Hi All, I'm looking to buy my first investment property. I've selected the area I'd like to invest in, it's a relatively lower-class area on the border of a new development that's expanding. In some of the streets I'm looking at, there's one or two blocks of vacant land. Is this a warning sign or something I should be concerned about?
If it's a fairly new area then there will always be some vacant blocks owned by people that want to wait before they build or are just hoping the block will go up in value without building and will sell as vacant land at some time
I've lived in this area for over 25 years, there's been one block which hadn't been developed until a couple of years back. All of the adjoining houses date back to the 1960's. 4 or 5 new houses have been built around it.
Thanks for the replies guys. I should mention that most of the houses in the area were built around the '70's
I see similar things in lower socio areas in Adelaide where the housing trust has demolished the house and are planning to sell the vacant land off
Oh I thought you said it was new development. Then I tend to agree with @DaveM and it's likely they are blocks that have previously been housing commission and they will either build new houso on it or sell off. Check ownership and go from there.
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