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Here we go again


We got gazumped trying to buy this back in 2021. We liked the property then and continue to like it now, with it’s parkland position and MR zone being highlights. On offer is over 600m2 of almost perfectly flat MR zoned land backing onto parkland and containing a recently extended and renovated house. This is both a blessing and a curse. We’ll demolish so the renovations add limited value for us – all it has done is push the price up – however, it does hep with holding costs or an owner occupier/land banking play. Despite this, the demand and subsequent increase in prices for well located townhouses still have the numbers looking good, with a predicted 27.5% equity gain. Buyers at $1.8m.

Complicated


Avril Lavigne said it best with her lyrics “Why'd you have to go and make things so complicated?” Because that sure is what the seller has gone and done here. On offer effectively is over 900m2 of mostly flat LMR2/3 land across two lots in a premium location owned by a church. There’s actually a third lot involved that the church is looking to retain. That is complication number one. The site has vegetation protection over it (complication number 2). The church wants the buyer to manage and pay for demolition of the existing house, tree removal, and installation of services (complication number 3). And finally, because they haven’t made things complicated enough already, the church would like the buyer to build a new refectory (house) for them (complication number 4). Whilst we haven’t painted a very Rosie picture, we see a silver lining here, in that the buyer pool will quickly become whittled down because of these requirements, potentially allowing us to buy for less. We can possibly also work things in our favour with regards to construction of the new house. We can’t really provide a price here other than to say we’d likely want to be about to $2.1m for our two lots less any expenditure, but exactly what gets paid will come down to how the whole deal gets structured.

Discount


On offer is a bayside multi-faceted property. It is a large house suitable for occupation on a huge block featuring two lots. Similar houses on half the land and only one lot are selling for near what we are looking to pay, so we know we are buying at a significant discount. For this reason it would definitely suit both an owner occupier and a land banker. Collectively, the two lots underneath the house could sell for $200k+ more than we are looking to buy for – 5 bedroom house included! Whilst this doesn’t allow us to buy and immediately sell the land for profit, buying at below land value (especially in this market) is a very good thing. And finally the land is large enough to be subdivided into three lot. This would be our go to strategy, however, it is reliant on stormwater (and possibly sewer) being installed through neighbouring properties. With no guarantees around this we’re not focussing on that as our primary option here. Buyers between $1.25m and $1.3m.

Knock It Over


This extremely well located property contains a house that has seen better days. Some further research is required, but initial research and thinking has us concluding we can likely knock it over. This is great, as the location is mostly character so the ability to demolish and build new is quite uncommon. It is also good news as we don’t believe everyone will share the same viewpoint, and as the house really is quite undesirable for renovating (despite the marketing), it should limit our competition. The property is going to auction, and again we see this as a positive, as it will knock out some competition, and not all buyers will have the ability to complete the same research into the house as we are able to in order to buy at auction. Once removed, we’re building new! A new family home, with the ideal position, should sell is the mow $3m’s, probably nearing mid $3m by the time we’ve finished. Numbers are indicating a 16-21% equity gain. Buyers at under $1.2m should call Justin on 0410511535.

 

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