Glenroy and Pascoe vale
- Thread starter saibaba
- Start date
Hi Saibaba,
I do quite like Pascoe Vale, however as Aaron said, the prices really reflect the quality of the suburb.
I think that Glenroy has been taken over by developers, creating a huge over-supply of units. A quick search on realestate.com.au will show just how many units are for sale at the moment. From memory, the 'standard' block size of potential unit sites are around the 700sqm mark. However you really need to keep in mind that it may take time or a lowering of prices in order to sell the finished product. Although I don't think its a bad area for developers, I think that there are better suburbs to look at nearby that may provide a better profit.
Perhaps consider Lalor, Epping and Thomastown as well. The council have some big plans coming up and are very pro-development as a result.
Selinarra
I do quite like Pascoe Vale, however as Aaron said, the prices really reflect the quality of the suburb.
I think that Glenroy has been taken over by developers, creating a huge over-supply of units. A quick search on realestate.com.au will show just how many units are for sale at the moment. From memory, the 'standard' block size of potential unit sites are around the 700sqm mark. However you really need to keep in mind that it may take time or a lowering of prices in order to sell the finished product. Although I don't think its a bad area for developers, I think that there are better suburbs to look at nearby that may provide a better profit.
Perhaps consider Lalor, Epping and Thomastown as well. The council have some big plans coming up and are very pro-development as a result.
Selinarra
i bought twice in Glenroy in 2008/09. The suburb had a big boom and bust. To give you an idea, a 700sqm block i bought on Hilda st had the following transactions on it:
Mid 2007: Buyer 1 buys for $290k
Early 2008: I buy it for $348k
Late 2008: I sell it for $420k
Mid 2009: People who buy off me get permits and sell (3 unit site) for $470k
55% in 2 years!
Mid 2007: Buyer 1 buys for $290k
Early 2008: I buy it for $348k
Late 2008: I sell it for $420k
Mid 2009: People who buy off me get permits and sell (3 unit site) for $470k
55% in 2 years!
Thank you all for your replies.
did inspect couple of properties in Glenroy and Pascoevale.
1- 898 sqm asking price is 770k to 800K-Glenroy
2. 982 sqm asking price is 890k to 940-Pascoevale
I am not sure how many units can be built on each of them.
Four of us want to make an offer on these properties. We have yet decided about our stratagey i.e to form a property trust or just buy as joint investors.
Could some one throw some ideas please.
did inspect couple of properties in Glenroy and Pascoevale.
1- 898 sqm asking price is 770k to 800K-Glenroy
2. 982 sqm asking price is 890k to 940-Pascoevale
I am not sure how many units can be built on each of them.
Four of us want to make an offer on these properties. We have yet decided about our stratagey i.e to form a property trust or just buy as joint investors.
Could some one throw some ideas please.
Depends on the orientation of the block,the setbacks, easements if any, how close to the station etc etc. On a size like that you could get 4-6 units/townhouses, especially if some are reverse living.
Cheers
Oscar
$800k for Glenroy sounds a bit too high?
If this is your first one, maybe should look at a smaller site to learn?
If this is your first one, maybe should look at a smaller site to learn?
Expert Advice
Why don't run it past a town planner ? If you are thinking on buying land with view of subdividing, building units etc, you should get expert advice on the possibilities by an town planner. Try also to do some building cost estimates which may reflect whether the project is viable or not.
Why don't run it past a town planner ? If you are thinking on buying land with view of subdividing, building units etc, you should get expert advice on the possibilities by an town planner. Try also to do some building cost estimates which may reflect whether the project is viable or not.
