澳洲Australia property Winning the Property Lottery | Sydney


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


I just found out about a proposed development for a 91 bed residential care facility a few lots away from an IP I own.
It seems the developer recently purchased 8 adjoining blocks, all around 600sqm.
6 are in a row and 1 returns on each end, creating one big rectangular block with 3 street frontages.

Looking at the sold prices, some owners really got lucky.
The highest sold price was $1,150,000.
Knowing the area very well, market value under normal circumstances would have been around the 600k mark.
The lowest sold for 670k, 2nd highest was just under 1 mil.

I'd be interested how this process works.
If you know you are in a position of power, and know the developer is desperate to secure your block, what can stop you from being very unreasonable with your selling price?
Can they "make it difficult" for you to not sell?

Seems like all the properties sold on the same day, so don't know how that works.

Could this be a workable strategy, buying and holding property with high chance of future development with the aim to sell to a future developer?  

评论
My guess is the sale was intiated by the previous owners i.e. all the neighbours got together and decided to market their adjoining lots to a developer.

More chance of a developer winning the real lotto than getting 8 resi owners to sell at the same time otherwise.. unless it's price they can't refuse. Ace in the Hole said: ↑
Can they "make it difficult" for you to not sell?Click to expand...
Not likely.. have you seen "The Castle"? :p  

评论
Just be aware that you can get TOO greedy.

Many years ago a shopping centre project was buying up properties near my grandmother (Stafford, Brisbane). One owner held out for a totally ridiculous amount, and refused quite a few very high offers.

In the end the shopping centre was built around his property with car parking all around, rendering it virtually unsaleable. Not sure how it all played out, but the house eventually was removed and the property absorbed into the commercial development.
Marg  

评论
There is a house like that too in West End Brisbane near Coles in Boundary Rd. It remind me of Stuart Little's house.  

评论
Ace in the Hole said: ↑
I just found out about a proposed development for a 91 bed residential care facility a few lots away from an IP I own.
It seems the developer recently purchased 8 adjoining blocks, all around 600sqm.
6 are in a row and 1 returns on each end, creating one big rectangular block with 3 street frontages.

Looking at the sold prices, some owners really got lucky.
The highest sold price was $1,150,000.
Knowing the area very well, market value under normal circumstances would have been around the 600k mark.
The lowest sold for 670k, 2nd highest was just under 1 mil.

I'd be interested how this process works.
If you know you are in a position of power, and know the developer is desperate to secure your block, what can stop you from being very unreasonable with your selling price?
Can they "make it difficult" for you to not sell?

Seems like all the properties sold on the same day, so don't know how that works.

Could this be a workable strategy, buying and holding property with high chance of future development with the aim to sell to a future developer?Click to expand...
Was most likely done with options, all exercised at the same time.  

评论
Propertunity said: ↑
There is a house like that too in West End Brisbane near Coles in Boundary Rd. It remind me of Stuart Little's house.Click to expand...
That's the one I was thinking of too!  

评论
marg4000 said: ↑
Just be aware that you can get TOO greedy.

Many years ago a shopping centre project was buying up properties near my grandmother (Stafford, Brisbane). One owner held out for a totally ridiculous amount, and refused quite a few very high offers.

In the end the shopping centre was built around his property with car parking all around, rendering it virtually unsaleable. Not sure how it all played out, but the house eventually was removed and the property absorbed into the commercial development.
MargClick to expand...
What an idiot. Deserved what he got.  

评论
Becareful!

marg4000 said: ↑
In the end the shopping centre was built around his property with car parking all around, rendering it virtually unsaleable. Not sure how it all played out, but the house eventually was removed and the property absorbed into the commercial development.
MargClick to expand...
I agree, I have seen the same thing done to a property by a Club. The Club is so successful now that it's buying all the houses further to its side with access to two streets.
Guess what happened to the property? The older lady, the owner, still lives there and I doubt anyone will want to buy it or rent it out, as an entrance road and car park of the Club surrounds it.
It's not a pretty picture, and probably the Club will eventually end up buying it for nothing....  

评论
marg4000 said: ↑
Just be aware that you can get TOO greedy.

Many years ago a shopping centre project was buying up properties near my grandmother (Stafford, Brisbane). One owner held out for a totally ridiculous amount, and refused quite a few very high offers.

In the end the shopping centre was built around his property with car parking all around, rendering it virtually unsaleable. Not sure how it all played out, but the house eventually was removed and the property absorbed into the commercial development.
MargClick to expand...
There was one like that in Southern Newcastle too ... the old guy in a nursing home refused to sell his vacant house. I suspect the kids were in his ear holding out for more money that the developer refused to pay as was already offered near double it's value and the kids kept popping up in newspaper articles about the "ruthless developr".

The shopping centre developer got a court order allowing access to his property and built a massive wall right on his boundary.  

评论
Aaron_C said: ↑
What an idiot. Deserved what he got.Click to expand...
Not necessarily.
House may have had sentimental value and he did not want to part with it, for any amount of money.  

评论
Ace in the Hole said: ↑
Not necessarily.
House may have had sentimental value and he did not want to part with it, for any amount of money.Click to expand...
Yep, exactly what happened opposite my Mona Vale development in Sydney. I might take a photo next time I'm there to post up. There's a big AV Jennings townhouse development of 30 odd properties, but the very corner block opposite my development was not absorbed in and included. I asked a local REA what happened and they explained that it was an old lady who had buried her husband's ashes under the tree in the backyard and said she would never sell. Fair enough. They bought all the other blocks for around $600K then offered her $800K to sell, then $850K to sell, no go. Eventually, six monthe later they came back and offered her $1.5M to sell, no go. Gets better.... They then came back and offered her $3M to sell, still no go!

AV Jennings had to change their design completely and work around her block. They did so and finished the development and now that little red brick house sits on the corner surrounded by the development on both sides.

She died 6 months after the AV Jennings build was complete and the kids inherited the house and sold it for $600K...

Cheers,
Michael  

评论
Propertunity said: ↑
There is a house like that too in West End Brisbane near Coles in Boundary Rd. It remind me of Stuart Little's house.Click to expand...

This is an entirely different set of circumstances (I work nearby). This house is owned by an elderly couple and they simply did not want to move from a home they had lived in all their married life and loved. End of story. No amount of money was ever going to shift them. They knew that the building would surround them, but they were OK with that, even happy with the fact they could pop next door to Coles any time!

The guy at Stafford was simply greedy. He wanted to sell, but kept upping the price till the developers lost interest.
Marg  

Property Investment

Australia property Selling Hints | Sydney

澳大利亚Hi folks I recall ready somewhere about what are some simple tricks for making your place more attractive during a home open. Im seriously thinking of selling my little pad and want to maximise my efforts. Any hints greatly appreciated. 评论 ...

Property Investment

Australia property Re-zoning | Sydney

澳大利亚What would the chances of a NSW Local Council allowing a community titled development (homes, community buildings, etc) on an area zoned Protected Agricultural land? Does anyone have experience in this area? Looking at the local council LEP, ...