With the huge increase in the value of single-family homes, the possibility of ever doing a Land Assembly anywhere in Victoria is over for the time being.
A land assembly is when Realtors® and or developers bring together adjacent lands to make a larger parcel to accommodate a larger development of houses, townhouses, low rise, or high-rise condominiums.
However, in Victoria, the combined value of the land plus existing structures have placed properties out of reach for Developers to assemble at a dollar amount that can support a re-development.
Couple that with increase building costs due to the current shortages of materials and labor, and I predict that we will see a severe shortage of new housing over the next 2 years leading to an overall shortage of available market housing.
If you currently own land that has been assembled, have a hard look at it because its value has increased. If you currently own land that has been assembled and is now zoned for its highest and best use, take...