Adverse Possession – What’s all the fuss about?
With median property prices staying high, the value of a small strip of adverse possession land may be worth a lot more than you think.
Median property prices as at 12 February 2018* include:
- Malvern – $2,700,000
- Glen Iris – $1,950,000
- Glen Waverley – $1,359,000
- Camberwell – $2,216,000
- Clayton – $1,250,000
- Ascot Vale – $1,155,000
Based on current market values per square meter a small strip of land may be worth thousands of dollars.
Even if the land in question isn’t worth a huge amount, its strategic value may well be very high. The use of the land in question may be the deciding factor in the ability to subdivide or carry out the desired development. It may also provide much needed room for access in the case of land that forms part of a narrow driveway.
If you are developing or renovating and you discover that you are in possession of land that is not included in your title, or your neighbour is developing and is claiming the right to repossess land you are in possession of, please call us to discuss your rights and options.
* data obtained from www.realestate.com.au.
For more information please contact our friendly and professional team at Peter Speakman & Co on 9822 8611.