VIC PPOR Sub $1mil Melbourne

how are the blackburn's fairing, they'd probably be my pick for a mill -- mightnt get a weatherboard but an oldish modest brick'n'tile badboy should be do able ?

 

thanks to the correction in the market it's possible to buy a single fronted victorian closer to the CBD in the inner suburbs like Richmond or Thornbury for a Mill. Best properties for capital growth and what we love to buy our clients.

 

Ideally a house, but would absolutely consider a townhouse with a good outdoor entertaining space and a bit of garden.

 

We suggest you use some type of property development option in order to buy at a lower price (wholesale price) this would allow you to "suburb leap".
The right option may afford you to buy at as much as 20-40% less than the market price. This brings suburbs like Burwood, Ashwood, Ashburton into play which are only a tram or train ride away from Camberwell.
This option does not suite everybody as development can be testing but it may work for you.

 

Can you elaborate more on this? I don't understand how you would finance this.

 

We should start by saying that property development is hard and quite complicated but the benefits can be very rewarding.
We firmly believe that the spoils of development should be enjoyed by all not just developers. 2019 is a very good time for home owners to develop. That applies to people who have property and to people who wish to have property.
How you use "development" to get ahead in life really depends on your particular situation.
As you are looking to buy and as we understand it you have time then one way is to put yourself in the position of a developer.
Usually "end users" are buying Town Houses (family homes) from developers at market price. Those developers obtained property at wholesale price via. "development". If you remove the middle man then you get their spoils with only some of their costs.
Not knowing your particular situation it is hard to be specific on HOW but hopefully this gives a general insight.
We suggest starting with WHERE you would love to live and WHAT you would love to live in, ask how much a developer would create this for and work backwards from there.

 

I'm not convinced that buying a development site gets you a wholesale price. Absolutely the competition diminishes as people won't be comfortable or have the desire to take on such a project, but you start competing with actual developers and builders. You take on an enormous amount a risk as well, particularly when you look at the number of small builders that go bankrupt.

 

At the end of a development we hope that the units were created for wholesale prices.
That should be the aim!
Our belief is that there are two main risks with development.
One is failure to obtain approval and the second is failure to sell at a profit.
If an "end user" (someone wanting a property) is involved in the development then the second concern is mitigated as one is effectively sold.
2019 is a very good time to buy development sites particularly for an "end user" as competition has diminished.
You will not get a development site at a wholesale price but you should get a very good opportunity to buy well and develop your home at wholesale prices.