VIC Buying a land in Wollert

Discussion in 'Where to Buy' started by flyaus, 13th Sep, 2017.

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  1. flyaus

    flyaus New Member

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    Hi everyone,

    I'm a newbie to this place;),recently thinking of buying a land in Wollert with my budget at around $300k for 350-400sq. Has anyone got any ideas if I can get the land at this price? Cheers
     
    flyaus, 13th Sep, 2017
    #1
  2. Propertunity

    Propertunity Well-Known Member

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    Propertunity, 13th Sep, 2017
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  3. Westie

    Westie Well-Known Member

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    Drive around the area. Talk to people in the land sales offices.

    Why Wollert of all places?
     
    Westie, 13th Sep, 2017
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  4. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man, 13th Sep, 2017
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  5. Big Will

    Big Will Well-Known Member

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    Big Will, 14th Sep, 2017
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  6. The Y-man

    The Y-man Moderator Staff Member

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    Hee hee - only 3x? :D

    The Y-man
     
    The Y-man, 14th Sep, 2017
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  7. Big Will

    Big Will Well-Known Member

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    I did say at least my guess would be more like 2-2.5M maybe more... Really have NFI and CBF spending any time working it out but I know for sure it is outside of OP's budget (& mine)
     
    Big Will, 14th Sep, 2017
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  8. The Y-man

    The Y-man Moderator Staff Member

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    @flyaus

    Other than price, I assume you are asking for some sort of opinion on the area (and possibly other options)?

    What is your aim? (i.e. are you going to build straight away?)
    How long are you intending to hold for? (before and possibly after build)
    Are you looking at building residential or commercial?

    Without these, it's kind of hard for anyone to make any constructive comments.

    The Y-man
     
    The Y-man, 14th Sep, 2017
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  9. craigc

    craigc Well-Known Member

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    1.4m as indicative sale price from SOI.
     
    craigc, 15th Sep, 2017
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  10. The Y-man

    The Y-man Moderator Staff Member

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    Thanks people.

    Granted it is significantly more than $300k the OP was asking about (where has the OP gone?). But I really wanted to give the OP a feel for how much premium is attached to the land (again granted there is subdiv process, holding costs, roads, infra) - especially given we are talking wollert where an 35,600 sqm block is for sale in the same suburb (hence the comment I assume by @Westie ).

    Having had a friend just do a land purchase/build and sell in Wollert, it was a bit of an eye-opener on how slim the margin was.

    Now this guy is a builder (runs his own building company) - so it was going to be "at cost" to build. But even then, I reckon he made under $100k (before taxes). I think one of my houses went up in value by more than that in the same time frame.

    So for a "beginner" (again I assume the OP is a relative beginner asking the question that was asked), I hope they understand the basic feasibility here. Let's say the land can be got for $300k. The finished products (of which RE.com reports there are 800+ on the market) are selling for around $600k.

    That leaves $300k for building, holding costs, CGT etc just to break even. I am fearful that could easily over run.

    Again, if it is to be a PPOR, then all respect to the OP - I have no issues. But even then, I'd want access to over $600k for the whole lot as contingency.

    The Y-man
     
    The Y-man, 15th Sep, 2017
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