Tradies' $315k Wendouree buy targets dual development
A group of Melbourne tradies bought a $315,000 Wendouree property. They plan to subdivide the land and build a townhouse.
Melbourne tradies won a Wendouree auction on September 12, paying $315,000 for a run-down house on a 698-square-metre block. The three-bedroom property was in unliveable condition and needed major work before anyone could live there.
The buyers plan to fix up the existing house and rent it out. They also plan to subdivide the land and build a townhouse at the rear.
Agent Mark Williams said recent government policy changes are bringing in developers for similar projects. Building new homes appeals to investors more than older rental properties.
- $315,000
- Purchase price
- 698 square metres
- Block size
- September 12
- Auction date
- Four
- Registered bidders
Why it mattersThis shows how cheap old properties can be turned into multiple units. Policy changes that help new builds make this possible.
