Where in Sydney do duplexes stack up?

I live in Inner West, and always wanted to develop a duplex and move into one side then eventually sell both. But duplex sites don't seem to stack up any more, as they're selling for $2.2-2.4m in Concord now (a friend bought one 12 months ago for $1.8m which he will do well out of). They seem to work well in Miranda and surrounds ($1.2-1.3m for a site, end value circa $1.3-1.4m) but I don't like the area and I'd rather a buy in price around $700-800k.

Does anyone know of areas in Western Sydney where duplex sites make sense? I'm planning on sitting on it for 1-2 years before developing but I'd want to see a 15-20% margin on today's figures.

 

You will find not many will stack up in Sydney at the moment due to a few factors 1) you're competing with builders, mums and dads who may want to sell one and hold onto the other or people just overpaying for sites due to FOMO. They are not necessarily working of a development profit. As a result, you will struggle to achieve even an 15%-18% MOC. Even at $1.3m for a site and end value of circa $1.4m it won't stack.

In Western Sydney duplex sites don't stack either due to the construction cost + land value versus end value. Not enough spread. Where it works is in the more expensive areas such as the eastern suburbs.

 

Ryde

Went to view this one - price guide was $1.5m might be classed as Duplex Site?
Take a look at this property on www.domain.com.au:

Immense Potential in Premier Location
12 Raven Street, Gladesville

12 Raven Street, Gladesville NSW 2111 | Domain

 

What makes you think that's reliable?

 

Where did I say it was reliable?

If you clicked the link you’d see that it sold for $2.22m and the Buyer’s Guide was $1.5m

 

I wouldn't advice Ryde due to council attitudes

Epping/Carlingford in the old Parramatta council areas maybe? Though there is a rumour this might not last for ever as duplex friendly zoning

 

In most locations duplexes are side by side

 

But you wrote 1.5. Why would I click the link? You wrote 1.5.

I mean why not write 2.22, that changes your response entirely.

It's like someone asking where can I buy a place for 100k?

And you reply: Sydney east you can buy for 100k



*link



**link to a link


**30 years ago

 

Correct. I wrote Price Guide WAS $1.5m.

Haha it’s absolutely nothing like your example. I think you just look and feel a little silly. Just read posts properly, no hard feelings.

 

Nope don't feel silly at all. I don't understand what you felt you were adding to the conversation by posting a price you now admit you felt was far off the real value. "A friend of a friend of a friend said a house near him is $1!". What's the point of posting that if you thought - know - it's schoolyard rubbish? Let me try my hand at it:

This house was only about $2m, so the numbers could stack up!

Sydney auctions: Crows Nest terrace sells for $3 million, smashing reserve by $900,000

 

This is off topic now. No point explaining something to somebody who can’t see passed their own nose

 

Sure, so someone asks: how do the numbers stack up.

And you post a link to a property that - in your own admission - doesn't stack up.

Valuable contribution bud.

 

You’ve done the calcs and determined that developing that Gladesville property into Duplexes wouldn’t stack up? Honestly stop now

 

Nice strawman.

 

Why do you keep editing your posts? Just leave it honestly it’s getting a bit

 

Grammar. I type faster than I can think.

 

That’s for sure

 

So this thread got off topic quickly...

Anyonr care to share any other areas where they might work?

 

Lots of people did it in Dundas Valley in recent years, loads of weatherboard homes on big blocks knocked down and rebuilt into Duplexes. Not sure how the numbers stack up now though.

 

Go drive around Revesby, Padstow and Panania. duplex galore there.

I worked backwards on a duplex my client just bought, Net return was around 22%.

However this developer purchased the land in 2019, and juat land value in today's market wouldve went up around $100k.