Hi Haripin just checked in and saw my name. We cannot give financial advice on HC but in my opinion the following.
Developing is a pretty cutthroat business and due to the long time frame from applications through to final sell risky. Remember the charges , taxes,build blow outs and selling fees will screw up most price projections. My view but depends on your age, income etc would be sell it to a developer and take the money now. Possibly use the money to buy into a better location or upgrade.
Problems that could occur
Governments change their rules but sometimes take forever to get approvals.
With so much stimulus money pumping into new builds you risk a flood of supply when you wish to sell.
My mate did a duplex in Swan Street in partnership with an experienced developer and it went awfully wrong. Crap site near Wanneroo Road, overspent on quality, poor timing. End result $200k loss and emotional scar.
My view on stimulus packages is they are BAD. They encourage young people to take on debt. The money mostly goes to pr---s like Satterly or Niche which build future slums. The poor buyers that bought tiny blocks in Baldivis and all the outer sand dunes in the last 3 years have negative equity and have the worst of both worlds. The new estates are miles from anywhere but on such small blocks that you can hear your neighbours coughing. Called into Byford last week end after walk in Jarrahdale, possibly the worst example of urban planning in the world. Tiny little box houses with a few big boxes for Coles and Woolies.
Hope that helps but just my opinion.
