Newbie considering a subdivision in Moorabbin

Hi, I've been reading from the sidelines for a while. We have a family home in Moorabbin and are considering developing the block - very much starting out with the research at this point. We have 790 sqm - approx 16mx49.5m. We are thinking of a dual occ with a side by side as a preference. We would live in one for a couple of years and sell or rent the second. I'd love some advice around whether a side by side or one behind the other is the better option. I'm not interested in three on the block as we want to have a small yard and there are already so many of the 3 on a block developments around here. Any feedback will be gratefully accepted.

 

You need to check if its financially worth it. You might be better off just selling and buying something similar to what you want nearby.

 

We have looked at selling - we've been approached by multiple developers based on the size of the block and proximity to the station. The issue is that they are willing to pay slightly above market but not that far above that we would be able to move ahead to a home that requires little work and is in the same area - kids are happy in their school so staying in the area at the moment is a preference. Factor in stamp duty etc and we move sideways only.

The ideal would be to have this as our kickstart into further property investment/development. We know we could sell a subdivided place at close to the offering price from a developer based on what we are seeing in the local area results. If we could sell one, we would wipe most or all of the loan putting us further ahead financially and still end up with a solid family home. We are still very much in the early research stage though and I'm trying to learn as much as I can about options, costs, realities, risks, etc. We have had investment properties in the past - that I regret selling but life stage/need dictated - so we are looking at getting back in.

 

Without knowing to much about the scenario I would opt for 2 separate dwellings on separate titles as a opposed to a dual occ.

Find out who the gun REAs are in your patch and have a chat to them to gauge which product is in demand for your area.

You would need to do a feaso, either yourself or preferably pay a professional to do it for you.

Also, if you need finance then a broker experienced in developments would be your first port of call then a town planner / surveyor to confirm whats possible on the block.

 

Two-unit developments now fetch a premium in Moorabbin; there’s high demand given neighbouring East Bentleigh has become unaffordable to many.

A 3-4 bedroom unit will be attractive to families, gives them many options. My developer clients are targeting that demographic, who are more cashed up and willing to overcapitalise. Quality finishes are important.