Impact of irregular shaped blocks (Werribee)

Hi all,

I was wondering what effect irregular blocks have on potential prices of homes moving forward?

I am looking to buy a property in Werribee but it is an irregular block at the end of a court with very limited frontage, although on a large block (635sqm). I did speak to an architect and they did suggest that two units could be built on the site, although the front one would have to be a 2 story and one of the two would probably need to be a 2br.

It's probably worth noting that the property in question has been valued at 460-510 though I will be paying in the region of 410-450 as it is a family home.

I'm not necessarily looking to redevelop myself but I don't want to potentially restrict my options or deter potential buyers in the future. Generally speaking, how much of an effect might this have on property value in the future?



Thanks in advance!

 

Depends where it is. If this is in a more affluent area you may actually manage to devalue the site by putting units on it rather than leaving the streetscape as a house with yard feel.

 

Thanks for your reply @JacM. That's a good point as I'm always hearing about building units being the way to go. As I said, I'm not looking to do that myself, just wondering whether it is worthwhile buying an irregular block or just paying a bit extra for a more regular shaped block with my main consideration being capital gain.

 

The development potential is limited, but the shape is absolutely fantastic for the existing use of the block. Limited street frontage on a cul-de-sac is nice and private, then it widens usefully by the time we get to the house. Storage and "stuff" areas on both sides leave a nice big uninterrupted backyard to the rear.

Assuming it remains in its existing land-use, this particular block is great. The area all looks pretty suburban now, but I guess if it ever became a development opportunity in the future you could always have a chat to the neighbour on the left- that's a great shape for a small townhouse complex!
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As for irregularly shaped blocks on a whole, it really depends on specific shape of that block and all the other relevant circumstances- area, existing and potential future land use, etc.

 

In terms of development, the council may raise issue with parking as it is at the end of the court. Other than that, the value of the block would depend on the creativity of the draftsman and what he can fit on the site

 

i would just avoid it it is a very odd shaped block and parking and you will end up with a very small like odd shape house as well. there is also the minimum garden req you have to confirm too. rectangular blocks sell better .just looking at that shape already gives a headache.

unless you never want to do anything - you can then just leave it as it is

 

Just sold a DA on irregular block Melb, in end of court, very similar shape though closer to 1200, this is second time I have put together a DA in court location, Melb. Been told by more experienced developers than me that it cant be done. Not true.

What happens is the neighbours will raise issues about traffic, safety issues being in a court, seems even bins are an issue etc, but at the end of the day if you can work with Council and it ticks the boxes in terms of zoning guidelines etc and you employ a gun town planner you can do it.

I expect a discount when buying due to the irregular shape of the block. Mind you in a hot market like Melb and deve sites, there will be no discounts, only multiple offers.

Key is to find out what you can build on the block, regardless if you are developing today or not, it means you have options, and you can add/increase value down the track

 

Thanks for your replies @Tom Rivera , @Wall Street , @melbournian, @MTR !

I guess the general consensus is; it's fine if you want to leave it, it may be difficult to develop and finally find out what can be done with it if you plan on purchasing to keep future options open!

If possible, I think I'll go through with the property purchase so I'll be going with option three. I'll provide any updates as/when it comes up. Thanks very much!