Hi all,
I know I've disappeared from the forum for a while, so thought it'd be good to jump back on and talk about what I've been up to.
Apart from being absolutely inundated with survey work, I've taken the plunge and decided to get into property development on a personal level.
In Feb 2014 my wife and I purchased a little block in Moonee Ponds VIC. Within walking distance of trains, trams and Puckle Street shops.
I must emphasize the block is absolutely tiny - 217sq.m total.
Purchase price was $485,000 which we thought was a bargain. Clearly we were the only people at auction who had prospects of more than one house!
The property was sourced through my colleagues at Pillar + Post in Melbourne http://pillarandpost.com.au/ whom are a firm comprising of highly skilled town planners and architects. I honestly don't know anyone else in the industry who would able to make a project like this happen. I must admit that upon sourcing the site I didn't think we could fit 2 houses on the block!
So, we are putting 2 very architectural townhouses (1x2br, 1x3br) on site that reflect the surrounding neighborhood of 100+ year old weatherboard houses. Sort of a modern twist whilst reflecting with some timber cladding and the pitched roof.
Total building and consultant costs has been generously budgeted at $500,000 and estimated sale price for the 2 units if sold today would be $1,335,000. Moonee Ponds has had significant growth of 8% in the past year, and is quickly becoming a highly desirable location.
Obviously there are holding costs and contingency to be factored in, but overall looking at a nice profit. Currently sticking well to budget and time frame. We will probably end up keeping the 3 bedroom unit.
We have council support and happy neighbors, so now just have lodged for the town planning permit and will be ready to build later this year.
Will keep you all posted!
Cheers,
Ash
I know I've disappeared from the forum for a while, so thought it'd be good to jump back on and talk about what I've been up to.
Apart from being absolutely inundated with survey work, I've taken the plunge and decided to get into property development on a personal level.
In Feb 2014 my wife and I purchased a little block in Moonee Ponds VIC. Within walking distance of trains, trams and Puckle Street shops.
I must emphasize the block is absolutely tiny - 217sq.m total.
Purchase price was $485,000 which we thought was a bargain. Clearly we were the only people at auction who had prospects of more than one house!
The property was sourced through my colleagues at Pillar + Post in Melbourne http://pillarandpost.com.au/ whom are a firm comprising of highly skilled town planners and architects. I honestly don't know anyone else in the industry who would able to make a project like this happen. I must admit that upon sourcing the site I didn't think we could fit 2 houses on the block!
So, we are putting 2 very architectural townhouses (1x2br, 1x3br) on site that reflect the surrounding neighborhood of 100+ year old weatherboard houses. Sort of a modern twist whilst reflecting with some timber cladding and the pitched roof.
Total building and consultant costs has been generously budgeted at $500,000 and estimated sale price for the 2 units if sold today would be $1,335,000. Moonee Ponds has had significant growth of 8% in the past year, and is quickly becoming a highly desirable location.
Obviously there are holding costs and contingency to be factored in, but overall looking at a nice profit. Currently sticking well to budget and time frame. We will probably end up keeping the 3 bedroom unit.
We have council support and happy neighbors, so now just have lodged for the town planning permit and will be ready to build later this year.
Will keep you all posted!
Cheers,
Ash
