Suggestion for a development site in Melbourne

Discussion in 'Development' started by Divyesh Waghela, 8th Jun, 2021.

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  1. Divyesh Waghela

    Divyesh Waghela New Member

    Joined:
    6th Jun, 2021
    Posts:
    3
    Location:
    Melbourne
    Hello Everyone,

    I am currently looking for a property with a development potential ( where I can fit 2 to 3 townhouses), and My budget is around $1.5 MIL - $2.0 MIL for whole project.

    I will start the development as soon as I received the permits. Hence I need some suggestion of the location suburbs, where we can I get good return once the whole project is sold.

    Thank you
     
  2. Sackie

    Sackie Well-Known Member

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    18th Jun, 2015
    Posts:
    24,755
    Location:
    Vaucluse, Sydney.
    Have you undertaken a development before? Do you know how to do a development feasibility?
     
  3. Divyesh Waghela

    Divyesh Waghela New Member

    Joined:
    6th Jun, 2021
    Posts:
    3
    Location:
    Melbourne
    No
     
  4. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    24,755
    Location:
    Vaucluse, Sydney.
    I suggest you research how to do a feasibility then network with other developers at a Melbourne meet up. You will need lots of help if you decide to go ahead. Assuming financially you could.

    I have no idea your risk tolerances and financial position. Just know, it's moderate to very high risk what you're wanting to do.
     
    Divyesh Waghela and Tufan Chakir like this.
  5. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,851
    Location:
    Brisbane
    Are you hoping to buy the site as well as do all you need to get to finished townhouses within a $1.5 to $2m budget?

    We’ve just done our first and only four townhouse development on land we already had.

    Regardless our spec was higher than we could have gone, the extras before and after the build, including civil works were so much higher than we'd thought.

    Whatever you think you might spend, double it, and you'll have some left over. ;)
     

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