Typically older homes on larger blocks can be property gold if they sit on two lots already holding two separate titles.
One splitter block buyer told Nine News he expected to make between $120,000 to $130,000 by demolishing the house on his bayside property and selling the two blocks of land separately.
Because the property already had two separate titles he did not need development approval.
According to the report “thousands of opportunities” exist in southeast Queensland to cash in on the strategy.
So where to start hunting? Nine News recommended the following suburbs.
- Wavell Heights
- Mount Gravatt
But this seemingly straightforward strategy can have some hidden tricks for new players. You may have to fork out hefty costs to connect water and electricity to both blocks if it’s not already in place.
And local councils will have different rules and regulations so you will need to check what approvals may be required.
If you plan to demolish the existing house, make sure it is not protected.