Urban New Build Site

A profitable project with no Council involvement

Firas is an experienced mid-sized builder from out of state. When he moved to Melbourne permanently he decided to wrap up his building company and move full time into development.

The vast majority of property developments require Council Planning Applications. Firas pushed us to find him projects where he could avoid the time-consuming (and often, incredibly frustrating) engagement with Council. We explored permitted sites that were ready to build AND blocks where single, brand new houses would sell for big dollars.

Many agents across Melbourne reach out to us with off-market sites and problem listings. This was a problem listing – they initially advertised at too high a price and burned a couple early serious buyers, the came under immense financial and personal pressure to sell. Luke called.. just get him an offer!

Brand new, quality houses sell for $4m+ in this particular neighbourhood. I quickly ran numbers, examined the contract and inspected the property. After sharing my analysis with Firas, he had a few questions that I ran to ground. We met on site, and ultimately secured the property within 72 hours of Luke ringing me.

Originally seeking over $1.5m the vendors dropped the asking price to $1.479m, then $1.450m… We bought it for a crazy $1.350m.

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  • Investment
  • Development

Vibrant, city fringe, full of cafes, bars, shops, transport.


Flat slightly irregular 420m2 block


Tidy but dated 2bed/1bath brick veneer

Purchase Price


Market Value

up to $1.440m

Sale Method

Private Sale, 5 weeks Post-Auction


2 months

Rental Income

$550 /week

Rental Yield

2.1% gross

Suburb Median $ Prices

House $1.780m | Unit $0.700m

Suburb Capital Growth

8.4% p.a. over last 10 years

Growth Drivers

Increasingly affluent demographic who pay premium $ for lifestyle amenities

Why we rate it

Well under market value, no planning risk, safe and impressive profits

Development Scope

Design and build a single quality house without Council interference

Project Duration

18 months from purchase to completion

Project Costs

$2.370m to completion

Project End Value


Project Profit


Return on Cash


Return on Capital


End Rental Yield


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