Hi Everyone, I bought an R4 zone land and I'm planning to build Owner Occipied house. Will this house have any value built up in the future. Thanks, Steve
No, a developer will bulldoze it if they buy the site. If it's overpriced, they will just take the others around you and you'll be landlocked. Don't spend too much on the build ie don't overcapitalise - bog standard project home, no whistles or bells. If there's a shortage of units, then developers will come looking sooner rather than later. You may get a few years or you may get 30 years - who knows?
I am not sure it will be the best use of the expensive land. Any reason that you wouldn’t develop now?
Thanks everyone. Samiam: The land parcel is small and can't develop dual occupancy. It's close to my office and though to move in. Land around are not being sold for years now and don't think the owners will sell in the future.
Having sold an R4 site many years ago, I wouldn't even add a granny flat let alone build a new house on it because you won't get it back. You don't want to be left land locked so be friendly with the neighbours and find out what their intentions are so that you can sell together.
Hi Tyla, I'm a first time home buyer and bought a 400 sqm land (min lot size 550). Have two more land from the corner plot. They haven't sold since last few decades. I bought this land as it was close to my office. Intend to live here for few years. Will this have any return may be after 5 - 10 years. Thanks
Just build a basic/project home and wait for the opportunity for a developer to buy your and your neighbour's property. You will not able to do much with R4 without larger land, larger frontage etc. (LEP & DCP issues).
