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Determining IP Value in Bendigo

Discussion in 'The Buying & Selling Process' started by MelbInvester, 30th Aug, 2016.

  1. MelbInvester

    MelbInvester Active Member

    Joined:
    25th Jun, 2015
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    Location:
    Melbourne
    HI All,

    I'm planning to sell one of my IP in Bendigo. The land size is 1125 sqm and flat "L" shape block
    Just bought to develop this site with 3 units but now its harder with current financial situation.

    So how do i determine the property value?

    MI
     

    Attached Files:

  2. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Location:
    Perth
    Is there any comparable sales of a similar property that has recently settled?

    You could also get at least 3 appraisals form reputable agents in the area.
     
  3. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Location:
    Sydney & Adelaide
    Where in Bendigo, suburb plays a big part. Being a battleaxe will score it down for resale.. do you have subdivision and site ready to go or just land with concept drawings
     
  4. MelbInvester

    MelbInvester Active Member

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    Location:
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    Its in WhiteHills and just land with concept drawings
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Check out similar properties that have sold and/or are listed and hit up the agents. If there's a chance of them landing a listing - they'll be happy to assist.

    Cheers

    Jamie
     
  6. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    About the closest comparable is 7 Ironhill Close which is a culdesac end without street frontage, in a new subdivision, for $149k in March 2015. Everything else since is smaller lots.

    Ironhill Close - Birchgrove Property
     
  7. MelbInvester

    MelbInvester Active Member

    Joined:
    25th Jun, 2015
    Posts:
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    Location:
    Melbourne
    Hi All,

    I'm going to advertise this property soon and if any keen developer, i'm happy to discuss with you.
    i have attached the plans.

    Front and back unit rent separately and both got separate electricity and water for both properties. Rent Total is $350 PW

    This property located closer to Powell St/Bobs st intersection.

    MI
     

    Attached Files:

  8. BigBadBanana

    BigBadBanana Member

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    Location:
    Central Victoria
    Tough one - you're close to the lake there, which is definitely a plus. The trouble with Bendigo is that Council is encouraging too much inner-city medium-density development and so there's a bit of an oversupply at the moment...but long term Bobs Street would be good.

    The house looks a little tired, so most of it would be land value (which isn't generally the case in Bendigo)....at a very very very rough guess, maybe $300k on a good day?