Joondalup Rezoning

Thanks very much for that, really helpful!

 

Working out the cost of your land for the feasibility ?

Purchased the old house and block in Joondalup city for $400,000
House revalued after time and a small reno $620,000

Refinance and pulled equity out $100,000 which was used to purchase another property.

So when doing a feasibility, what would you use for land cost $400,000 or $500,000

 

I'd be very surprised if your typical 210-240 sqm block (what most of these R40 blocks are after being subdivided are worth $300k.. I'd expect them to be worth more around the 230-250k in Heathridge, Craigie etc where a large portion of the suburb was rezoned (even that may be a stretch). Your typical triplex block in this suburb ain't worth 900k land value once broken up.

 

You would use 620K as cost base ie current value.

This way you can compare returns and ROI with selling the property as is. This eliminates market movements from your returns to ensure the work done is worth the rewards.

Example, you may make 200k selling as is or spend 18 months developing and selling it to make 250k, hardly worth the effort/risk.

Cheers

 

Yep, good point Jamie. Sorry i should have prefaced this with 'depends on location and suburb'. I was thinking of a couple of blocks i have seen in suburbs like Edgewater or Warwick.

Cragie or heathridge, definitely something like low to mid 200's as Jamie is talking about.

 

Wanneroo zoning now here.

 

Joondalup battleaxe access leg must have a minimum width of 4.0m GREEN BLUE or RED must be 4m ????

 

Move the hot water? I imagine the eave maybe a problem, not sure.

 

Green.
Maybe they will allow an easement for the eaves.

 

Also worth checking if you can do 3.5m total when retaining and existing dwelling. In Stirling you can.

 

Blue.

Relocate the HWS.

Register an eaves intrusion easement over the CP drive.

 

May not have to relocate completely.

Get an Rinnai SBOX recessed box and a new Infinity 26. Cut bricks and install. Bricks to the back of internal leaf should be 160mm looking at the pictures. May work out cheaper?