As the prices of real estate in populated areas of Australia rise, so does the creativity of homeowners looking to sell their property. In recent years, many people (such as those in the video below) have banded together with neighbours to sell what is known as a ‘super lot’, or ‘mega lot’ – a joint property that is worth significantly more to a development company than a single piece of land.
Banding your property together with neighbours’ could get you a significantly larger profit.
Although these types of deals have primarily happened in places like Sydney and Melbourne, that doesn’t mean they won’t become prevalent elsewhere in the near future. Managing director of residential projects for CBRE in Victoria, Andrew Leoncelli, seems confident that mega lot sales outside of Sydney are occurring and will continue to do so in the coming years.
Mega lot sales outside of Sydney are occurring and will continue to do so in the coming years.
“It’s absolutely happening,” he says. “I’ve been involved in four deals in recent years and have another one at the moment,”
Cairns residents might be wondering, “Can I sell a super lot in Queensland?” The answer is yes. Here are some more specifics of the process homeowners must go through in order to market their properties to a developer.
Super lot worth more to developers in Queensland
It’s important to remember that your super lot is likely worth more than you think it is – if a developer comes knocking on your door (which may happen if you’re in a prime location) the figure they present at first could be much lower than what you deserve for the property.
In this case, neighbours should consider enlisting the help of a Cairns property lawyer to represent them and get them the best possible deal.
When you are selling as a collective group with your neighbours, open communication is absolutely critical. Nick Maude, a Sydney resident who went through this process a few years ago, advised realestate.com.au that regular meetings, where participants can voice all questions or concerns, helped keep emotions from running too high.
If you decide not to use a real estate agent, the Queensland State Government recommends you have a solicitor present to oversee the contract before you sign it. For more information, get in touch with a property lawyer from WGC today.