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Park Yourself

This is an interesting one, suited to temporarily parking yourself before developing. It has pretty much all of the attributes we look for in a deal, it is just priced too high... but we have some thoughts around this. So what are these attributes? Two street frontages and a zone that allows for a 2 lot subdivision is a good start. An agent who appears to not realise it can be subdivided is another fantastic attribute, along with the fact it isn’t necessarily simple, which is a positive as we’d have a heap of competition if it was. It is in a cracking location that is mostly quiet, just down from a handful of cafes and where some great end values are achieved. It is also just across from parkland/sporting fields. To top it all off it appears to be a really good house that is full of character, has 3 bedrooms, 2 bathrooms, multiple living rooms (or perhaps convert to a 4th bedroom?), bonus spaces (we assume not legal height) underneath, a very large deck and a pool that tenants or owner occupiers will love. It is a house that many people would love to live in a would suit a family. We mentioned the price is too high, and it is to develop immediately, but the price isn’t that far over the top for what you are getting as a house, especially if you do convert it to a 4 bedroom property. The twist is that it appears likely you can demolish the oversized rear deck and pool and have space for a 300m2 vacant lot whilst retaining the rest of the house. Our numbers do not work for this, but as you are effectively buying a development site at a house price, it should suit someone to buy and rent or occupy. The location and market demand will get the numbers working eventually, but in the meantime you have a cracking house in a great location. We need to have a detailed conversation with the agent around price, but our hope is to buy it a fair way under the advertised price, the hope being that the asking price has knocked out a lot of potential buyers making it easier to buy than had they priced it right at the start. Buyers around $1.07m.

Go Big or Go Home!

This site should be suitable for 10 upmarket townhouses and is in a location achieving big prices, so we aren’t talking small numbers here. With a buy price of about $3m, total development costs just shy of $7.5m, end values averaging over $950k each and an equity gain of 28.5%, there’s nothing small about this! The site itself is a healthy 1900m2 (approx) and currently contains 3 lots and 2 houses. It is in a great location, being a quiet position in a popular suburb and walking distance to not one, not two but three separate groups of shops/cafes. Jump on your bike or the frequent and direct buses just 120m away and you get to another few groups of shops, a university, major shopping centre and any number of other amenities. You also sit just 5km as the crow flies from the CBD. The area is experience big demand and big prices for both units and townhouses at the moment, with no new brand new townhouses available for under $900k (as far as we can see) and quite a few sitting well North of $1m. Whilst our numbers show 28.5% equity gain, the way the market is right now it feels like that could increase pretty quickly.  Buyers at $3m.

Look to the Future

Great Scott!  Here’s an opportunity to set yourself up for the future as well as ease yourself into property investing. On offer is a duplex pair located on a 400m2 (approx) corner lot in a cracking location. When fully occupied it should bring in about 4.2% gross rent, which may not sound like a lot but is well above the suburb average of 2.8% gross for houses, you also have a twist in that it is also likely a future development site, and it is good in consideration of the inner-city location. Buyers at $700k.

This is Prime

This is a prime opportunity. On offer is a 685m2 (approx) block zoned LMR2/3 with no character controls but a character home that should renovate up a treat (we have not inspected internally) if you chose to go down this route. It also sits on 2 lots so offers the chance to demolish and build two new houses, subject to access constraints and growth to improve the numbers for this option. Our preferred development option, however, is for 4 townhouses, making the most of a likely opportunity to build to three storeys over half of the site. This option is showing just over 24% equity gain on a purchase of $1m.


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