VIC Super steep allotment: how much more do I need to pay?

Discussion in 'Property Analysis' started by segue, 12th Oct, 2020.

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  1. segue

    segue Member

    Joined:
    18th Mar, 2019
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    Location:
    Melbourne
    21 Hockey Lane, Ascot Vale, Vic 3032
    https://www.realestate.com.au/property-residential+land-vic-ascot+vale-202751766

    This property keep popping up on my social media. Great spot but I can smell trouble. But I don't have the figure on top of my head on how much more do I need to pay to level this allotment compared to those level allotment. And what are the other associated risks on a land like this?

    Thanks
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Say it costs an extra $200k in site costs (excavation, retaining walls or split level to avoid additional excavation or screw piles & steel framing) - does that kill the feasibility?
     
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  3. Elives

    Elives Well-Known Member

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    Can't you just build on stumps / split level?
     
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    A geotechnical engineer would be able to advise. Making a lot flat doesnt mean there are no site costs. The land could contain crappy rubble, rocks, a slab of sandstone or be rubbish fill. eg a former pool in the yard that was excavated and filled.
     
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