Developing in Adelaide

Discussion in 'Development' started by D.T., 28th Aug, 2015.

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  1. D.T.

    D.T. Specialist Property Manager Business Member

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    W&M might be a slightly better spec though and from memory they include more of the 'afterwards stuff'.
     
  2. Bentley

    Bentley Well-Known Member

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    Great write up D.T. Which suburbs are you intending to focus on for your PPOR?
     
  3. Biz

    Biz Well-Known Member

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    Thanks for sharing everything @D.T. I would be happy with a couple of those in my portfolio! :cool:
     
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  4. D.T.

    D.T. Specialist Property Manager Business Member

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    Will make a separate thread for this later, but as mentioned probably a character / period home that is run down or outdated that we can make our own. Lots of suburbs available for this, to a certain extent don't really mind which.
     
  5. barnes

    barnes Well-Known Member

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    Nice work D.T. I know that you have bought this block cheap. What is the market value of a block like that?
    I want to understand how the numbers would look like if you had a standard purchased block.
     
  6. D.T.

    D.T. Specialist Property Manager Business Member

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    Being that it was sold by govt, they arranged a licensed valuer to determine my buy price.

    The "half blocks" once I had split them were worth about 90 each according to my bank's valued.

    Make of that what you will
     
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  7. barnes

    barnes Well-Known Member

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    Your a numbers man. I know that. But isn't selling the blocks without the houses wasn't a better option, you would still roughly get the same profit, but saved yourself a lot of time and headaches.
     
  8. D.T.

    D.T. Specialist Property Manager Business Member

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    Yep - would have been far better off selling the blocks, both in terms of timeframe and money.

    However, the sales contract actually specified "must produce 2 outcomes (dwellings) here and must abide by the attached 90 page design code.", as I was saying in the opening post.
     
  9. barnes

    barnes Well-Known Member

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    Sorry, missed that.
     
  10. Baker

    Baker Well-Known Member

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    Once the 1 into 2 land division is official, do you start incurring 2 x (rates, water access, land tax if applicable, emergency services levy, etc) on the new titles whilst developing?
     
  11. D.T.

    D.T. Specialist Property Manager Business Member

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    2 x water and electricity yes.
    I'm still only getting 1 council rate for both still, shhh :p
     
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  12. D.T.

    D.T. Specialist Property Manager Business Member

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    Was working on a budget spreadsheet and was temporarily confused as to why these new properties were only neutral instead of positive cashflow... turns out the loan is P&I instead of IO. Going to leave it like that, it's covering itself anyway :)
     
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