Purchasing a development site in Brisbane requires a unique set of skills to uncover all layers that must be considered during the site acquisition process for a successful and profitable development project. As Brisbane Buyers Agents we want to help you learn the things to look out for when buying a potential site.
Zoning and Overlays
Things such as flood overlays, character overlays, land zoning and site dimensions … to name a few … all need to be considered BEFORE entering a contract to purchase a potential development site. This is what you need to look for when conducting due diligence on properties.
Finding a development site
Our Brisbane Buyers Agents team are constantly searching for these opportunities. To capture the full range of sites available we assess a lot of opportunities off market, or pre-market, but we also review properties that do come to market.
In those that are listed on realestate.com.au or domain.com.au, we always look out for these 4 letters …. STCA. When anyone is trolling through real estate listings it so important to BE AWARE of these letters which stand for “Subject To Council Approval.”
In our experience, we have seen many sales agents who suggest, in their listing, that a property that is for sale may have upside development potential.
Some agents may even go as far as suggesting how a property may be developed by indicating that a property can be subdivided or may be converted into units or townhouses. But there’s always a disclaimer on their listing …. STCA. So, you must look out for these letters in a listing when purchasing a development site in Brisbane and tread with caution in relation to properties when they exist.
When an agent suggests a property has development potential, but the listing is tagged “STCA”, what this really means is that there is no guarantee of the development potential for the property and it is really up to you, as the purchaser, to do your own due diligence.
As Brisbane buyers agents we have heard of many instances, where a contract for the purchase of a property has gone unconditional or even settled and only after there is no option to withdraw, the purchaser discovers that there is in fact no development upside. This is usually because there are limitations, or there are constraints impacting the site, that of course were not identified in the real estate listing, but were also not discovered during a comprehensive site due diligence process.
Of course sales agents are never going to tell you the negative aspects of a property in their listing, so it is up to you to do your own due diligence – especially when purchasing a development site in Brisbane.
Help for You
Thankfully, local Brisbane Buyers Agents can help you with that process so that you can understand what it is that you are purchasing. We can uncover the true upside potential of a property and evaluate the development limitations that may exist.
Working with a good Town Planner is also essential with these types of sites. You can learn more about this on the Brisbane Property Podcast – Episode 6. You can listen here. And you can learn more about Steffan Town Planning on their website here.
I hope this information has been helpful on your quest to buy your next development site in Brisbane. If you need further help to secure a site with the necessary due diligence we can help. Please reach out by booking a discovery call through the link below to your Brisbane Buyers Agents.
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