mirrabooka, balga, nollamarra

[HD_ACE]

Hey guys, just bought a property in forrestfield, proposed to R60 by 2016, 918m2 corner block.

Does anyone know how many units can be put on there, they reckon 6 however looking at the total requirements such as 3m for drive way etc and a minimum of 150m2 for each block is impossible to meet the requirement.
I did a to scale design of what I think is optimal however I could only get 5.

Anyway, does anyone know or have any detailed spreadsheets of costs for subdividing /building costs and other hidden costs.
I'd like to run some numbers to see whether I would make profit if I run with this.

Well it will depend on the shape of the block and how many will be street front or battle axe.

Pretty much you can go 6@just over 150sqm. Or you could build to a plot ratio of .7 so around 640sqm of build area which could be 9 2x2 apartments at 70sqm or 8 at 80sqm or a mixture. Depending if you think there will be demand for this.

You probably should have checked all this before you bought. But other things that would effect it are street frontage, easments, council trees, high voltage power lines etc.

Have you got some end sales figures in mind to assist in an accurate feasability?

 

[perthguy]

It may end up being more profitable doing less units but keeping them single storey which would mean paying extra for r 60 instead of r40 was pointless

What do you think the market wants there?

This is a good question. The purchaser will need to watch the market between now and 2016. The train line to Forrestfield could make a difference if it happens.

 

[westminster]

Hey guys, just bought a property in forrestfield, proposed to R60 by 2016, 918m2 corner block.

Does anyone know how many units can be put on there, they reckon 6 however looking at the total requirements such as 3m for drive way etc and a minimum of 150m2 for each block is impossible to meet the requirement.
I did a to scale design of what I think is optimal however I could only get 5.

Anyway, does anyone know or have any detailed spreadsheets of costs for subdividing /building costs and other hidden costs.
I'd like to run some numbers to see whether I would make profit if I run with this.

Ummm why didn't you run numbers before buying? You can't back out of a sale because you have found it doesn't make a profit.

It is 6 mathematically but I would say 5 is more likely and they would have to be double storey which is expensive and is that what Forrestfield is ready for. You need to work out your demographic requirements, your feasibility, your ability to finance 5 or 6 builds and your structure/tax implications

 

[z611143]

Doesnt the 150sqm avg places include the driveway?

If you have R60 and say 450m+ you can do 3 dwellings? And double that amount with 900+ as you have here

 

[westminster]

Doesnt the 150sqm avg places include the driveway?

If you have R60 and say 450m+ you can do 3 dwellings? And double that amount with 900+ as you have here

Yes, as I said it's mathematically possible, doesn't always mean it's design possible.

Things which can prevent designs working:
- setbacks eating into your 150sqm so that a design doesn't work (THIS one is a BIG risk as even though the Rcodes say 2m setback the Council MAY have a rule which says your setbacks need to be the average of the 5 houses either side)
- sewer line forcing things to move over
- not be able to have a driveway crossover too close to the corner junction
- bus stops, light poles, electricity poles, street trees to be catered for in where driveways can go

And then financially is it possible?;
- 6 means commercial lending
- 6 means double storey ($$$) or perhaps 2 bedroom villas with a single garage

 

[D.T.]

Hey guys, just bought a property in forrestfield, proposed to R60 by 2016, 918m2 corner block.

Does anyone know how many units can be put on there, they reckon 6 however looking at the total requirements such as 3m for drive way etc and a minimum of 150m2 for each block is impossible to meet the requirement.
I did a to scale design of what I think is optimal however I could only get 5.

Anyway, does anyone know or have any detailed spreadsheets of costs for subdividing /building costs and other hidden costs.
I'd like to run some numbers to see whether I would make profit if I run with this.

Buy first
Do DD second
???
Profit

 

[z611143]

Yes, as I said it's mathematically possible, doesn't always mean it's design possible.

Things which can prevent designs working:
- setbacks eating into your 150sqm so that a design doesn't work (THIS one is a BIG risk as even though the Rcodes say 2m setback the Council MAY have a rule which says your setbacks need to be the average of the 5 houses either side)
- sewer line forcing things to move over
- not be able to have a driveway crossover too close to the corner junction
- bus stops, light poles, electricity poles, street trees to be catered for in where driveways can go

And then financially is it possible?;
- 6 means commercial lending
- 6 means double storey ($$$) or perhaps 2 bedroom villas with a single garage

Yeh well said.

I went to the midland place i was looking at. 20 George street, Midland.

Im now not really that keen on the place. The garage is only 2.9m wide and thats not including overhanging eaves/ the water box on the side of the wall.

The Garage is shared through a party wall.

The total land is 470sqm.

If the setback is 4m for current R40 than thats another 60m (frontage is 15m) that you cant touch.

It is propozed R40/R60.

So yeh the dwelling would need to be demolished. Then building and sorting out overhead electricity could be pricey.

 

[MTR]

More importantly check out all the listings in Midland - villas, units, apartments.. there is an oversupply of everything, why would anyone consider a development site when sellers are struggling to sell what is currently on the market.
Also this area is on the Australian list for taking longest period to sell, that has to tell you something.

 

[z611143]

More importantly check out all the listings in Midland - villas, units, apartments.. there is an oversupply of everything, why would anyone consider a development site when sellers are struggling to sell what is currently on the market.
Also this area is on the Australian list for taking longest period to sell, that has to tell you something.

Yeh i understand Midland isnt a 'great' area. However id be looking to rent these places out once i had built.

Maybe sell 1.

 

[thatbum]

Yeh i understand Midland isnt a 'great' area. However id be looking to rent these places out once i had built.

Maybe sell 1.

I don't think MTR was talking about whether or not it was a 'great' area. I imagine she meant more along the lines of supply vs demand feasibility of developing there.

 

[z611143]

I don't think MTR was talking about whether or not it was a 'great' area. I imagine she meant more along the lines of supply vs demand feasibility of developing there.

I maybe see it slightly differently but always take on the more experienced advise.

Midland is now made up of a lot of villas/appart/units ect this is due to high density R codes, where some investors/developers have been able to build alot of these types and are currently selling them off.

I do understand though that a high volume of the same thing would mean reducing the cost of selling these similar types. By how much im unsure.

Its hard for me to start somewhere where i can even have the ability to build more units/villas. Im probably around 400k max with what i currently earn and have saved (still wouldnt be 10% @400k right now).

Thanks
Z6

 

[MTR]

I don't think MTR was talking about whether or not it was a 'great' area. I imagine she meant more along the lines of supply vs demand feasibility of developing there.

that's right, just too much stock, pushing sh.t up hill from the beginning is not something I would want to be doing.

 

[z611143]

that's right, just too much stock, pushing sh.t up hill from the beginning is not something I would want to be doing.

I was looking to buy under market value. Can be rented out nicely as is. Subdivision would be something i do much further down the track. Potential to put 2-3 places on the property and buy for 350k or less.

Could you run the potential cost MTR.

For subdivision it seems demolishing would have to occur

 

[MTR]

I am not with you do you mean Midland or Girrawheen??

 

[boeman]

Either way, rough breakdown.

$350k purchase.
$30k demo (prices going up and up).
$480k build for 2 decent homes to turnkey with siteworks etc. Maybe $600k for 3 villas on a budget if you are lucky.

Let's say $900k total to allow for those inherent issues that occur for 2 decent places, or $1.05m-ish for 3 villas ?

A villa in Midland or Girrawheen isn't going to sell for much more than $400k?

Factor in some holding costs and meh...

 

[z611143]

I am not with you do you mean Midland or Girrawheen??

Sorry Midland.

I dont think i can afford Girrawheen

 

[z611143]

For 240k id want to be getting some pretty nice houses.

My parents currently building in Tapping double storey with pool, increased ceiling height and quite a few specs. Cost 280k

Maybe only worth it if you can do 3?

 

[rooky]

who is the builder

For 240k id want to be getting some pretty nice houses.

My parents currently building in Tapping double storey with pool, increased ceiling height and quite a few specs. Cost 280k

Maybe only worth it if you can do 3?

Hi z611143,

I would say its pretty cheap and your parents are getting good deal. Can you let us know who is the builder ? How much total sqm ?

 

[z611143]

Hi z611143,

I would say its pretty cheap and your parents are getting good deal. Can you let us know who is the builder ? How much total sqm ?

I know the builder is either Residential 101 or 101 builders. Pretty sure its the first. It has 101 in it ha.

Ill find out the sqm for you aswell and let you know

 

[MTR]

Either way, rough breakdown.

$350k purchase.
$30k demo (prices going up and up).
$480k build for 2 decent homes to turnkey with siteworks etc. Maybe $600k for 3 villas on a budget if you are lucky.

Let's say $900k total to allow for those inherent issues that occur for 2 decent places, or $1.05m-ish for 3 villas ?

A villa in Midland or Girrawheen isn't going to sell for much more than $400k?

Factor in some holding costs and meh...

Except Midland site works could blow out due to clay soil?? I know something who I think spent around $120K which was a nasty surprise