
Thanks Dec.

Is that valuation for the lot - including the front house? i.e. 3 dwellings

I am assuming so.

Mine has the potential to retain the existing house and build 2 x duplex blocks at the back. Tossing up between driveway access or full road - waiting for estimates of civil works to compare the 2.

Value of each of the duplexes (4 of) would be around $300k as a 3/2/2/ each.

Mate,

That sounds awesome. Does that mean you have to apply to council for two multi-dwelling blocks and subdivide your block into three lots?

And where are you building?

The valuations do include the front block.

Perhaps you should start your own thread. Would love to hear your journey.
 
Yep - three separate lots.

Its in Brassall - Ipswich.

My first development, so might wait and see how it goes, and post publicly after the event.

Is this your first duplex / project?

Also - how many sqm is each of the duplexes?

I'm just trying to compare plans and prices.
 
Yep - three separate lots.

Its in Brassall - Ipswich.

My first development, so might wait and see how it goes, and post publicly after the event.

Is this your first duplex / project?

Also - how many sqm is each of the duplexes?

I'm just trying to compare plans and prices.

First duplex. Looking at developing in Townsville or Ipswich next.

110 m2 per unit. Don't know if that is good or bad for $1500 per m2.
 
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