Can a #Terrigal #KnockDownRebuild make money?

This #Terrigal house sale, at first glance, might seem like a standard amount. However, as you can see from the images below, this house is quite old and small.

In fact, the internal floor space is 104m2. From a valuer’s perspective, it would not be unusual for the land to comprise 80% of the value. Having said that, the house might be old but it does look to be in good condition.

21 Parry Avenue just sold for $815,000, which is $1,170 per square meter. A great result for Trevor Hamilton from the Terrigal office of McGrath Central Coast.

If we did assume the land is 80% of the value, the land would be worth around $650,000. If the new owner were to build on this property for say $600,000, I wonder if the flip sale price would exceed $1,250,000? Any thoughts?

Please give me a call if you would like to discuss. 0414255530.

 

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