tictac

With people talking of a possible 30% reduction in house prices over the next 12-18 months, I wonder whether the same is predicted for vacant land?

We own a 850m block in what is generally regarded as a small, prestigious development north of Brisbane.

Our block is the last remaining block as the other 20 blocks have all been sold and building has commenced on many of them.

We bought the block with the intention of building but have now gone off the idea and have contemplated putting it up for sale.

If we sold now we would lose something in the region of $50k based on valuations received from Real Estate agents, but our cashflow would improve considerably and we would have more flexibility with work/living location etc etc

If we hang on, we run the risk of losing even more money, or, making a small profit if there is an eventual upturn in the market.

We have not completely ruled out building but are reluctant to dig a potentially bigger hole for ourselves.

Crystal ball anyone??

Nu-Shooz

No crystal ball mate...but what a dilema to be in. I wouldn't know what to do either. My mate here bought land, built home...sold it for less than what it all cost, so on that i would get rid. But different areas may go up in price, who knows. It's a catch 22 situation.

ABCDiamond

Different areas = Different scenarios

Is the area "in demand " ?

But even then , without that crystal ball, who really knows.

Interest rates are tipped to drop again ? or have they already ? What time is ?

That may hold prices steady, but other factors come in .....

Who knows ?

annqldau

round our way the new small block prices are often more expensive than the larger already built house and block. Some people have even taken to knocking down their present house and rebuilding on site s it's cheaper than buying a smaller block to build on.