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Answered Tuesday 10 April 2012 |
Would you be able to share your knowledge and tell me your opinion on developing properties in Adelaide is it a good time and if not when do you think it would be? What suburbs do you think are going to generate the most value? Thank you.
Great question that would likely take me several days to answer! However it is not about the market so much as about you and your finances, can you afford the development costs, the holding costs if the homes did not sell off the plan or in fact sold for less than you anticipated 6 months later after completion! Are you sure you can secure land or a site cheap enough from a seller prepared to really meet the market. Could the site generate any income whilst you take a year or two just to sort out the exact DA etc. It is a big project and really relates to YOU and if you can actually source the right property I am not a great fan of hot spots or the next best suburbs because in every one of those areas you can find a good buy, but twice as many poor ones!