Resale land before settlement?

Hello Folks,

I am new to this forum. I am wondering if there are still lands available around Melbourne that I can hold for 10-20% deposit and resale before settlement?

Is it legal?

 

For what purpose? To make a profit? Sounds highly speculative.

 

Yup for profit. Well, I want to find the land that will be settled in a year ot couple of years. Most of the time, land price increases. In fact, I just want to raise a deposit for my first home.

 

Why not just save a deposit a traditional way? Otherwise your strategy just seems like a riskier version of putting it all on black. Do some searches on these forums - the topic has been discussed before, and the consensus was not positive.

 

Thanks again for your reply. U r right about risk and saving traditionally but it's not possible because property prices are increasing more than my rate of my savings. I will search the post.

 

Sounds risky.

If your buyer fails to complete, you may be legally bound to settle on the land. Make sure you have a plan B.
Marg