{"id":21570,"date":"2018-06-26T01:00:02","date_gmt":"2018-06-25T15:00:02","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21570"},"modified":"2018-06-26T01:00:02","modified_gmt":"2018-06-25T15:00:02","slug":"real-estate-is-all-about-the-land-here-is-proof-shannon-davis","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/real-estate-is-all-about-the-land-here-is-proof-shannon-davis\/","title":{"rendered":"Real estate is all about the land \u2013 here is proof! \u2013\u00a0Shannon Davis"},"content":{"rendered":"

More and more older properties are being purchased with a view to knocking them over to build a more contemporary home.\u00a0 This highlights the value of land.\u00a0 Shannon Davis<\/strong> looks at the opportunities.<\/p>\n

Transcript:<\/strong><\/p>\n

Kevin:\u00a0 <\/strong>One thing we do know is that when you\u2019re investing in property, you have to be aware of what the trends are all the time. One thing that I\u2019ve noticed, and I think my guest in this interview is going to reinforce, is that there are a lot more properties being knocked down \u2013 the land is the most valuable part of the investment \u2013 of course, and new dwellings being put on that, either single dwellings or double dwellings.<\/p>\n

Shannon Davis is from Image Property, and they have offices in Melbourne and Brisbane.<\/p>\n

Shannon, thanks again for your time.<\/p>\n

Shannon:\u00a0 <\/strong>Good day, Kevin.<\/p>\n

Kevin:\u00a0 <\/strong>Shannon, is it my imagination, or is this a bit of a trend?<\/p>\n

Shannon:\u00a0 <\/strong>Yes. I think right now in the cap city that I have the most alignment to, in Brisbane especially, is we\u2019re seeing a thirst for land. Those infill opportunities are becoming more and more scarce, and people who have land-banked or have recently purchased are paying higher and higher amounts to put contemporary properties in place of character housing or older-style properties.<\/p>\n

Kevin:\u00a0 <\/strong>It makes it a very expensive proposition, doesn\u2019t it, because effectively, you buy a house and land and you knock the house out, effectively paying that just for the land.<\/p>\n

Shannon:\u00a0 <\/strong>Yes, and you have the full cost of construction to come later. And often, these are houses that are owner-occupied type houses where people want to build their dream house and they have higher specifications.<\/p>\n

To give you an idea, we were at auction for a client recently and we were expecting a good price \u2013 it was in one of Brisbane\u2019s best streets with great views to the back \u2013 but it just exceeded everyone\u2019s expectations for the price to go out past $1.4 million for a knockdown. And that\u2019s what we\u2019re seeing in some of the better suburbs of Brisbane.<\/p>\n

Kevin:\u00a0 <\/strong>I can understand if you\u2019re spending that amount of money and you\u2019re going to be able to take the house out and get two \u2013 or maybe even three \u2013 on it, because it does lower the site cost. But just to put house for house, to me, doesn\u2019t seem to make a lot of sense.<\/p>\n

Shannon:\u00a0 <\/strong>I think you have owner-occupiers who are either in successful businesses or well assured of their jobs and prospects at the moment and have always wanted that dream house to entertain and grow up their children and not want for anything. They tend to be good investments going forward, that they\u2019re in the right areas surrounded by the right demographics and have the right dirt that makes up a good investment.<\/p>\n

But you do see from time to time that these prestigious areas that are maybe double or triple the median price of the cap city can be prone to share market corrections, and sometimes those trophy type houses don\u2019t make sense if there\u2019s a recession or a big slide on the price of shares or a financial crisis.<\/p>\n

Kevin:\u00a0 <\/strong>As we\u2019ve already highlighted, the fact that the land is where the value is, if you\u2019re buying an investment property now with a view to knocking it down in the future, what size block should you be looking at \u2013 400 or 600 square meters?<\/p>\n

Shannon:\u00a0 <\/strong>I think you should try and get a high land-to-asset ratio into your purchase wherever possible. Not all land is created equal.<\/p>\n

I think what\u2019s really driving this is you\u2019ve got the big outer suburbs land-and-house packages, but people are wary of the commute. If you get stuck in that commute from 7:00 to 8:30, it can be a really long time. While you\u2019re in there, there seem to be 80% of the cars on the road at the same time doing the school and work run.<\/p>\n

I think that\u2019s one of the things where people are wanting to move closer rather than further, and they\u2019re happy to take perhaps a smaller block in order to build a house on that block and be further in with a smaller commute.<\/p>\n

Kevin:\u00a0 <\/strong>Can I just ask, on that point, Shannon, Sydney and Melbourne, are we seeing a similar trend there?<\/p>\n

Shannon:\u00a0 <\/strong>Yes, definitely. It has been for some time that you\u2019re seeing people come in wherever possible and redevelop plots of land closer to the city. And while those markets have had a very good run and showing some signs of slowing a bit at the moment, you\u2019ll still see owner-occupiers taking the time to build their dream homes and knock down what was previously there to reconfigure something that\u2019s going to be more suitable for their lifestyle.<\/p>\n

Kevin:\u00a0 <\/strong>I guess they figure that they\u2019re going to hold it for some time as well, which makes it even more logical to purchase that way.<\/p>\n

The Brisbane market is still very, very affordable. Are you seeing many people coming from Sydney and Melbourne because of the affordability and looking at getting a development happening?<\/p>\n

Shannon:\u00a0 <\/strong>Yes, we\u2019re getting more interest for rental applications, we\u2019re getting more interested in unit blocks that we have for sale, development sites that we have for sale, and also, you start to see the move back up. Things get over-bought and over-sold, and I think for a period, perhaps Sydney and Melbourne have been over-bought and Brisbane has been over-sold.<\/p>\n

You\u2019re going to start to see that equalize a little bit more now because the gap is at its widest. The biggest problem was jobs not being created. That\u2019s on the way back up. The migration is on the way back up, and there\u2019s a much better affordability for lifestyle reasons to move to Australia\u2019s third biggest city.<\/p>\n

Kevin:\u00a0 <\/strong>Yes. Good talking to you. Shannon Davis from Image Property with offices in Brisbane and Melbourne. You can reach them at their website, of course, at ImageProperty.com.au.<\/p>\n

Shannon:\u00a0 <\/strong>That\u2019s correct, KT.<\/p>\n

Kevin:\u00a0 <\/strong>Good on you. Thanks, Shannon, talk to you again soon.<\/p>\n

Shannon:\u00a0 <\/strong>Okay. Bye.<\/p>\n","protected":false},"excerpt":{"rendered":"

More and more older properties are being purchased with a view to knocking them over to build a more contemporary home.\u00a0 This highlights the value of land.\u00a0 Shannon Davis looks at the opportunities. 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