My new purchase - Highbury SA

[bez23]

I got demo little cheaper as it's a friend. But it would of normally been $10-12k

Brady are you using CBA for this? I just heard that they are tightening up to 2 per DA before it goes commercial?

 

[Brady]

Yeah using CBA and aware of this, going to be fun but I'm confident of getting it through still. Haven't heard confirmation of the new policy yet.

 

[bez23]

I am using CBA for my project (2 to 5, build 4 and retaining 1). Originally the policy say that they can do up to 4 per development but now they say that policy has changed to 2?

Kind of sucks for me because I did the original purchase at 90% LVR hence incurring LMI. Although it is tax deductible, I will still be down a few thousand dollars.

 

[Brady]

Policy was 3 prior. Are they separate title? Seperate slab? Any party walls?

 

[bez23]

Separate community title, slab and walls

 

[Brady]

Shared driveway or anything like that? Mine are all torrens, seperate slab, no common driveway or area. Have you been told no by CBA? What's your intention with the properties, sell or hold?

 

[bez23]

Haven't gotten a concrete no. But I have been told that regardless of the titles/ build. They use the development approval (for subdivision) to judge the number of properties and anything above 2 is commercial?

 

[D.T.]

I went and had a look at this with Brady. Looks like a real interesting project.
Site is very steep though, hope whoever does the footings has had their weetbix

 

[bez23]

I went and had a look at this with Brady. Looks like a real interesting project.
Site is very steep though, hope whoever does the footings has had their weetbix

interesting, does the construction (footing) cost take into consideration of the slope ?

 

[Brady]

interesting, does the construction (footing) cost take into consideration of the slope ?

Most of the fall is on the front of the block which will be driveway, garage will be a couple steps down to ensure driveway isn't steep. The fall is only around 1M at max for the building. Already have a footing construction report complete, soil is moderate to highly reactive as expected.

 

[Brady]

House is gone, site is clear. Surveyors are going in over the next few weeks to complete pegging and their work. They will be followed by SA Water to complete the main extension. Will then be lodging for new titles.

During the next couple of months whilst waiting for titles will be finalising builder selection. In the process at the moment and so far quotes vary $245,000 across the development. Absolutely crazy variance across 3 lots.