Melbourne Townhouse Property Development – Is It Worth It?
Townhouse, Melbourne Townhouse Property Development
If you live in Melbourne you will most likely have noticed the popular trend that’s taking over this lively food and culture destination.
Townhouses. They’re popping up everywhere. And it’s sparked a curiosity in Melbournians that’s left them wondering: What are townhouses and why is everyone building them?
WHAT IS A TOWNHOUSE?
A townhouse is a multi-unit development project – that is 2 or more dwellings on one lot.
WHY ARE TOWNHOUSES POPULAR?
Townhouses are popular to rent because of its accessibility to expensive suburbs. For families or young professionals who would otherwise not be able to afford to live in Toorak or Brighton, now they may be able to.
Townhouses also provide that low-maintenance lifestyle that busy Melbournians love. A smaller backyard and home = more time to enjoy the city. Another benefit of townhouses is they don’t need a lot of land, so they can be built closer to businesses and thriving streets compared to a large family home in the suburbs.
On the other side of property development, the benefits for the investor are impressive. You don’t even need to buy a new piece of land. You can demolish an already existing property and build your townhouses there instead, saving on stamp duty. From here the options are endless depending on your situation. You can choose to own or occupy a unit, and/or to rent or to sell others accordingly to your investment goals.
However, there are a few things you need to consider before investing in Townhouse property development.
IS IT WORTH INVESTING IN TOWNHOUSE PROPERTY DEVELOPMENT?
Property development is not the easiest investment to undertake. There are many steps involved before construction can begin, and the process can take 18-22 months from start to finish.
Being aware of the process involved, the realistic costs and the time frames will make your investment journey easier.
To help you decide whether Townhouse property development is the right investment for you, we suggest getting a feasibility assessment done before you begin.
This is a service we offer all our Melbourne-based clients. Look at it like the “business plan” for your property-development project.
Our feasibility assessments breakdown:
- Initial costs
- Planning and preliminary costs
- Construction costs
- Other costs such as subdivision fees and real estate agent fees
After we conduct your feasibility assessment, you will know whether this venture will be profitable for you. To see what your feasibility assessment will look like, click here.
Delcon design and construct, is a property development design and construct company based in Melbourne. We have years of experience helping Melbournians either enter the property development market or build their portfolio. We ensure the process is seamless and transparent every step of the way.
If you’re considering investing in Melbourne townhouse property development, give us a call today 1800 DELCON (1800 335 266) or get in touch via email info@delcon.net.au.