Hi,
For several years I've owned two "Splitter Blocks", hoping one day I'd be in a position to develop them. It now looks like I'll have to sell a property urgently, due to some unforeseen expenses. I accept this, but am unsure which is the best one to keep:
The first is an 809m2 block in Murarrie (Qld), with an old house plus separate granny flat. It's on two lot numbers already (each 405m2) and I currently receive $400 per week rent from one family. A local agent appraised this property at $460K "as is", although if I demolish it they said the individual 405m2 blocks could sell for $275K each. On the other hand, there is a large new development happening just a block or two away at nearby Cannon Hill (is this likely to increase or decrease values in the area?).
The second is an old house in Clifton (Qld) on 1,417m2 (again on 2 x lot numbers) which is rented at $200 per week. There is a "Coal Seam Gas" plant (or something like that) proposed about 15 minutes drive away. If this is approved, it will mean a lot of new jobs and people needing somewhere to live. My fear is that if I sell now, before it's approved, I might regret it. There are various options with this property:
I'm not in a position myself to spend money demolishing (or building) anything. What would you do? Would you sell Murarrie and keep Clifton, or sell Clifton and keep Murarrie? Please share your thinking process, to help me make the best choice.
Thank you in advance for your suggestions and ideas.
Kind Regards,
Jason (aka Synapse).
For several years I've owned two "Splitter Blocks", hoping one day I'd be in a position to develop them. It now looks like I'll have to sell a property urgently, due to some unforeseen expenses. I accept this, but am unsure which is the best one to keep:
The first is an 809m2 block in Murarrie (Qld), with an old house plus separate granny flat. It's on two lot numbers already (each 405m2) and I currently receive $400 per week rent from one family. A local agent appraised this property at $460K "as is", although if I demolish it they said the individual 405m2 blocks could sell for $275K each. On the other hand, there is a large new development happening just a block or two away at nearby Cannon Hill (is this likely to increase or decrease values in the area?).
The second is an old house in Clifton (Qld) on 1,417m2 (again on 2 x lot numbers) which is rented at $200 per week. There is a "Coal Seam Gas" plant (or something like that) proposed about 15 minutes drive away. If this is approved, it will mean a lot of new jobs and people needing somewhere to live. My fear is that if I sell now, before it's approved, I might regret it. There are various options with this property:
- Sell the House "as is" (the agent there suggests $170K sale price)
- Demolish the house and sell it as 2 x vacant blocks
- Demolish the house and relocate 2 x homes on to the blocks
- Demolish the house and build 2 x new homes
- Demolish the house and apply for townhouses/units?
I'm not in a position myself to spend money demolishing (or building) anything. What would you do? Would you sell Murarrie and keep Clifton, or sell Clifton and keep Murarrie? Please share your thinking process, to help me make the best choice.
Thank you in advance for your suggestions and ideas.
Kind Regards,
Jason (aka Synapse).