VIC Post up on new land releases in Melbourne

hmmm,

mine starting 2015 Jun to 2017 Jan

105k........160k........191k........165k.
builds: 174k........220k........190k (locked recently)........TBD.

Always come across cheaper lands but no money to invest.

 

Hmmm I have spent $215k 3 times on builds with Simonds. I have kept these three homes and they are all 4/2/2s with many bells and whistles.

For my packages I have on sold I have spent $150-180k.

 

I have never bought in a lottery. It's normally too expensive when it gets to that point. I buy when they have less competition.

 

that is not bad with simonds. pretty good pricing!

how big a home?

i find the quality and smaller guys better

 

If there are lotteries ...then that market is too hot...try markets where no one is buying.

I got laughed..and so did @Cactus and @Connor at by some of the blocks we were buying under 200k.....these now don't exist.

I remember a Melbourne broker and buyers on this forum telling me that Outer Melbourne has poor returns when I bought my block in Mickleham for 125k...in 2015. The house on it has has been built and it is now worth 450k plus. The total cost was about 301k...turnkey.

That is 50% gain...some have spent 900k on 3 houses on Logan to make less than this in profits. That is because they went down the yellow brick road with Dorothy....

 

You are the torch bearer of the h&l parade
Do you see opportunity in any other areas in Melbourne? i know I'm too late to the party

 

You nailed it pal! Well done!
Will you continue to buy in Melbourne or interstate?

 

No that would be Messers @Cactus and @Connor ...I am am a mere amateur in this stuff.

Do I see much opportunity in Melbourne...very little as the price points now is not attractive from my perspective......

H&L is just one strategy...many other strategies.....I am in a bit of hurry as I want to ride out into the sunset like all good Cowboys...in the next 3-5 years...

The only word of advice is buyers agents and mortgage brokers do not always have the answers.....

 

One of the signs along the yellow brick road ...
You can"t very easily change a property,s location or condition--but you can relatively easily change it's price..

 

Mostly ...correct...interestingly...some locations are now less popular today than they were in the past.....primarily due to immigration...

 

I got a good laugh out of this. Apart from the first paragraph the rest is all very true.

 

21-22sq I have been very happy with their quality and the spec I have been able to get for that. But not turnkey. My smaller builders are far cheaper but some inferior styling for joinery and fixtures and fittings. I certainly don't care when selling to an unsophisticated marketplace, but when retaining for 10 years I think my Simmonds builds will be rewarded.

 

Hey mate, are you please able to tell me how much Simonds charged you for a 22sq build and how long from contracts to completion?

 

First two were $210k last one was $213k for a 21.7sq. Build. Last one took 18 weeks.

 

Thank you.

 

OK did they put stone to kitchen, downlights, A/C in that price.

Also what did the end cost end up at?

 

Takes time... My strategy has always been to regularly visit the estates, talk to land sales people, RE agents. Build rapport....etc Sounds cliche i know...

Lots do regularly come back onto the market. Trick is you want to be the first one they call when they do.

They key is to intimately know the market. So when you do get the call or a blocks pops up, you can secure it immediately.

For eg, the block i secured last week was a phone call and CC deposit over the phone.

 

Yep stone, led everywhere with min 2x led each room , 1200x900 showers with niche, floor to ceiling tiles in ensuite, double vanity, 2x A/C, water point to fridge, extra power points everywhere, pendants over island bench, draw towers to robes, upgraded tiling throughout, upgraded carpet, upgraded bricks, 900m concrete pathway around house, waves to rear and alfresco, 2590 ceilings, bulkhead to kitchen, extra ruling in laundry behind washer dryer. Triple stacker sliding door to alfresco, upgraded lights around outside of house.

Turnkey I do holland blinds, exposed agg driveway, antennae, letterbox, washing line and landscaping for $10k.

 

I got told I was crazy buying 3 lots in Sandhurst in Melb in 2010. Sold 2 and made over 100k each within 18 months. The 3rd I kept, owes me 355k, rented in 2011 for 450pw. It's now pulling in 500pw and worth over 700k. Hasn't cost me a cent to own.
In hindsight I should never have sold the other 2 Lots, but the funds were allocated to other developments.

Came back to doing again H&L in late 2015. With inner Melb prices booming and government spending huge amounts on infrastructure in outer Melb. That combined with population increasing at records levels and the affordability H&L markets represented. It was abit of a no brainer for me.

I remember putting together deals with 50-70k equity on completion at time of purchase. But in reality, the numbers have been more like 100-150k equity on completion.

 

Wow that was really sharp...