Missing Persons – Cashed up developer M.I.A?
Last seen mid-2022, Developer with deep pockets. Driving a spec’d up Ford Ranger, wears Kathmandu puffer jacket and stubbie shorts. Known for overzealous bidding at auctions and snapping up high priced “renovator delights” on corner / large blocks with seemingly no regard for profit margins.
But seriously, where have they gone? 12-18 months ago, if there was even a sniff a developer could slip a townhouse or two in the back yard of a for sale listing, they were lining up. Now houses are advertised with plans and permits as “shovel ready” and they sit idle.
Is it interest rates? Volatility in the building sector? Hysteria in the media? Not sure. But one thing it does mean is opportunity! Take 87 South Valley Rd behind me. Large block, premium suburb, good street visibility. I sold a less superior house next door 12 months ago for close to $600,000 now it’s the neighbours turn, this time with an extra bedroom, over 100 young couples came through, with not a single developer in sight. Granted 99 young couples thought it was too much work but one saw the light and signed a contract for $550,000, and I’m happy for them. A quick tidy up and she’ll be ready to take advantage of the cesspool that is the rental market with rental returns of close to $500pw.
If you’re looking to buy, sell, lease or refer the team at Geelong Real Estate Co would love to help.
