QLD ROBERTSON Brisbane Purchase

Discussion in 'Where to Buy' started by Bris developer, 11th Jun, 2018.

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  1. Bris developer

    Bris developer Well-Known Member

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    9 Wilonda Street Robertson Qld 4109 - House for Sale #128458014 - realestate.com.au

    I have gotten this under contract . Wondering what fellow Brisbane PCers opinion is on :

    1.Robertson as a long term play and whether market square revamp will cause a further uplift in prices ... noting this area ALREADY IS QUITE EXPENSIVE by Brisbane standards

    2. would there be demand for a renovated house around the high $1m-low $2m mark on a 650sqm block in that street

    3. Whether I am better off to demolish the house and build 2 brand new ones..

    I prefer to split, retain the bone of the home on the LHS and Reno
    This is less capital intensive than 2 brand new luxury new builds


    I know inner city 5km ring gets a lot of attention and anectodal comments from Re agents seems to indicate a lot of the wealthier Asian families and second generation are actually moving out of the area and closer to the city and good schools...

    However wilonda street is gorgeous peaceful and tree lined.
     
  2. lightbulbmoment

    lightbulbmoment Well-Known Member

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    No idea about brissy but that looks like a hell of alot of house to demolish and i dont its days are over yet. Reno time
     
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  3. Bris developer

    Bris developer Well-Known Member

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    Thanks for feedback
    I agree fully
    To knock it and subdivide and start fresh is not going to be profitable

    The key is retaining the house on the LHS. Cut through middle and maybe even retain the RHS granny flat

    My sums are
    $1.9 purchase
    300k - holding stamps and subdivision
    300-400k Reno

    LHS renovated house = $2m
    RHS Vacant block = $1m

    My concern is that to get $2m you need to make the house look ultra modern and my budget if 300-400k May be nowhere enough

    Have an architect and surveyor out there tomorrow. Fingers crossed
     
  4. Sackie

    Sackie Well-Known Member

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    Hope you have a long enough DD clause to work out all your options, costings and profit margins.
     
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  5. willair

    willair Well-Known Member Premium Member

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    That's a good location ,some of the houses within walking distance of that block-- some that cover several house blocks are only used for a few weeks each year ,that property ticks all the boxes -price -size -location
    my self I would just leave it as it is,once you split that block you will need very deep pockets ..imho..
     
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  6. iloveqld

    iloveqld Well-Known Member

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    I did only a few, if this is your first one, I would suggest you to rent it out right away and continue to do your calculation and paperworks ;)
     
  7. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Pity there is no little walkway through the end of culdesac to shopping centre, then it would be 300m2 min land
     
  8. iloveqld

    iloveqld Well-Known Member

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    Can we get a few each around that area, and build one walk way together?
     
  9. ycdfdyan

    ycdfdyan Well-Known Member

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    Yes or no I think. I don’t think 300sqm lots will be the right stock for that market.
     
  10. Bris developer

    Bris developer Well-Known Member

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    Thansk for all the feedback
    Leo I have followed your posts with enthusiasm and u r well versed in luxury rebuild sell and profit

    It doesn’t appear the agent is willing to given much more than 2-3 weeks of DD and architect is advising me to just buy it and work out the details later

    I have concerns that the subdivided next blocks may be out of character for the area ++ costs of renovation are very hard to confirm without architects input which will take 4 weeks or more.

    Unsure how to proceed

    What I do know is plenty of people are spending close to $1m to knock down and rebuild these days (And not in “blue chip” streets). I feel the 2 subdivided blocks would be over $1m each But to Create any equity there needs to be a clear plan to renovate the existing house in a cost effective manner and still get a high value vs. simple doing 2 new rebuilds

    End goal was really to create a 50% discount on the RHS block and do a luxury dream
    Home .
     
  11. Sackie

    Sackie Well-Known Member

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    HI mate,

    Really need to work out the best use of the land that will yield the best return. I definitely wouldn't just listen to the architect who said 'buy now and work out your options later", that's ludicrous.

    If it were me, I would:

    1. Talk to a town planner asap to determine exactly what options you have for the land.
    2. Go through all the options and do BOE feasibilities on them to see which option if any makes sense. You also want to make sure you know where services are in case you need an easement. Get your TP/engineer to investigate.

    If no option makes sense or the margins are too slim, I don't see the point in purchasing really.
     
  12. Bris developer

    Bris developer Well-Known Member

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    The house next door sold for $4.5m in 2014 which gives me hope my large outlays can be recouped with 2 homes.

    But Thansk food for thought I will talk to the planner tomorrow. He has said not any real issues with driveway access or subdivision .

    As it’s a PPOR holding costs not an issue as we plan to live in the renovated LHS house while doing a subdivision and new build next door.

    The $500k question is the reno cost and design practicalities which are not answerable in a 2 week DD period
     
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