First IP -Triangle Piece of land?

Hello all,

I am a complete property noob and managed to buy my PPOR last year (thanks to Somersoft and some luck!) and wish to get 1st IP sometime soon. Getting all scared so was hoping someone could help me with the couple of questions I had.

Interested in a block of land which Is a Corner block but is triangular shaped.

Something like this shape (a bit long isosceles Triangle):

http://tinyurl.com/ye4s4jf

This one is 750 sqm.

1) Being the size it is should I expect a lot of developer interest or the shape should put some such competition off? This is still in the First Home owners price bracket so not expecting a bargain. Just that developer interest in a property usually means you can forget about it!


2) Also what sort of scenarios are possible with a triangular block - in terms of putting units on it. (google map /images etc just so that I can think of it in my mind next time.)
 
Hello all,

I am a complete property noob and managed to buy my PPOR last year (thanks to Somersoft and some luck!) and wish to get 1st IP sometime soon. Getting all scared so was hoping someone could help me with the couple of questions I had.

Interested in a block of land which Is a Corner block but is triangular shaped.

Something like this shape (a bit long isosceles Triangle):

http://tinyurl.com/ye4s4jf

This one is 750 sqm.

1) Being the size it is should I expect a lot of developer interest or the shape should put some such competition off? This is still in the First Home owners price bracket so not expecting a bargain. Just that developer interest in a property usually means you can forget about it!


2) Also what sort of scenarios are possible with a triangular block - in terms of putting units on it. (google map /images etc just so that I can think of it in my mind next time.)


Have a chat to the town planner for that area they will tell you in a few mins what might be possible...
 
Hey

Generally speaking, they're awkward to develop given the required setbacks for boundaries and the lack of usable space at the pointy ends of the triangle.

Ditto that. Even thou it maybe a 750sqm block, you'll prob find the 'usable' land value at the low 600's.

What are the demographics of your location? If this is in a area with a large Asian community, you may have trouble.

Cheers
AV
 
Hey



Ditto that. Even thou it maybe a 750sqm block, you'll prob find the 'usable' land value at the low 600's.

What are the demographics of your location? If this is in a area with a large Asian community, you may have trouble.

Cheers
AV

Thanks for the answers all.

Not that much Asian community. I take it from your post there is some sort of superstition involved with that triangular shape?

Called the agent and he gave me the typical "Come to auction we are expecting $X (very low figure)" spiel!!

Thinking of putting in an offer- how much lower than my highest price range should the offer be?(as a rough guide my highest price is a good one-researched the area and without being emotional/partial lol)

Do we want the attention with the first offer? Or do we go really close? what are the pros and cons of doing both?

The last thing I want is for the auction to happen!
 
I purchased IP on odd shaped block in Melb over 1200sqm2, I was able to get an architect to look at it prior to purchasing and he came up with some amazing scenarios. Can you do this, it may help work out whether it is actually worth purchasing and the real value?

At the time the RE agent was convinced I could get 6-7 units on the site I did not have a clue, once the architect analysed it and did his bit he worked out we could get 8 units on the site.

The property did not go to auction and was purchased under $600K, there was a developer looking at it but fortunately he was interested in another site which he did not get.

I would want to have some idea on what is achievable prior to purchasing.

Cheers, MTR
 
diff reasons

Thanks MTR, I want the house for a different reason rather than redevelopment straight away (V close to my current place- easy to look after for now). Also there is only 1 house between my current PPOR and the one for sale and in the future if I can get that one too - wouldnt it be nice to have a massive block - ah dreams! Has anyone done something like that?

Maybe this Long Plan is a flawed way of planning - would love some inputs on this.

The only reason why I thought redevelopment on triangular rightaway is to understand how a developer might look at this block right now. Coz from experience (whole 1 year of experience to be exact! Lol) developer interest can push the price up real quick. And once a developer or two (wannabes or otherwise) come for an inspection there is this evil grin in the agents eyes!

So the current scenario is this:

I have a good offer but how do I approach the agent to stop him from going to auction? What kind of strategy do you use for a thing like this....

thanks again!
 
I purchased another deve site prior to auction. This was in top location and 4 unit site, no easements and rectangular block. I had competition but I basically worked the RE agent contacting him everyday and placed an attractive cash offer on the table. I also promised him business via other developments and all properties to be managed by their company.

I believe I purchased $20K less than if it had gone to auction.

Cheers, MTR
 
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