Land a plenty! Selling your Mount Isa vacant lot
If you have vacant Mount Isa land and you’re looking to put it on the market, you need to understand the differences between selling vacant land and established properties, as well as the importance of zoning and some key selling tips.
Key differences between selling vacant land and established properties
There are a couple of key differences:
1) Selling vacant land tends to take longer than selling established properties because there are usually less potential buyers in the market. Buyers of land are people that have a longer-term view or need. Buyers of existing properties on the other hand are looking for somewhere to move into or to rent out straight away.
However, that doesn’t necessarily mean that your Mt Isa land won’t sell quickly, especially if you have land in a great location, it’s priced to sell, and it’s marketed well.
It’s just important to understand that it usually takes longer to sell vacant land anywhere. You may have to be more patient.
2) 10% GST must be included in the sale of vacant land, including residential land. Existing residential properties are exempt from GST when being sold in Australia.
The importance of zoning
Like any city, Mount Isa has a town plan that zones land. This zoning designates how land in different areas of the city can be used. Any land for sale in Mount Isa will be zoned as being in one of six broad categories:
- residential (which includes both ‘low’ and ‘medium density’ sub-categories).
- centre (e.g. shopping centre zoning).
- recreation (e.g. sport or open spaces).
- environmental (i.e. conservation areas).
- industrial (which includes ‘low impact’, medium impact’ and ‘special’ industry sub-categories).
- other (which includes community facilities, mixed use, rural, and special purpose sub-categories).
Understanding how your land is zoned helps you to understand who the potential buyers for it may be. You can then target your sales and marketing campaign with a good local real estate agent accordingly.
Buyers of Mount Isa land may be local, or they may come from out of town, so it’s important to go with a real estate agency that targets all potential buyers.
Tips for selling Mount Isa residential and commercial land
When you’re selling land, you’re selling a vision of what potential buyers could do with it. Buyers of Mount Isa residential land could be families looking to build a home, or builders/developers. Mount Isa commercial land buyers could be individuals, businesses, or builders/developers.
Each of these different potential buyers needs to be able to visualise that the land will suit their plans for it.
Here are some tips for selling both residential and commercial land in Mount Isa.
- Ask an experienced local agent for advice on the potential uses, buyers and listing
price for your land. Unlike existing properties, there will be fewer vacant blocks of land that you can use for a price comparison, so it’s crucial to get professional advice from an agent that understands the local market.
- Make sure the boundaries of the property are clearly marked. This helps potential buyers to clearly visualise the size of the land.
- Make sure the land looks as neat and tidy as possible.
- Use aerial shots in your marketing to show the positioning of the land in relation to the surrounding local area and facilities.
If you’re thinking about buying, selling, renting or leasing any Mount Isa property, or you need your property managed, contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any questions you have.