Seeking help on land in Tarneit

Thansk @albanga . Yes, I have checked and they are allowing to sell.
Only reason I was interested in selling as to make use of opportunity cost and save hassle of building and renting in an area which has abundant supply. There is risk of place not getting rented even after building. Then I will be losing a lot of money on capital growth as well which I will get in some growing location v/s flat growth in Tarneit.
But of course, losing full deposit, in case I dont get a buyer, is not a good idea. In that case, I would have to build and sell or rent and take the hit on opportunity cost. In that case, I would just expect that I get a buyer or renter soon for the property.
Thanks for Metricon tip. I will check with them. What size of build and accomodation is recommended here.

 

thanks mate!

 

Do you have the capacity to sell out?
$15-$20K now is nothing in 10 years time if you are correcting a mistake.
Much Kudos to you, many push through and don't acknowledge their mistake and hold onto a bad property. If you can offload the land and take a hit, I would do so 100%...

 

Couldn't agree anymore ...

Figure out how much you can sell it for and go from the..

 

Thanks @Greyghost and @jazzsidana
I am ready to take a hit of $10k to $15k as well. But not finding any buyers in this market.
Just dont want to go ahead and get stuck in a flat Melbourne market with no growth in sight in near future. But letting go of $30k deposit is also too much as I dont have that kind of money saved up to invest somewhere else at the moment after letting this money go.

 

So when you initially bought in how long where you planning to hold the property? Property aint a game for short sighted goals.

 

Yeah, I understand that. But it was really for a flip only...short time, which I know is a mistake

 

If I were you, i'd just bite the bullet and build a 4-br house and rent it out later.
Find a builder with good reputation though, not necessarily the cheapest one.

Despite the gloomy outlook at the moment, if you think about it, Tarneit is a suburb 25km to the CBD, its land prices won't stay this low for too long.

Also if the AEC project goes ahead this or next year, it will have a big positive impact on surrounding suburbs as well because of the huge employment opportunities generated:
Australian Education City consortium releases new East Werribee details - Star Weekly
At this stage, the super ******** gov staffers are unable to reach a decision yet.

w.r.t the numbers, not sure if it's easy to rent out a basic 4-br house at $450/week. Depends on your location of course, but I feel generally $400/week is more like it in today's market.

One important point to keep in mind though: if you take out a construction loan to build a house and then rent it out, it will reduce your borrowing capacity, so you might miss out on opportunities to buy other properties that are more promising.