Croydon (Melb) - 3 Townhouse Development

Discussion in 'Development' started by MTR, 7th Jul, 2016.

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  1. MTR

    MTR Well-Known Member

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    I can tell you I am still on learner plates, Westminster started this one, which I love, so true.
     
  2. MTR

    MTR Well-Known Member

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    Good news - my Plans and Permits have been officially approved, taken over 12 months.
    Tough Council to deal with, also thanks @Be Developer :)
     
    Last edited: 4th Aug, 2016
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  3. Sackie

    Sackie Well-Known Member

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    congrats @MTR ! Always a relief to get it approved:)
     
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  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Yay! Always good to have many scenarios that work for a block so you have something viable to fall back to if your dream scenario gets knocked back.

    Can we have a sneak peak of the elevations or designs now?
     
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  5. Lacrim

    Lacrim Well-Known Member

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    Its quite unfathomable that people would pay more for a brand new TOWNHOUSE with min land content than an old house (that can be renovated) on a large block. That's why I'm not in the small development game, to my detriment potentially.
     
  6. MTR

    MTR Well-Known Member

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    will do, shortly..
     
  7. MTR

    MTR Well-Known Member

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    Agree, but clearly there is a demand for this product.

    At the moment Croydon does not have enough supply and I have re agents phoning every week asking when these will be ready to sell OTP.

    Not everyone wants what you want, imagine if we did, downsizers, FHB are attracted to this product. There is also a price point, older house on larger land will cost you more and then you need deep pockets to renovate,

    The key is find a market that wants this product and time the market correctly and you have a pretty good chance of making money.

    MTR:)
     
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  8. Sackie

    Sackie Well-Known Member

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    As @MTR said, supply and demand. Many people are also willing to pay a premium for a new, certain style dwelling on a smaller block. Just need to cater to the demographic of an area.
     
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  9. MTR

    MTR Well-Known Member

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    Each townhouse will have around 309 sqm land, which is quite large these days.

    Just found out the developer next door sold the middle townhouse, OTP, 17 sqm for $640k, middle always much harder to sell.
    The front townhouse asking $660k, apparently have interest on this. Makes my figures good, however am happy there is reasonable fat in the deal just in case the market turns.
    re agents are telling me there is not up enough stock, but you never really know how long this will last


    MTR
     
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  10. Brady

    Brady Well-Known Member

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    I agree and disagree :)

    At this stage of my life I can't think of anything worse than living on a large block with a lot of upkeep. So I understand the demand for new property, with low maintenace block.
    So my solution, buy the old large block... knock it down, build and live in one of the new properties.
    Thing is most can't do this and a lot are happy to just purchase the new property.

    I'm seeing more and more families these days happy to sacrafice the large block (usually 3bed 1bath), which they used to primarly target - instead happy to take a cut on land size to make sure they have modern low maintenance villa/townhouse, most important is the 2nd toilet/bathroom.

    309sqm of land is massive these days.
     
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  11. MTR

    MTR Well-Known Member

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    I agree
    the block size in total was around 1200 sqm
     
  12. Brady

    Brady Well-Known Member

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    Get some plans up already :) love looking at new plans!
     
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  13. MTR

    MTR Well-Known Member

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    still sorting it out, not too far off
     
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  14. MrFox

    MrFox Well-Known Member

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    You have bought very well. Croydon still has some nice big blocks left.
     
  15. MTR

    MTR Well-Known Member

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    Still some good buys, just need to watch out for the vegetation overlays, could kill the deal.

    Ray White Croydon for buying not selling
     
  16. undercover

    undercover Active Member

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    We certainly are a tough crew here in Maroondah! ;)
     
  17. MTR

    MTR Well-Known Member

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    Oops...LOL
     
  18. undercover

    undercover Active Member

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    No I agree! I argue with them everyday lol.
     
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  19. Tufan Chakir

    Tufan Chakir Well-Known Member

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    Great comment about the importance of using good, solid professionals (I actually pick up quite a bit of work from people who have been burnt by unskilled clowns!) Good advice is worth its weight in gold!
     
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  20. erorxxx

    erorxxx Well-Known Member

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    Congratulation MTR ! pretty sure you will make decent profit on this project. just out of curiosity, what's the difference b/w vegetation overlay and significant landscape overlay?