Neighbours Selling Houses Together – Melbourne’s Growing Trend
Over recent months Australians have taken notice of the lucrative opportunity on offer for neighbours selling houses together. Every week there seems to be a new article published of a champagne popping vendor – and there’s something inside each one of us that is wondering why them and not me?
Just recently, 6 homeowners in Melbourne’s south-eastern suburb of McKinnon (VIC) shared an $8.88 million sale. Meanwhile, in Castle hill (NSW), a group of 25 neighbours sold their homes three times their market value. Some fortunate homeowners have seen themselves earn $1 million over their house’s market value.
According to industry experts, the developer demand for inner-ring future townhouse and apartment sites is rising steadily. As a result, clever neighbours are banding together to create thought-provoking potential sites for seasoned developers. By selling the properties in a single transaction, both the vendors and the buyers are striking a good deal. This is because the value of the land collectively increases. A larger development site can accommodate larger projects such as high-rise apartment complexes.