Sell Land or Hang On?
 

We own one of the largest and last blocks of land which has not been built upon in what is, we're led to believe, a prestigious and much sought after area. (Warning: Real Estate spiel)

We're beginning to think that building will be a drawn out and stressful project and one which we don't really fancy at the present time.

Given the current economic situation, would we be better to sell-up now and invest our money elsewhere, or would we be better served by hanging on, riding the storm and hopefully coming out better in the long-term i.e 12 months time?

I'm convinced there will be a 'correction' in established home prices over the next year or so, but land is in short supply especially so close to the City (Brisbane) and growth around here is phenomenal.

My next question is: what are Saturday night's lottery numbers going to be :D

Re: Sell Land or Hang On?
 

I'd hold on to it for as long as possible eg 10 years.

Re: Sell Land or Hang On?
 

We have just tried to sell a similar large block on the GC but there are so few buyers, it cost us a lot in advertising and auction fees and I wish we had saved the money.You are either going to have to be prepared to sell at rock bottom prices or stick it out at the moment.

We looked to buy another house but without selling the land couldn't buy much so we have decided to go ahead and build! The pain of building a unique home and hopefully the design you want is better than the short term gain and giving your block away! You say you don't want a stressful and drawn out project well choose your builder carefully.( not Metricon!)
In the long run, people will pay more for newer, individual homes and its worth the effort..we are building our 4th self built home (3 in the UK, first in Oz) and everyone has been painful but well worth it when you move in!

Re: Sell Land or Hang On?
 

Hows the capital gain work on land? I know if your living in a house it doesn't apply but land might.
So if you make any cash the tax man might get half.