Development potential

• Early: Development potential not factored in the asking price so more profit in the deal. But more problems with the council and neighbors not ready to accommodate change.
• Late: Development potential factored in the asking price so less profit in the deal. But less problems with the council and neighbors who are primed to accommodate change.

Similar survey Optimum Suburbs for Subdivision: Beginning or end of Gentrification

 

I wonder if MTR has any other thoughts.
Late also has supply issues depending where you are.

 

@PacMan

Seems like a good size project.

You may want to look at what's selling on a market and adjust your specs accordingly.

Few things are very common at the moment.

-stone benchtop kitchen/vanity
-wooden /porcelain tile wood covering
- semi/ framless shower screens
- well designed bathrooms

If builder is your family friend, you may be able to source few things at discounted rates.

Heidelberg and surroundings are well developed. You shouldn't have too many issues getting permit.

Would you be able to share zoning of the land?

 

Hi Bran

I was thinking about easier options when seeking approval for plans and permits. I believe it is good if developers are building on your street as they have set precedent, therefore hopefully making it easier for you to do the same

Whether its best to be early, in the middle or hold out, its a hard one, how long is a piece of string, there are too many variables

It comes down to market conditions at the time, what/how you can improve the block, demand for the product, how much stock on the market.

Personally I think the most important factor would be timing, if you buy too early you will probably need deep pockets,, if you buy at peak you probably have a good chance of losing money on completion of your project.

Ideal is to buy when the market is starting to rise and with some luck you can even just flip the block with plans and permits, that is my favourite strategy, very easy if its a goer with Council and shorter timeframe

MTR

 

One of the problems in calculating with plans to flip is I've not been able to find comparables.

 

The best developments are the most profitable ones, doesn't matter whether they're first or last...

there's no general rule imo

 

I think it would be beneficial for you now to consult with a drafty or architect to ascertain what scenarios would work on your block. It's a bit of a chicken and egg time where you need to know what will fit vs what you can afford vs what is most profitable. Until the you know what your viable options are it's hard to do a feasibility.

It might be better to do 4 x 2 bedders than 3 x 3 bedders for example.

However of course financing 4 vs 3 is also very different. There is only a few banks which will do 4 with a resi packages and generally want a lower LVR.

 

150 CONC means it's a 150mm concrete pipe. Not sure what the 98 MOR means sorry.
Yes the 33.07 is the length of that pipe.

@bob shovel can you help with the sewer diagram?

 

They're some ugly plans, is this council issued?

Have you got the legends for what all those dotted lines mean? 150mm CONC is, but not sure why they're in the middle of the block there

Sewer connection is easy as you have it surrounding the block, multiple options but it will restrictions your foot print etc as the sewer is in your block on two sides by the look. I haven't read through the thread yet but driveway down the right side looks like the way to go
Food you get the plans from dial before you dig? They issue legends with plans so you can make sense of it. You'll need to find storm water by the looks.
You have a water main out the front on your side which is good

 

@PacMan can you get a zoomed out shot of the drawing. The green dotted line looks like your block, but the yellow is strange as it continues passed the sewer and into the neighbours block, could be some sort of easement??

Your sewer now looks like it connects into the blue spur on the right middle of the block.

1.14 and 0.96 could be distance to sewer main off the boundary.

The mor is strange, not sure what that is. If it was a pipe they are normally drawn as a proper line to show where it goes.

 

You may want to look at what's selling on a market and adjust your specs accordingly.
I have been looking at comparable sales and have scheduled to see a couple of REA to get an idea of current market expectations.

Few things are very common at the moment.
-stone benchtop kitchen/vanity
-wooden /porcelain tile wood covering
Agreed my friend, these days you have to have these as a minimum

- semi/ framless shower screens
Our friend has a shower screen distribution so hopefully can get good price from her on the semi frame-less

- well designed bathrooms
Mrs is an interior designer for a high end builder so hoping she can come up with a good design.

If builder is your family friend, you may be able to source few things at discounted rates.

Heidelberg and surroundings are well developed. You shouldn't have too many issues getting permit.

Would you be able to share zoning of the land?
Certainly, zoning of land is GRZ1

 

Couldn't have put it any better myself; I am at that exact stage (chicken and egg). I have done feasibility estimates on both options and best case would be 4 x 2 bedders but not sure if that would fit on our block/ comply with council dev plan and as you said it would also be difficult to get finance for it. Our architect is currently in the process of finding out considering block size of 624 sq.m. If he is confident then I will try my luck with the broker. Otherwise we would have to stick to 3 x 2 bedders.

 

The green dotted line looks like your block, but the yellow is strange as it continues passed the sewer and into the neighbours block, could be some sort of easement??
Hi @bob shovel I got these from DialBYD but the legends are not showing much except for the red lines (sewer line) and the red circles (junction). IMO you are right the yellow line should be the easement.

Your sewer now looks like it connects into the blue spur on the right middle of the block.

1.14 and 0.96 could be distance to sewer main off the boundary.

The mor is strange, not sure what that is. If it was a pipe they are normally drawn as a proper line to show where it goes.
Hmm , looks like it is something I should investigate further, maybe I will call Yarra Valley water direct and ask them? I will annoy them tomorrow.

 

I am sure At a push you can do 3 x 3 bed, 2bath.

Is there a good market for 2 bedder??

 

Agreed, if you can't do 4 x 2 bedders then 3 x 3 bedders may work better than 3 x 2 bedders.

 

Will the two sewer mains restrict things much? Or just use one side driveway then wear the loss at the rear?

 

If the yellow dashed line is the edge of the easement and these are 2 storey designs with driveway over the other then it should be ok but no one knows for sure until a drafty/architect looks at it and models it.

 

yeah you should do a 3 X 2 X 2 not too far on haig street there is a big development area site estate they selling those for 700-880K. and some a townhouses with shared walls.

 

Hi melbournian, Haig street is only around the corner but classified as heidelberg heights so straight away there is price difference. I will go tomorrow to have a look at them. Have they already started construction?

Currently waiting for architect to come back to me with a fee schedule. He has a lot of experience in designing high end modular homes so knows how to work with space efficiently. Lets see what type of design he comes back with considering the build cost restrictions.

 

@PacMan i have been studying heidelberg heights and west though a bit wary of west some areas especially near the housing commission flats are scary like catalina st and ramu parade. As per the news lots of unemployed refugees lurking around those park areas. Those haig street were done by metricon. there are developing though. Anything closer to heidleberg you're right is more expensive

But throw a stone across the road at bell street from heidelberg west to bellfield suburb and you're in a million dollar zone. i saw a 600sqm block in heidelberg west sold for 590K over the weekend.