Why buying big blocks can be financial gold for families
BIG blocks are in demand as families realise there are not only lifestyle gains to be made but also financial gold.
According to Oliver Hume Queensland managing director Brinton Keath the site you choose is not just a lifestyle investment, but also financial.
“One of the biggest factors in determining how much value you can extract from your land is the size,” Mr Keath said.
“With prices continually rising in south east Queensland we have seen the average size of blocks decrease, making larger blocks, those greater than 600sq m, increasingly rare.”
Waterlea at Walloon has average block sizes of 738sq m with prices starting from $161,000, this compares to nearby estates with average lot sizes of 547sq m or larger masterplanned communities with average sizes of 400sq m.
Hayman Homes has recently started construction on the first home in the estate, with Waterlea located just west of Ipswich’s CBD.
Mr Keath said the estate had been designed around the shortage of large lots within the new housing market with purchasers unable to buy up to 800sq m in this price range anywhere else.
“We predict that capital appreciation on these bigger blocks should be stronger in coming years as blocks of this size become harder to find across Brisbane and surrounds,” he said.
Mr Keath said there were five main advantages to having a big block:
1. Privacy — with room and trees you can create your own private space. “With effective tree planting and creative landscape and design, you can ‘insulate’ your home from roadways an other properties,” Mr Keath said.
2. Potential for capital growth — larger blocks of land appreciate more over the longer term because of their scarcity. “It is simple economics that anything rare is worth more,” Mr Keath said.
3. Better landscaping — larger frontages give way to more creativity in your landscaping, leading to better street appeal. “A great garden, some nice trees and creative design of the facade of a home on a big block, not only lifts the value of your property, but when every home in the street and neighbourhood does the same it lifts the look, feel and value of the whole estate.”
4. Build how you want, and expand as you grow — if money is an issue then with a big block you can start out by building your basic home and then expand as you go.
5. Explore your costs upfront — with plenty of room to move you can easily build your home on a large lot to take advantage of the sun, allow for shade, strategically plant trees and capture breezes. Mr Keath said to explore your costs upfront by making sure your design would capture these cost savings.
Waterlea will eventually have 1500 lots, a primary school and a range of shopping options and amenities.
With a projected population of 4,500 residents, eight neighbourhood villages are planned and will be connected by parks, hiking and bike trails.