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Reach for the Stars

We’re talking up some big end values here as we reach for the stars, but this approved development site is in an enviable location and well suited to the downsizer target market. On offer is an 809m2 site, approved to retain the existing house and convert it to two townhouses, and then build a basement car park, two units and three terrace style dwellings behind. All up 7 dwellings that should be at or over $900k each. Our numbers are indicating a 24.6% equity gain on a purchase of $1.96m.

Lucky 7

This site comes approved for 7 units and is in a wonderfully handy location that also has lifestyle merits. There’s 6 x two bedroom units and 1 x 4 bed, 3 bath ‘penthouse’ unit, which would suit both a developer who’d look to owner occupy as well as a downsizer. The site is affected by flooding and overland flow, but the design takes care of this and is where the approval is of great value – no risk or uncertainty trying to get it through today. Further, you’d never have any chance of gaining the same approval again. The site in 800m2 approx and in a very handy street just 4.8km as the crow flies to the CBD. Our numbers are indicating about 23.5% equity gain, which is more than reasonable when you consider it is a relatively small development (for units) and already approved. This property started life at $1.1m+ but we now believe we can buy for $900k.

Through Mess for Glory

It is difficult to know where to start with this one. This property is two vacant blocks of land, both rear lots, both owned by separate parties working in tandem, and are the result of subdividing houses off the front of the lots. Combined these rear lots have approval for four large townhouses, with each able to be subdivided off and made freehold. We have the option of buying one of these lots (the seller is moving overseas) and effectively running a JV with the other seller, which is his preference, or buying the whole site and doing the full development on our own. As it is the seller’s preference we are assuming the ‘half project’, but we can discuss both. The DA is done, the design is good, the approval has a few advantages to it that would be difficult to get again today, and plenty has already been done including some services installed or paid for, some earthworks and most of the BA. Our numbers indicate about 21% equity gain, which is pretty good when you consider you are effectively developing only 2 dwellings, it is approved and some of the development has already been done. It is complicated and we’ll need to work through plenty during a conditional period, but once you see through the mess there is only glory! Buyers at $665k.

Straight Split

Obviously buying a straight splitter block at a price that works is tricky, so we need to hope for the best here, but the fact it is off-market (sent only to the agent’s database), and the agent is a little out of area likely helps our cause. Time will tell! On offer is a post-war house that we haven’t inspected but understand is liveable as is (though dated) and contains 4 bedrooms. It sits on 810m2 of land that already consists of 2 x 405m2 lots. It is in a brilliant inner-city pocket that demands high prices and where land is rare, largely due to smaller lots and character constraints. So far, so good, though it isn’t all positive news. The property runs East-West, and whilst it is in a generally quiet street it is very close to a train station so will get noise from this, and it also has 6-7m of slope to the street. On the plus side this slope does allow the property to achieve significant views SW through NW including Mt Coot-tha and the ranges. Buyers will need to be at about $1m to buy it, with our research indicates each block of land should be $620-630k value.


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