Mandurah developments
- Thread starter Blair007
- Start date
Thanks blacky and mtr for the advice. i see what you mean being patient and sourcing the right property is better than jumping in to quick.
would love to get into HH but developments are creeping up in costs there 500+ for multi unit sites will need a lot of spare cash.
coolbellup is a suburb I've been looking at a bit aswell.
would love to get into HH but developments are creeping up in costs there 500+ for multi unit sites will need a lot of spare cash.
coolbellup is a suburb I've been looking at a bit aswell.
Blair
I just realized I hijacked your thread into a Hamilton hil/spearwood thread. Sorry
Maybe we should break into another thread.
Where are those mods when we need one?
Blacky
Haha maybe we could change the thread to southern perth developments...that covers every area we have mentioned i think.
I just met with Lee Perry, RE agent in Mandurah, thanks for the recommendation Ausprop.
I was very impressed with this guy, and he will be the selling agent for my property.
We discussed development sites in Mandurah, he said the smaller developments 3/4 unit sites, no money in this. However, multi units there is money to be made now. He just sold 10 units he built, I think 1 left, he mentioned he made around $80,000 profit per unit, selling price $310,000, also said they need to be large units as this is what will sell.
Be worth chatting to him to find out where and what you need to build in this area
I was very impressed with this guy, and he will be the selling agent for my property.
We discussed development sites in Mandurah, he said the smaller developments 3/4 unit sites, no money in this. However, multi units there is money to be made now. He just sold 10 units he built, I think 1 left, he mentioned he made around $80,000 profit per unit, selling price $310,000, also said they need to be large units as this is what will sell.
Be worth chatting to him to find out where and what you need to build in this area
Slightly more southern hijack to Halls Head - yes peeps those canal side R40 blocks are still available - the best one with the 2 sides of canal has sold but the others seem to still be available.
http://www.realestate.com.au/property-residential+land-wa-halls+head-200603543
Let me think $750k for 1163 at R40 is 5 villa site - or of course apartments.
Cheapest development would be 5 of 3 bedroom single storey villas at $200k each so let's say 1m for that.
Roughly $1.9 for total project inc holding costs blah blah which is $380k each.
Value? Guestimating very very roughly but thinking more than $450. This is the closest comparable I could find http://www.realestate.com.au/property-house-wa-halls+head-109950376 which is $650k
Value add options:
- density bonus for over55s - you need to build at least 5 and then you get a 50% density bonus. This would allow you to build 6 maybe even 7 on this site for the over 55s.
- apartments. You can build 698sqm of apartments which could be:
- 7 of 3 bedroom apartments
- 10 of 2 bedroom apartments
http://www.realestate.com.au/property-residential+land-wa-halls+head-200603543
Let me think $750k for 1163 at R40 is 5 villa site - or of course apartments.
Cheapest development would be 5 of 3 bedroom single storey villas at $200k each so let's say 1m for that.
Roughly $1.9 for total project inc holding costs blah blah which is $380k each.
Value? Guestimating very very roughly but thinking more than $450. This is the closest comparable I could find http://www.realestate.com.au/property-house-wa-halls+head-109950376 which is $650k
Value add options:
- density bonus for over55s - you need to build at least 5 and then you get a 50% density bonus. This would allow you to build 6 maybe even 7 on this site for the over 55s.
- apartments. You can build 698sqm of apartments which could be:
- 7 of 3 bedroom apartments
- 10 of 2 bedroom apartments
shhhhh myf!
in all seriousness, getting 10x at 75k land component with exclusive canal access....? how much cheaper can it get?
in all seriousness, getting 10x at 75k land component with exclusive canal access....? how much cheaper can it get?
Dunno - they have been hanging around for ages. Might be worth a cheeky offer
Time to set up the Somersoft JVP - we can each have a holiday home on the canals.
Dunno - they have been hanging around for ages. Might be worth a cheeky offer
Time to set up the Somersoft JVP - we can each have a holiday home on the canals.
Ill take 1
mandurah
follow the money ... mate of mine has a flooring business he's about to close his mandurah outlet .. he opened up recently in joondalup & it's going off up there .. can't keep up with demand !
follow the money ... mate of mine has a flooring business he's about to close his mandurah outlet .. he opened up recently in joondalup & it's going off up there .. can't keep up with demand !
Dunno - they have been hanging around for ages. Might be worth a cheeky offer
Time to set up the Somersoft JVP - we can each have a holiday home on the canals.
I would actually seriously consider it - all wins from my point of view tap into more experienced investors watch learn and ride coat tails.
Now peeps it gets even MORE interesting.
The one which sold #5 Apollo was listed at $945k
http://www.realestate.com.au/property-residential+land-wa-halls+head-200583187
Presumably it sold for less than that as it's not hot down there.
It had 2 canal frontages and 1483 sqm
Look what popped up today
2/5 Apollo Place 703sqm for $790
1/5 Apollo Place 691sqm for $690k
Nice tidy profit there but I don't think they would sell at that price. You would go and spend the 750k and get the block which is over 1000sqm.
So I think they have their pricing wrong but it is a very simple idea that may make them nice $$
