How Perth Land Owners are Pooling Together to Develop for Profit
Perth land owners pooling together for development.
It’s fast becoming a popular practice for neighbors to get together to develop property to collectively generate new wealth opportunities and help alleviate the long-term housing shortage in Western Australia.
Last month The Sunday Times/PerthNow reported the new trend of Perth landowners getting togther in large pockets, especially on the outer suburban areas of Perth ripe for development, to create wealth through property development.
The Sunday Times in February reported that 24 different land owners in Byford were going to sell their 66ha for more than $40 million for development.
The phenomenon is starting to take off across Perth and the SW of Western Australia, with neghbours looking to subdivide land and generate returns over the medium and long-term either via property development or onselling to other investors and developers who knew how to make it all happen.
Many Perth land owners come to Ventura iD to develop multiple units on their land, with a growing trend of neighbours coming together on large blocks to develop.
“It’s difficult getting everyone on board,” Owen Aust who is working with neighbours to ‘crowdsell’ his land for a developer in Casuarina.
“People have different prices that they want to achieve and different expectations.”
“But I’m optimistic it will pay out in the end.”
With demand for land from both commercial development professionals and individual investors growing, land owners have a big opportunity to cash in on the long-term trend.
Are you thinking of developing your land? Contact Ventura iD – The Perth Property Development experts.