26 Seddon St, Ivanhoe VIC 307926 Seddon St, Ivanhoe VIC 3079Price: $1.350mm
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.
Vibrant, city fringe, full of cafes, bars, shops, transport.
Flat slightly irregular 420m2 block
Tidy but dated 2bed/1bath brick veneer
$1.350m
up to $1.440m
Private Sale, 5 weeks Post-Auction
2 months
$550 /week
2.1% gross
House $1.780m | Unit $0.700m
8.4% p.a. over last 10 years
Increasingly affluent demographic who pay premium $ for lifestyle amenities
Well under market value, no planning risk, safe and impressive profits
Design and build a single quality house without Council interference
18 months from purchase to completion
$2.370m to completion
$2.950m
$0.480m
46%
20%
4.3%
$1.635m
$0.820m
$2.000m
$1.100m
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