How to find R60 land?

How do you find who are the developers in your target area?
If there are multiple development stages then usually stage 1 is at a discount. How do you find proposed developments early for EOI for stage 1?
I see that Intramaps do have an accuracy clause - what is then the single source of truth for Planning Councils

 

a. the rezoning process is similar in most councils. First there is the idea to increase infill and there might be a study. Then some community consultation, then a draft policy, then more community consultation, then the policy is agreed to by council then it goes to WAPC to be gazetted.
b. the answer varies greatly. City of Wanneroo has had areas marked for rezoning for over 5yrs and not gotten past draft. Other councils have done it all in 12-24mths and then WAPC takes around 12-18mths
c. council minutes, community consultation are the big clues that rezoning is coming but as above it can be years. REAs all get to hear it too. Council will know the status but usually can't tell you an exact time
d. people sometimes can't wait for rezoning and will use the zoning they have now to make some money.
e. if a R25 block is 520sqm then you can't do 2 villas on it. If it's proposed R60 then you have to wait for R60 for it to become sub dividable.

 

Most of the estates will say who the developer is, they are often the selling agent too.

Councils approve all structure plans for new estates so it is normally put to community consultation/advertising to see if there is community support/objections and you might pick up that way that something is coming up but advertising stage is often 1-2 years before lots are sold.

Intramaps has an accuracy clause because it relies on the council to have their end of the software up to date. It is always best to confirm with the council.

 

So much valuable information. Thank you @Westminster!

 

I need to obtain information about historic but recent sales achieved. What is the most efficient way to determine:
a. What houses with land in a specific area/street were sold for recently?
b. What recent developments occurred in a specific area/street and what units were sold for?
c. With reference to (b ) how can I differentiate between units sold to investors and those to owner occupied? Not sure if this will be different but want to verify this!
Then for new developments:
d. What current developments are taking in a specific area/street and what are the listing price of units available

 

Historic sales - RPData or Pricefinder.

For the other information, a Google search of council minutes should do it; but if they didn't need advertising then they won't show up.

 

Anyone who has a subscription with either RPData or Pricefinder and that may be interested in a shared arrangement for 1-3 months on a monthly basis, please let me know!
I'm interested in WA data.

 

Theres a member on this forum offering 12 month shared subscriptions for $395 a year . It starts dec 15th i think. If your interested PM me for details. I think its usually a few hundred a month.

 

RP Data or Price Finder?

 

Sorry price finder. Not sure how full the group is .

 

I have send you a PM!

 

My research ended in a bit on a conundrum meaning that if you find R50,60 or 80 then the area may not be suitable. Further the time delay between proposed rezoning and when the planning council approves is anyone's guess. Also noted that while some nearby areas shows a clear downturn other areas shows an upturn i.e economic/property/demand cycles within cycles.

Then tried the other way around; first to find suitable postal code areas and then to search for suitable blocks available while taking the cycle into account. But the real question is where will the most suitable area be in 18-months ahead - is it possible to determine this? Any advice!

Perhaps you can also comment of related info I found.

a. You can not outguess the property market so don’t try to do it
b. When the market seeks correction in a overheated market the ‘weak’ assets will fall the furthest
c. Pick assets and suburbs that are the least affected by bear markets
· Select quality assets in quality suburbs (easier said than done - how do you do it!
d. Prune assets in portfolio and conserve cash for the upturn that follows (while some may say never to sell)
e. Profits are made when you buy (at wholesale)
· Be the wholesaler that sells at retail. Again easier said than done!

 

You forgot the most important things imo:

1) numbers ie profitability. That dictates everything in a development and is more important than any other factor. Does my feasibility, with a decent amount of accuracy, tell me this project is worth doing. If the answer is no or you are unable to do an acurate-ish feasibility then the entire exercise is futile

2) does the market want the product im thinking of creating

3) do I know what I'm doing well enough to answer the above questions confidently and accurately. Personally, based on your questions so far id have to say you're trying to walk before u crawl, i dont think you're anywhere near ready to do a development, especially in a challenging market like the one we're in now.

This is in no way an insult or meant to be offensive, just my opinion based on my experience in the field. There is no reason you can't in the future get to the stage where you're ready, I just dont believe you're there yet.

Just my opinion, I could be entirely wrong

 

@sanj - correct not there yet as from there my questions. Any suggestions how to expedite this process.
Spend considerable time now reading threads and looking at various areas; Butler, Balajura, Maddington etc by looking what size houses/units are selling, historical sales & prices, historical rental data, proposed rezoning areas, intramaps, WAPC minutes/approvals, new developments etc
From there the conundrum; before I can do a financial feasibility I need to know which area to pick and preferable have a block in mind that is sub-dividable that can take a development within my budget that will be in demand.

To add to the uncertainty, where will the most suitable area be in 18-months - is it possible to determine this?

 

You need to be able to run feasibility numbers pretty quickly and accurately. There are tonnes of development blocks available on the market, but very few that stack up on the numbers.

 

Yes agreed on this for any beginning developer. Just lots of practice in running feasibilities, which involve a lot of different variables even for the simplest development.

Its usually best to start with simple developments like retain and subdivide, as well as with areas that you know quite well already.

 

Yeah I think this is the wrong way around. Start by doing feasos wherever you can, and then you get a better feel for which areas, and types of sites that might be more viable.

 

@ottg in your budget and requirements, ie a small subdividable block there is just so few options that it really is hard to find one or even 2 which will be feasible. Doing a duplex under $600k that has 20% profit and be low risk (ie some demand in the area) is a hard task.

@Aaron Sice showed you one and I showed you another. There is probably less than 10 around Perth that fit your desire and not all of those will be feasible.

 

I would personally be looking for an R25 or R30 splitter now the shine has come off them.

 

Thanks for the input - will come and knock on your door soon

Three weeks ago I contacted various property managers for Butler and Catalina for get a better feel for rental demand. I was told that Butler have a oversupply of rentals with 2-3 months open. They also offer 4-7 weeks free rent. No visible activities around the precinct areas currently. Catalina no better.
This hard task is exactly the nut that needs to be cracked and what I need to get grips with - just bear with me will get there.

Will keep a open mind and as @thatbum said my feaso should show when I can get away with a R25/R30

Thanks for all the inputs[/QUOTE]