Forums / Property Investing / Creative Investing / Adjacent ResB Queenslanders on large blocks

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  • Profile photo of OriginalsinnerOriginalsinner
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    @originalsinner
    Join Date: 2005
    Post Count: 79

    Thoughts please.

    There are two houses for sale next to each other. Both are Queenslander style, ResB, and on 1012 m² blocks, and I think both are rented. One is asking $250,000 and the other $265,000. They are close to the centre of town, in fact are almost directly across the road from the local Red Rooster. Town of just over 7000 people. Strong industry, mining, peanut farming, big power station in the area. The town has plenty of infrastructure.

    Would buying both blocks with a view to getting rid of the houses and building units after September be a good idea? Alternatively, buying both blocks and having plans for units put through? Thoughts, anyone?

    Profile photo of RPIRPI
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    @rpi
    Join Date: 2012
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    Which council area are they in?

    RPI | Certus Legal Group / PRO Town Planners
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    Profile photo of fragarcolinfragarcolin
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    @fragarcolin
    Join Date: 2013
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    Please tell exactly which area is you are talking about?

    Profile photo of OriginalsinnerOriginalsinner
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    @originalsinner
    Join Date: 2005
    Post Count: 79

    If it helps, the two blocks are in Kingaroy. What are your thoughts? I can get enough finance to purchase both.

    Cheers,

    Originalsinner.

    Profile photo of OriginalsinnerOriginalsinner
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    @originalsinner
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    Post Count: 79

    Well, thanks for all the great advice, everyone!

    Profile photo of just have a gojust have a go
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    @just-have-a-go
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    hey there, kingaroy is not for me but just looking at those 2 sites they seem over  priced for what you want to do, there has been cheaper sites sold in that street( $100k cheaper) new townhouses are listed for sale between $180 & $225k,not many settled sales listed on pricefinder(2) since last year.so how many townhouses can you fit on 1012m2 in kingaroy ? what will it cost to build them ? what are the costs for going through the da? that is just some of the basic questions i would ask a town planner and builder first then take it from there, in my opinion you could get a better bang for your buck somewhere else. hope that helps some. regards, john h.

    Profile photo of OriginalsinnerOriginalsinner
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    @originalsinner
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    Post Count: 79

    Thanks for the response, I appreciate it. I was more interested in units than townhouses. The total size of both blocks would be 2024m2; buying both and combining the blocks was what I had in mind. Still not sure whether to proceed, but I'm leaning against it, as I'm based in Brisbane, and Kingaroy is probably a bit too far away for me to manage the project effectively. Thanks again!

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