Sell 1210sqm vacant land (2 lots – in very convenient location) in Moree? Or build?

My parents own some vacant land in Moree (2 lots, 1,210 square metres) which is said to be in a very convenient location right on the corner of two streets (it would be possible to build 2 homes on it and have each one on a different street). The land is almost across the road from a hotel, walking distance to Moree train station, walking distance to the big swimming pool in the area... while there's also a golf course, parks, river, & other businesses/shops all within 1km of the land. They are thinking of selling it as I'm not sure they can afford to build anything on the land (although I'd be curious to find out the costs to build something on it and seeing whether this would be more worthwhile rather than just selling it)?

They bought the land about 13 years ago for something like $20,000 but tell me the land was valued only a few years ago by the council at around $15,000 while an agent valued it at around $70,000 which is quite a significant difference - who do you believe? I'm trying to help them sell it at very little cost to them....but am also not sure how to go about it with the council and agent's value being so different. But am also wondering if it's better to have something built on it? I should point out that we live in the city and we don't spend any time in the area so am a bit clueless as to what the best solution might be?
 
A council land valuation (or Valuer General’s) is in no way, shape or form an indication of likely sale price. It is calculated very conservatively, only refers to the land component and is very often out of date by some years.

The agent would have a much better idea of likely sales price - just ask them 2 things:
1. Evidence of comparable sales to support their appraisal
2. What price you'd likely get if you build houses on them rather than sell as vacant blocks.

Then do your sums and see which is the best course of action.
 
Seems like value are all over the place.

From $10k - 89 Anne St, 65k - 73 Morton St, 90K - 10 Florence St, 94K - 28 Tycannah St up to 365K for 161 Greenbah Rd

No doubt a big bearing is whether the property is in the right part of town.

So, if in the wrong part of town then maybe do a Nathan and develop with some demountable's and get a good return. But if in the right area of town with some scrupulous budgeting you could develop (maybe).

Do some research using realestate.com and at least get an idea of the market values around the area. (as per the second part of propertunities post)

Cheers
 
Seems like value are all over the place.

From $10k - 89 Anne St, 65k - 73 Morton St, 90K - 10 Florence St, 94K - 28 Tycannah St up to 365K for 161 Greenbah Rd

No doubt a big bearing is whether the property is in the right part of town.

So, if in the wrong part of town then maybe do a Nathan and develop with some demountable's and get a good return. But if in the right area of town with some scrupulous budgeting you could develop (maybe).

Do some research using realestate.com and at least get an idea of the market values around the area. (as per the second part of propertunities post)

Cheers

Anne St (from memory) runs from near the Station all the way up to one of the Missions (a fair way). Greenbah is on the opposite side of town. Desireable area.

If the land is in the wrong area, it may cost more than it is worth to put a demountable on.
 
Wouldn't be enough sales to make a reliable valuation IMHO....it's guess work up there....need to be a local with a finger on the pulse to what is actually happening to the town as a whole...on the ground...right now.

BTW, How's it going up there Nathan...what is happening...?

Same old farming with a bit of mining excitement coming out of the south...?;)
 
Hi guys, thanks very much for the helpful responses! The land is right at the beginning of Alice Street (on the corner of Gwydir Hwy). It's almost directly across the road from the old Moree Hotel (which I think is now the Moree B&B on 7 Alice Street). I think there's also a Lane on one side of the land so I'm told it would be possible to build 2 homes & have one entrance on the Alice Street side...and one entrance on the Lane side. Is it just best to contact a real estate agent in the area to ask for a potential valuation if selling it as is VS the potential value if property was built on it? Or maybe someone on here has some idea?
 
You need to look at the exact type of residential zoning to see for example what your minimum area for building is
 
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