Hi, I’m looking around for my next IP (in Melbourne) that is of house and land. I’ve recently come across a few blocks of land that were last purchased only a few years ago. Today the owners are asking for double their money. It was hard for me to refrain from using “demanding double their money” in as little as two years. While looking in a northern suburb I came across a nice single block of land with double sided street access. Which I admit is rare and screams subdivision. It would be difficult for even a newbie developer to mess this up. I’m trying to get into the IP mindset, but when does profit turn into greed? For example, this property (Onthehouse.com.au: Your Home for Property Research) was sold in DEC-2014 for $580k, and was listed for auction last month. I attended the auction out of interest and the reserve was higher than $900k (no one got even close to the reserve). Thus, the property was passed in. The property is still on the market via private sale with an asking price of $915k (recently dropped from $980k). That’s a return of almost 30%pa without the owner lifting a finger such as clearing the land or actually doing the subdivision to make it appealing to a developer after two years. Obviously we don’t know the owners circumstances, but is this an example of greed, or a wantabe developer unable subdivide and build, or something else?