Hi I like a splitter block but it has three downsides 1. The current house is on both blocks 2. There are six not three neighbours 3. It is a very small narrow street 4 there will be no view it does face the right way ie living areas at the back are north facing driveway to south it is in a quiet area it is well priced. What do you think!?!
What's a new house worth in the area? Would you get 3 on the block - 20 x 10m across the back and the other two split equally?
No. The new builds would be 660 each. With costs of almost taking all the profit if 400 each block with 300 build. I was really intersted in the neighbour numbers as I’m keen to do some splits. Maybe not this one.
When you look at the block and the 4 that have already been split next to lot 13 then there would be money in the deal if you were to just turn the house around once the block is split ,then just sell of the other block.. Just my opinion if this is in Brisbane the subdivisions cost may well go above 80k,then as there is no street view power supply would be another item to factor in depending on the area and looking at those old gable roofs then this is a old area..imho..
Our project has been way more expensive than anyone estimated it would be. I’m quite sure a developer would not have taken on our project. If we were building to sell for profit we would be in trouble (we would have sold with the DA instead). I would suggest you run the numbers with a developer, project manager or quantity surveyor to work out if it is worth doing.
If you don't know how to do a proper feasibility then I wouldn't be looking at developments tbh. You'll likely lose a lot of money with your current level of knowledge.
Provides a good broad overview. Australian Residential Property Development By Ron Forlee | Used - Very Good | 9780731403073 | World of Books Australian Residential Property Development for Investors
@SOULFLY3 There has been a few updates since then so you might as well get the more recent one Australian Residential Property Development for Investors : Ron Forlee : 9780730315094 He's just written a new book that came out a couple of months ago - I haven't read it yet but it might have some info for you if you are getting the other one Fast Track to Passive Income : Ron Forlee : 9781925952308
@SOULFLY3 if you're wanting to part with 5k for two Ppl, Bob Anderson does a good 3 day course. No holy grail but a very good starting point if your interested to develop. Not absolutely essential....but then neither are investment books..