City of Parramatta duplex development

Discussion in 'Development' started by Sackie, 27th Jul, 2015.

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  1. samiam

    samiam Well-Known Member

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    I like your method of it's up for sale any day of the year! Did you tell your tenants upfront? Is your buyer investor? as your ip is a quality upmarket I thought OO buyer would want to move in?
    I can't wait to sell one of Brisbane ip as soon as it's double :D
     
  2. Sackie

    Sackie Well-Known Member

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    Hey @samiam,

    It's something my dad taught me, why not let your REAs know that every single property you own is up for sale, you have nothing to lose. And in reality I think most people would agree that if they got the price they wanted they would sell any rental they own. Twice before we sold rentals in a similar situation. :) Some REAs are extremely business driven and will run with it.

    The buyer is an OO young family, really lovely couple so hopefully they wont have finance issues and they can move into their lovely new place which they seem so excited about. You're Brisbane IP is on its way..we're all waiting for the Brissy Effect to take hold :D
     
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  3. Sackie

    Sackie Well-Known Member

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    OK, sale went unconditional this morning. We're very happy with the result :). If anyone (long term poster so I know who you are) wants the specific numbers on the final sale just PM me.

    The other side is rented about $150 positive CF. May sell next year if we can get a super, super premium or may keep long term.
     
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  4. qak

    qak Well-Known Member

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    I am now getting down to the final decision of which agent to choose to sell our property which is able to be subdivided with duplex & granny flats according to P'matta council staff. It is an Eastwood address but in P'matta council. Quite difficult to get comparables due to land size (over 1000m2).

    I've spoken to 4 agents. One was not impressive at all so I'll leave him out. They are all local agents. How do I pick??? I liked them ...

    1. Older style, very calm person. Brought similar background staff member (European region) Did the most research when I said there was an easement for SW drainage, to confirm that. Gave the lowest price indication, says he prefers to be conservative. Source: advertising as having the highest sale price for the area.
    2. Looks the youngest, very enthusiastic. Sees the development potential, gave the highest price guide. Brought Asian staff member. Claims many developers on books, says price they will pay depends on how much they need a project/where they are in development cycle of previous project. Source: referral website
    Has some more modern marketing ideas (drone photos, live online auction tools).
    3. Older. Maybe inclined to treat as sale of "house" rather than development site. Strategy includes mini-auction in their office if a good offer came along mid-campaign. Has Asian staff members. Price guide mid-range. Source: referral by a workmate.

    They all suggest auction with their preferred auctioneer. Comms & costs are similar-ish but #3 is a bit higher (maybe negotiable?).

    I was thinking to maybe go and see their auctioneers in action?
    Other properties they have for sale?
    Being a fairly Asian area I think they should to have sales staff of that demographic and I'm not sure #1 has that. Is it important?

    If anyone can suggest how/who/why to pick I need some ideas!
    Happy for inbox messages if you want.
     
  5. Gockie

    Gockie Life is good ☺️ Premium Member

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    Inbox me who your contenders are, personally I used Alison Misfud from Epping Central First National and she was great. I would also use Tracey Yap for Eastwood - but know what sales the particular agent had made before engaging the agent. Are you happy with those results?
     
  6. Sackie

    Sackie Well-Known Member

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    This is what I do.

    1. Look at the actual results for agents in the area (absolutely forget OOA agents unless there is a stellar reason) for similar stock that you are trying to sell. If your 'site' has development potential then target agents who really understand what your product is.
    2. Talk to their references, people who they sold homes for in the last 3-6 months.
    3. Attend their auctions to see how they perform.
    4. Make sure you understand their marketing plan and vision for your property and that it meets your needs/expectations and ascertain what kind of database of clients they have exposure to.
    5. Make sure their work/communication style meshes with you and not rubs you the wrong way every second sentence they utter.
    6. Look at their fees to be reasonable. The cheapest agency is cheap for a reason.
     
  7. qak

    qak Well-Known Member

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    Had a couple of hiccups along the way - hopefully back on track now.

    Leo - or anyone else with opinions - I'm trying to get an idea of the premium for a block with granny flat potential (compared to without potential) - it's a subdivisible dual occ site in Eastwood in Parramatta council.
     
  8. Sackie

    Sackie Well-Known Member

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    Is it a duplex site or site with GF potential? or both?
     
  9. qak

    qak Well-Known Member

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    Mine is both.

    I'm trying to get an idea of how the estimated sales value compares between different agents if i adjust for one knowing about the easement (who had the highest $) and the others not.

    ETA: easement in my favour, for SW drainage.
     
  10. Sackie

    Sackie Well-Known Member

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    My quick assumption would be the duplex build will have a higher end value then the older house with GF. Look at end value sales for both types of stock. That's the best way to get an approx. value.
     
  11. qak

    qak Well-Known Member

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    I haven't been clear I think. I'm trying to work out the difference in sale value between
    1. Duplex site
    2. Duplex & GF site.
    So really - how much more is being *able* to put GF worth? As I understand it GF can't be separated by further subdivision.
     
  12. Sackie

    Sackie Well-Known Member

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    Ah ok gotcha. I would talk to agents in the area. What you don't want to do is have the GF impact on the duplex too much where you lose sale value on the duplex.
     
  13. Har

    Har Member

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    @Sackie - Will you be able to share the name of the builder for your project please ?
     
  14. Claudine

    Claudine New Member

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    Hi there,
    sorry for delay, the last few years have been hectic. Yes our place is in Rydalmere and is suitable for duplex development. We have been here for a long time, well over ten years.
     
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  15. Sackie

    Sackie Well-Known Member

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    A response 5 years later is very impressive:)

    Hope things aren't as hectic for you nowadays.
     
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  16. Scott No Mates

    Scott No Mates Well-Known Member

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    1st kid now married & has grandkids
    2nd kid started, graduated medicine & is a post-grad specialist surgeon
    Paid off a mortgage
    Sailed single-handed around the world

    :D
     
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  17. Claudine

    Claudine New Member

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    I know I'm so sorry...:( I won't bore you with details, other than to say that we are back where we were 5 years ago, now looking at knocking and building the house and constructing a duplex. A lot has changed in the last few years, not least the costs have gone up a fair bit it appears. I guess your project is finished now? I am struggling with where to start, I would love any tips or advice you can give. Even just looking at plans and working out what is included is challenging when comparing between companies. I am most concerned with getting a qualoty construction, not a shonky builder. Thanks for responding :)