Selecting the right area requires more than just personal preference. It requires due diligence and research to determine the viability and long term profitability of the area in question. The land should be carefully selected for the success or failure of the investment.
Here is some advice on how to choose a development site:
Looking for Viable Land Prospects
When it comes to choosing a Melbourne land development for sale, huntclub.com.au recommends that you find areas that offer promise, such as those undergoing a redevelopment phase. Look for areas currently in the growth phase of development, where prices are average and are performing well from a historical standpoint.
An area where the population is expanding provides good opportunities. Consider those where private businesses such as large retailers have announced that they are going to push through with their expansion or relocation plans. Most likely, they have already established a customer base.
Find a location that has a good proportion of different industries as well as those that support employment. Look for areas that are close to schools, medical centres, shops and good access to public transportation.
Assessing the Short List of Areas
The moment you narrow down the area that you want to develop, the next step is the selection of the actual area. When assessing a potential area, consider the completion of extensive due diligence on the social and economic conditions of the region. Determine if the suburb has a high demand for renters, as well as the rate of vacancy and the average price.
Find out the local environment plan and the development control plan also to determine if the area is right for you. When it comes to site selection, your criteria should be based on these five parameters: Site, Aspect, Angle, Façade, and Deepness. Find out what is on top and underneath the land.
It is no secret that choosing a development site is a tough job. The entire process is complex and the stakes are high for everyone involved. Never use emotion in determining factors for selecting a development site. Trust what the numbers tell you so that you can make a better and informed decision.