Does Your Property Have Development Potential?

Do you own a property in Melbourne and have been approached by a developer that wants to buy your property? You may have even received an offer and thought that the offer was attractive enough to consider selling.

But is this the best price you can get?

You may then look for a selling agent to test the market and see if you can get a better offer. Possibly, but you also know there will be extra costs like agents fees which will reduce what is left in your pocket.

Either way, it’s highly likely that your property has development potential.

However, if you haven’t experienced this situation yet, below are some questions that would help create a better picture of your property’s development potential.

Growth Areas

Do you own a large parcel of undeveloped land (or ‘farm land’) on the urban fringes?

How far is your property from an established area?

What’s the current zoning of this land?

What is the property currently used for? What has it been used for in the past? Agriculture, Animals, hobby farm?

Does your property have any planning overlays or has any more detailed planning been conducted on your property?

Have any of the government agencies or other parties made contact with you to conduct investigations?

Established Areas

Do you own a property in an older established area in the middle to inner suburbs of Melbourne?

What’s the current zoning of your property?

Does your property have any planning overlays or other planning history?

Do you own a property with more than one street frontage (ie corner block)?

If there is a building (house for example) on your property, what condition is it in?

Do you have a large back yard? Is it frustrating that you have to spend so much time maintaining it and barely use it?

If you have already taken the opportunity to read my report you would have discovered how you can unlock significantly more value from developing your own property instead of selling it through conventional methods. If you haven’t yet read it, please do, or give us a call before you decide to sell.

We can help to answer any of the above questions you are not sure about and explore your development options including the anticipated costs and returns. We can also consult with you on the development funding options available. Whether you want to fund yourself, bring partners in, or simply sell to unlock some ‘off-market’ value, please contact us on 0438 028 194 to discuss further, or email domenic@landeq.com.au.