How this possibly be marketed as a duplex block?

[Tulamalula]

http://www.realestate.com.au/property-house-wa-belmont-115862303

It's R20 on 857sqm, you need 450sqm per block in Perth for duplex.

and this one http://www.realestate.com.au/property-house-wa-bayswater-115769319

says you can possibly split the block, but it's only 846sqm

Maybe they mean rip down the front house and build two? You certainly can't retain and build, or am I wrong?

 

[Singo]

It is advertised as duplex "potential"
And it is not mentioned as retain and build.

 

[sanj]

http://www.realestate.com.au/property-house-wa-belmont-115862303

It's R20 on 857sqm, you need 450sqm per block in Perth for duplex.

and this one http://www.realestate.com.au/property-house-wa-bayswater-115769319

says you can possibly split the block, but it's only 846sqm

Maybe they mean rip down the front house and build two? You certainly can't retain and build, or am I wrong?

with a 5% variation (eg for having 2 streetfront blocks) you may be able to do it but you would have to knock the house down and there would be no/minimal profit in the deal.

another "potential devvy site" for suckers

 

[Scott No Mates]

I am heading over there now! So close to Pert (sic) city. Looking forward to seeing that.

 

[Tulamalula]

Sanj, even newbie like me can see there's no go gain in these "devvie" blocks. Do people really fall for this?

 

[sanj]

Sanj, even newbie like me can see there's no go gain in these "devvie" blocks. Do people really fall for this?

Plenty do each and every day. Silly thing is a lot of them were in the position to buy over last year 24 months when there were massive profits on offer but chose not to. I remember in mid 2012 having 4 deals across my table at once with extensive DD on each done and from memory lowest profit was 36%. Some people are now buying sites where they will be lucky to make 15% but likely to be lower. Madness

 

[Tulamalula]

I'm not working for free! God if only I was ready to do this 24 months ago, I am looking all over Perth, proper dev sites with zoning in place are so high in price. This one here is a corker http://www.realestate.com.au/property-house-wa-belmont-115856927

but $699K - I just can't borrow enough to develop it. Grrrr

 

[Tulamalula]

and this one ... http://www.realestate.com.au/property-house-wa-cloverdale-115795883

sanj what do you think? could buy it cosmetic reno and rent and sit on it for a couple of years.

 

[Singo]

Sanj, even newbie like me can see there's no go gain in these "devvie" blocks. Do people really fall for this?

I knew a (sort of) newbie buy a so called dev site in Maddington for 305k around an year ago. They did a survey and I reckon they found out they cannot retain and build. So put it in the market and another (probably newbie) bought for 380k or something.

The first one made profits as the market has moved.

 

[westminster]

Never EVER trust what a REA puts in the ad or says - not because they lie (ok some do!) but because they don't check facts and aren't developers.

Always check lot sizes, zoning and what you can do with the block.

I once did due diligence on a block that was listed as R60 by the REA and checked it's zoning to find it was R30 with a single dwelling covenant on it.