Melton (VIC) buy or not to buy?

[Peter 14.7]

Very true considering he purchased it 1985 for $105k. If council rezones he'll be in big trouble as rates could be as high as $40k per year.

Cost of doing business. I would be nervous if Council didn't rezone it. No residential zone = no $$$. Hence my reference was always GROSS profit. Costs will be add up: fauna survey, contamination survey, indigenous heritage, drainage contributions, open spaces, roads, tree removal, or retention, etc.

Still I will buy it for $1M now if he is selling.

Peter

 

[Hodge]

Cost of doing business. I would be nervous if Council didn't rezone it. No residential zone = no $$$. Hence my reference was always GROSS profit. Costs will be add up: fauna survey, contamination survey, indigenous heritage, drainage contributions, open spaces, roads, tree removal, or retention, etc.

Still I will buy it for $1M now if he is selling.

Peter

It was on the market a couple years ago, plenty interest but stupid offers. one guy, very very persistent offered $600k cash. He couldn't understand that whether you pay cash or cheque it makes no difference, the government will still know the property has been sold. Idiot of a man trying to get property cheaper by paying cash notes.

 

[Peter 14.7]

It was on the market a couple years ago, plenty interest but stupid offers. one guy, very very persistent offered $600k cash. He couldn't understand that whether you pay cash or cheque it makes no difference, the government will still know the property has been sold. Idiot of a man trying to get property cheaper by paying cash notes.

LOL I pay cash!.

Knowing what gets grown in Melton no wonder he had the folding stuff!

FYI

My neighbour died and left his aged wife 8 adjoining blocks with two houses in the centre of our town. Each block worth at least $300k excluding the houses so land value alone is $2.4M, but potential value as one big development 2 acre lot probably more, hotel, multi unit etc..aged care over 55 etc..

What did he pay? Unpaid rates to council in the 1970's $2 to $3k each! We run two ponies on half the land and they are well fed!

AS he was classic old builder, I said to his wife, "so I assume he always had plans for development?". No Peter she replied. he just didn't like neighbours!" He was pretty grumpy.

True Story. Peter

 

[one world]

Very true considering he purchased it 1985 for $105k. .

I love stories like this. Although $1000 an acre in 1985 may have seemed like a lot of money, it has turned out to be a good deal. Well done!

 

[rodimus]

You and your siblings are going to get lots of marriage proposals!

LOL, yeah your dad's friends will be pushing their daughters to you one after another. he he