Buying land in regional Victoria is an exciting opportunity that gives you a platform to build your dream home or unlock a brand-new investment opportunity. Whether buying land as a developer or owner occupier, there are a range of things to take into account. If you want a complete tree change, buying land in regional Victoria opens the door to a relaxed and serene lifestyle like near Bendigo. Considering whether you are going to buy land in a rural location for a better quality of life or a metropolitan area is the first big decision, and whether to purchase titled or non titled land and consequences of each. In this article we will guide you through all of these factors and include a checklist for you to tick off in order to make sure you buy the right block of land safely and securely.
What is Titled vs Untitled Land?
When considering buying land in Victoria, it is important to understand the difference between titled and untitled land. Titled land is land that is already registered with the Victoria Register of Land and allows immediate construction. Whereas, untitled land is typically sold before being legally registered, and is usually part of new housing developments. These properties are usually sold off in stages as a new community progresses. This allows developers to pre-sell the land before it’s officially registered, helping them to manage their community as it expands.
The major benefit of titled land is that it gives you an available home faster than untitled land. Because the land has already been registered, the pathway to construction is more straightforward. Although titled land does allow for immediate construction, the drawback is a higher upfront cost. However, this allows you to buy at today’s prices, helping you avoid the rising costs that can occur between buying and building.
The benefits of untitled land lie in its affordability. Not only is the initial cost typically lower than titled, but untitled properties often increase in value as owners wait for their land to be registered. However, because it’s part of a development, untitled land usually won’t have all amenities connected, such as footpaths, roads and power. The lengthy timeline for these properties may also be a challenge, with possible delays to titling due to unforeseen weather conditions. However, this added time can also be beneficial to buyers, giving you valuable time to build up savings. With a range of lot sizes in a growing community, contact the team at Harlowe for both titled and untitled land.
Land Buying Checklist
If a relaxed and peaceful lifestyle appeals and you have decided to buy land in regional Victoria or are seeking out a block in metropolitan locations, this land buying checklist will help you purchase the right block of land with confidence.
- Choose a conveyancer
Before you even choose your block, choose a conveyancer. It is always wise to find a conveyancer prior to looking seriously for a block of land as they can offer expert guidance on every aspect of the purchase. A conveyancer is a professional who specialises in providing advice on the buying and selling of properties. While a conveyancer will not be able to tell you if it is a good investment, they will be able to provide information on any risks associated with buying the block, problematic issues like development restrictions of covenants, and review contracts. Conveyancers often have contacts within the industry and will be able to recommend professionals like building contractors, real estate agents, pest inspectors and solicitors to help the process of buying land run smoothly.
To find a conveyancer, you can ask friends, family or real estate agents for recommendations, You can also check the Australian Institute of Conveyancers Victoria Division or the Consumer Affairs Victorian Public Register for a list of conveyancers and their credentials.
- Consider location
Choosing the right location is essential in terms of lifestyle or potential investment return. When choosing a location, it will depend on a variety of factors like your budget, transport links, schools, work, recreation and community facilities. If you’re an investor, a location with strong growth potential for higher return yields is a key factor. While owner occupiers may be looking for a safe community, convenience to work with quality schools and local amenities.
Harlowe, a vibrant community near Bendigo, offers the perfect blend for both investors and owner-occupiers. New families can benefit from a relaxed, country atmosphere with quality schools and transportation links. While investors have the opportunity to buy land or house and land, with affordable land prices and generous block sizes. For more information on how to find your perfect location in Regional Victoria, please reach out to the team at Harlowe.
- Consider legal issues
When buying a block of land, consider legal issues like zoning, titles, land restrictions or building covenants prior to committing as each may impact the building process. For any block to be ready to build on it must be titled so make sure you are aware if the block is titled or untitled first. Check to see what the zoning regulations are as these will determine what building height you are permitted, setbacks from the boundaries and the number of dwellings permitted on the land.
- Consider block size and orientation
The size and orientation of the block will influence the type of house you can build and how energy efficient a home may be. If the block is north-facing, it will capture sunlight and be excellent for energy efficient systems like solar panels. South-facing blocks may require more heating and cooling as they do not capture the sun as effectively. Choosing a small block will limit you on the size of house you can build but probably cost less than a larger block.
- Consider block slope
While a sloping block can allow you to build a home with more character, it can be tricky to build on and end up costing more. A sloping block will probably require additional landscape features like retaining walls and may need to be built on a stump foundation rather than a slab foundation.
- Flood and bushfire risk
Consider climate features that may impact whether the block has a risk of flooding or bushfires. Susceptibility to flooding or fires can be found on sites like Vic Emergency or the Country Fire Authority. Average rainfall and climate can be found on the Bureau of Meteorology (BOM) website. With an insight into the average rainfall and high and low temperatures you will be able to work out the type of house you can build on the land, the type of insulation you will need and how to prepare for specific weather conditions.
- Utility services for land
Find out what utility services like water, gas, electricity and sewerage are available on the land. If in a rural area, research if the block is connected to town sewerage or if a septic tank will need to be installed. Make sure the block will be connected to the water supply or if alternative water storage like tanks will need to be built. Most blocks of land will have access to electricity but make sure electricity is connected to the grid particularly if in a remote area. If not, research how to provide electricity to the property off-grid.
- Soil type
The type of soil can significantly impact the cost and type of house you can build on a block. In an unestablished area, the soil may not be classified so it is essential to do a soil test. An established land development will usually have soil classifications already but should be checked prior to purchasing. Ideally, the soil classification should be ‘M’ which means it is stable and ideal for house construction. Unwanted soil class is ‘E’, ‘H’ or ‘P’ which can be very costly to stabilise.
- Planning controls
Find out what planning controls apply to the block of land. These will be the rules and regulations that specify what the land can be used for and how to develop plans for the property that comply with these regulations. To find out what planning controls are in place for a block of land, go to the VicPlan website which will allow you to access direct links to the planning rules for a particular site and location.
- Building costs
Armed with information above, calculate how much it might cost to build on the block of land. Work out the type of house you want to build, the type of materials you will use, costs like levelling the block, excavation or soil testing when doing an estimate. Building costs are vital because they directly impact your overall budget and borrowing capacity, determining whether you can afford both the land and construction. Ideally, contact a builder to get a more detailed estimate of the building cost before committing to a land purchase.
- Review contract and understand settlement terms
The contract of sale is referred to as section 32 and must be thoroughly reviewed prior to committing to buying the land. The section 32 includes details like the property title, mortgages, easements, and zoning. Ideally it is a good idea to engage your conveyancer to review the contract of sale to identify any potential issues and ensure the buyer’s interests are protected.
Following a detailed checklist for buying land provides a structured approach to the purchasing process. Buying land in Victoria is an exciting time but you want to make sure you are organised and have the right professionals to help you along the way. Our detailed checklist addresses features like location, titled and untitled land, regulations and potential restrictions when buying land.
If you long for a relaxed lifestyle with a country ambience with urban conveniences, buying land in Bendigo might be just the answer. When you buy land in a masterplanned community like Harlowe, you will enjoy a mixture of history, culture and modern living. With our comprehensive checklist on buying land and the range of blocks available you will be building your dream home in no time.
Situated just 12 km from Bendigo, Harlowe in Huntly features a range of lot sizes and house and land packages to suit every budget and lifestyle. Contact our Project Sales Manager, Heath Penbrook, on 03 8400 0568 or at enquiries@harlowebendigo.com.au to discover the opportunities waiting for you at Harlowe.