PHOTO: SIMON O’CONNOR/STUFF Reliable information about your property’s subdivision potential is best sought from a planner.
The phrase “development potential” can be very tempting to an investor browsing property listings with an eye on the long-term.
It’s also a marketing term homeowners may be wondering if they can use when it comes time to sell their own property, as properties with development potential tend to be valued more than surrounding blocks.
Subdividing a block and adding more dwellings can in some cases double its value, but you don’t necessarily need to fork out hundreds of thousands of dollars to reap the rewards.
In Australia, submitting a development application, also known as DA, and gaining development approval before sale can make a property much more appealing to buyers, and costs only a fraction of the price of building.
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