where to buy for sub-division/reno?

Hello friends,

am a silent reader here.

wanted to hear some opinion. Im interested to purchase an IP with strategy of either renovate and sell or subdivide (maybe sub-divide and build two townhouses. budget for purchase is up to 400k. What areas would you consider? i was looking around newcastle for the renos, and was considering around Adelaide or Geelong/Ballarat. Any thoughts?

thanks!

 

Don't know enough about Newcastle to comment but Adelaide & Ballarat both present some decent opportunities with subvidision/renovation type of strategy you're after. Seen a couple of subdivision sites in Ballarat East around $300-$350K but they fly out like hot cakes. So if you want to avoid competition and overpaying, Adelaide may be a better option towards the obahn interchange. You can either look for big sites with land for subdivision potential or houses that require cosmetic renovation (new carpet, new paint etc).

Cheers,
David