As promised updated thread on my Highbury SA development. (refer to http://somersoft.com/forums/showthread.php?t=94688 for original somersoft thread) Purchase: ‘Large corner lot opposite reserve’ Highbury SA – Tea Tree Gully Council Approx 760sqm block with original 3 bed 1 bath brick house http://house.ksou.cn/p.php?q=Highbury&sta=sa&id=375755&address=7+Observation+Drive%2C+Highbury Numbers: Purchase Price: $335,000 Purchase costs: $17,000 – Stamp Duty, Mortgage Transfer, Conveyancer, Bank Development costs: $70,000 – Council Approval, Engineer, Architect, Arborist, Surveyor, Bank Construction costs: $830,000 – Res1 ~$310k – Res2&3 $260k each Total: $1,252,000 Resales Bank Valuation @ $1,450,000 – Res1 $530k – Res2&3 $460k each Gross Profit $198,000 / approx. 16% margin Resales OEV Fire sale @ $1,500,000 – Res1 $550k – Res2&3 $475k each Gross Profit $248,000 / approx. 20% margin Resales REA estimate @ $1,600,000+ - Res1 $600k – Res2&3 $500k each Gross Profit $348,000 / approx. 28% margin Comparable Sale – 17 Lindsay St Highbury - $770,000 – It’s the house next door.http://www.realestate.com.au/property-house-sa-highbury-120223477 Valuers had a bit of fun valuing the property, using comparable sales on main roads 4km’s away and community lot dwellings with common driveways built behind other houses. And house on the other side of Lower NE Road. They didn’t use 17 Lindsay next door, coming up with all sorts of different reasons. I could have spent some more time arguing with the valuers, but got enough to get the finance and borrow the money so all good. DAC has approved the division, consent to subdivision is currently sitting with the bank should have consent tomorrow. Once consented the Development Plan will be lodged which will complete the division with new titles.