I'm interested in any insights people can offer on a couple of properties that sold in Blackburn on the weekend.
http://realestateview.com.au/propertydata/vic/blackburn/index.html
In particular the Elm ($881K, 700sqm), Ernest ($786K, 640 sqm) and Francis St ($875K, 640 sqm).
From my quick glance over the ads all 3 look to either be due for decent amount of reno work or knock-down rebuild or subdivide.
My impression is that all of them seem to be priced based on sub-division potential. Can anyone confirm that?
Putting say 2 townhouses on them would suggest a land value for Elm or Francis st of close to $450K per townhouse close to another $200K to build. To make an acceptable development profit they would need to be selling for $700-750K. Does that seem reasonable?
http://realestateview.com.au/propertydata/vic/blackburn/index.html
In particular the Elm ($881K, 700sqm), Ernest ($786K, 640 sqm) and Francis St ($875K, 640 sqm).
From my quick glance over the ads all 3 look to either be due for decent amount of reno work or knock-down rebuild or subdivide.
My impression is that all of them seem to be priced based on sub-division potential. Can anyone confirm that?
Putting say 2 townhouses on them would suggest a land value for Elm or Francis st of close to $450K per townhouse close to another $200K to build. To make an acceptable development profit they would need to be selling for $700-750K. Does that seem reasonable?