May 09, 2017 11:19 am
Hi dear members, I have been looking at a decent sized (480sem+) vacant land in Sydney north west area for last 4 months. Initially we did find a nice flat block in a lovely location for a competitive price and deposited 0.025% to secure it. Since then my lawyer struggled a lot to negotiate with their wired clause and now we decided to give up. As I am looking at other land options now, I have found there are many vacant block of land unsold for 4 months. The large lots I found on sell on January/February are still on market. I've been checking Realestate and domain websites everyday for 4/5 minths. Any small block less than 400sqm comes up, they get sold in hours or days. But all the blocks between 450sqm to 550sqm or larger are left unsold. Some of them are large and corner blocks. Of course they are highly priced and the owner never agree to negotiate on the price. Is this something wrong with these blocks or what would be the reason for not being sold for months? I am talking about Schofields , Marsden Park area in NSW!
Re: Why large vacant blocks remain not sold for months in No2
May 10, 2017 2:24 pm
I think the biggest deterrence is the price. In the areas you listed the price of a >400sqm block is upwards of $500k. That being said most people buying the new releases are first home buyers of which this is a price thats hard to afford. Not to mention eliminates you from getting the first home owners grant if the price of the land is more than $450k
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