One of our young executive clients was looking to purchase some land that could be subdivided in time to build either houses or duplex pairs in a good, solid country town in Northern NSW. Tenterfield has shown up regularly in our data as a fantastic rural town that is going places. Good restaurants and cafes to compliment the existing attraction of wineries and amazing country side.
We found a 3200m2 block of land on the corner of two streets that could be sub divided into 4 x 800m2 blocksthat sits high above the main street of town but well within walking distance. We purchased this block for only $100,000 hence $25,000 per 800m2 block which is ridiculous for a block of land in this current real estate climate. This purchase was conducted “off market” allowing our client the first opportunity to buy before the land was advertised.
We have now enlisted the services of a reputable local builder who will build a 4 x Bedroom, 2 x Bathroom, 2 x car garage house for $298,000 including landscaped garden and lawns. That’s a total of $398,000 for house and land and you still have three (3) free blocks of land to build on at a later point. Rental properties in this rural town are in high demand especially new homes with all the modern appliances and finishes with the expected rental value to be approx. $400 per week.
This is very sound investing given our client strong capital growth from buying the land at the right price well before the rest of the market had a chance.
