Mr T from Donvale is currently renting a property and would like to live in his own home in the Eastern suburbs, preferably in the Donvale area.
Mr T's father owns a 690 m/2 site in Donvale, the site has an existing home which is rented out. Mr T came to me looking at the possibility of a knockdown rebuild of two homes on this site. I inspected the site and the existing home is in fairly good condition. I suggested to Mr T to leave the existing home and we could look at the possibility of building a new home for Mr T at the rear of the lot.
We then took some measurements and determined we would be able to accommodate a 25 S/Q double storey home at a cost of $330k including all costs.
The cost of the construction at $330k was well under the cost of Mr T buying a home in the Donvale area, where you would expect to pay around $690k + This knockdown rebuild project is currently under way and is expected to be completed in mid 2015.