Where to buy development sites for $350-400k in Melbourne???

[tgan]

Hard to determine until designs are finalised, however on preliminary feasibility total build including land will be just over $1M and currently looking at around 23-24%. I paid $428,000 for the land.

As I mentioned sticking to the bread and butter areas, also I prefer to go in at a lower base, feels more comfortable and also during the build less holding costs.

Obviously the profits are bigger if you go for the higher end properties but then the risk is also higher

Hi MTR,
Thanks for your figures, as I too am looking a small development in the next year.
Can I clarify please, from your figures, will the cost of each unit cost your about $143each to build? ($1m less $428k land =$572k build cost /4 units = $143k).
I am not trying to dispute your figures, just trying to get an idea of what it generraly costs to built a small 2brm,2bath unit.
Thx
Tgan

 

[Mindmaster]

So far the feedback indicates that

Laverton - dodgy area, larger blocks
Altona Meadows - nicer but trainstation issues, smaller blocks
Fawkner - tough to sell
Resevoir - easier to sell
Thomastown - good development sites

Any new feedback?

 

[MTR]

What do you think stratedgy of doing 2 or 3 devolopment, in good areas then doing devolopment from then on to pay down debt,to satisfied

Would this be good strategy ?

For my recent project I need 4, 3 will not work.

 

[MTR]

So far the feedback indicates that

Laverton - dodgy area, larger blocks
Altona Meadows - nicer but trainstation issues, smaller blocks
Fawkner - tough to sell
Resevoir - easier to sell
Thomastown - good development sites

Any new feedback?

Just got my 4 unit site in Thomastown approved, development sites have started to rise. I also think Lalor is another area to watch.

For those interested, article in API on Thomastown, recommending this area, close to city and on the move

 

[Dbz_Vic]

Just got my 4 unit site in Thomastown approved, development sites have started to rise. I also think Lalor is another area to watch.

For those interested, article in API on Thomastown, recommending this area, close to city and on the move

I think the properties along high street are better than any other areas in Thomastown/Lalor due to the train line, shops, TRAC, Thomastown and Lalor Libraries etc. Future Costco and Pacific Epping also just up the road on high st, I think these 2 suburbs are winners too even for non-developers, 15kms to city, half hour train ride. Smaller villas are sought after by downsizers and retirees etc.

 

[LoneWolf]

Just got my 4 unit site in Thomastown approved, development sites have started to rise. I also think Lalor is another area to watch.

For those interested, article in API on Thomastown, recommending this area, close to city and on the move

That didn't take long at all. Whittlesea council is on the ball

Congrats MTR, all ups for you now

 

[MTR]

That didn't take long at all. Whittlesea council is on the ball

Congrats MTR, all ups for you now

Thanks
Yes, very happy with the outcome, onwards and upwards.