VIC IP in Melbourne with 600sq

Hi all,

I'm new here and have been researching property investment when I found this forum. I am looking for a first IP up to $750k and would like to some help suburb recommendations and whether land size matters.

At the moment I've been looking at Ringwood/Croydon and surrounding areas but can't seem to find anything within budget thats 600sq. There are a lot of houses around that have been subdivided already so have their own title but only 350-400sq. I'd like the benefits of larger land but is it that important? If I buy a house with smaller land does that mean I'm more limited in options in the future?

Any advice much appreciated.

Thanks,

 

No u're not if u buy smaller land in fact anything 400sqm below is not subject to the minimum garden requirment when sub dividing Rather than land size it is best to see the zone the area and overlays as it can determine what can be build

Ringwood is one of the suburbs that has already made that leap. With the shopping centre redev connection directly to train station and the highway u can be in cbd 40 min standard traffic was there on the weekend. I remember my friend bought there 10years ago 200-300kish now revalued at 1.2-1.3 mil. And his rates went up by 120%just recently

 

Bundoora / Watsonia / Watsonia Nth?
should be able to get something close to 600m2 at around 750k?
may need to be quick, see this post
Why is this property so expensive??

 

Do you mind me asking how old you are? Well done on being able to spend up to 750k on your first IP. Mammoth effort!

Land size does matter in terms of whether it fits within your "strategy". Work out what your end goal is, and work out what you need to do to achieve it. I'm guilty of this too but I've come to the conclusion we don't need to be hung up on "subdivision potential" for every property. Your first IP property may not be primed for subdivision - and it might not need to be - but you can plan for other properties in your portfolio to align with a development strategy.

Value of land is in its scarcity, and obviously the bigger the block, the more $$ and more uses. Up to you to decide what the highest and best use for the block is. Don't underestimate the importance of location too and not just focus on land size - think train stations, upcoming infrastructure, school zones, shopping centres, parks etc.

 

Why don't you try carrum downs or even Frankston big blocks good potential...only thing in Carrum downs is lot of court Location blocks..but you will pay less in terms of cash n land...

 

for 750k have a look at Ferntree gully ,upper ferntree gully , upwey, tecoma and Belgrave , you have higher chance to get 4 bedrooms house on full block on these suburbs

 

Do you mind expanding on this point regarding minimum garden requirements? If the block is under 400m2 wouldn't it be too small to subdivide?

 

the minimum garden requirement is only applicable for sites above 400sqm.

I have seen some queries you are asking on sub division etc and cost. First things i think if you have yet to buy a site is to study the zones , various overlays, contributions and the councils maps. Also the neighbourhood surroundings etc. Remember H&L is different to

To answer your question is "yes/no" depending on council and zone and the capability or motivation of the town planner/architect Some TP/architects simply want to churn plans with no motivation to push the boundaries.

I highlight 2 examples, 188sqm (4 townhouses in North melbourne) and 406sqm(4 townhouses in thornbury)

 

Thanks for the advice! I actually stumbled upon the thread regarding minimum garden requirements and had a good read of it just after my post above.

I've noticed heaps of properties being sold around Broady area with permits to develop 2/3 units so would be curious to know if it's all because of the new regulations.

 

broady been around for a while. My Sparky got a few there himself though not for the faint hearted.

 

Have you purchased in CD?
Have been looking into this quite intensively of late
Any commentary is appreciated.