Hi all
I just brought a block 1500m. I find out that nest month thay will start a new stage or development. Im at the end of the street and my street will be continued into the new development. All the blocks in my estate are 1500 or more in size. The new stuff will be, wait for it, High density living 300 to 350 & maybe a few 500. However it will have a shopping centre and sports oval. The plan of this development is for young families with kids hence the sport & child care facilities. Im concerned the additional 3000 people in medium to high density living will devalue my investment as it bourders my block.
Most of the homes are 400 – 500,000 up and not 300 m blocks. Man, Im P*ssed. Most of the traffic from this new development will come down my street.
Am I seeing this all negative is there a positive side to this. Will the shopping centre add value to my estate, the sports oval etc. What do you guys think.
Much appreaciated.
Tony B………
It might have the opposite effect – pushing up prices
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The downside for your location is that your street will become a thoroughfare funnelling traffic 24/7 to the shopping centre however this should be more than compensated for by being able to offer the larger block/freestanding house which is not available in the newer development.
Resales in your estate have already lost their gloss of being new so the depreciation of the first few years (developers margins etc) have already been absorbed) where as the new sales will have the margins built in again.
Mate,
You could be on a winner if you're looking to add value to your block. You might get planning to fit 3-4 units on your block. Even if you don't build the units the extra value is there for you to use through increased equity.
It sounds good to me from an IP point of view, maybe not so if you want to live there.
Pud
Pud
No sub divishion allowed & sigle dwelling only. Cost of sub the block would out way the potential profit. Also, with over 1000 new block to choose from too much competition. Not happy camper, urban sprawel too many people living on top of each other. UGB to be increased more land to be realeased for development. Hand prices will fall.
CheersT………………
Could you get together with other owners of the big blocks and petition the council to allow rezoning to a higher density?
If it is a recent subdivision and there is plenty of new site land available, the likelihood of a spot rezoning are minimal.
I wouldn't stress too much about what you can't change, but think of solutions..
(What is your time-frame for building? Or is your plan to hold, then sell undeveloped…. a risky scenario in my view.)
If you'll be building, strongly consider planting something down that border….
non-clumping bamboo (not the spreading sort!) for a quick-growing screen
or maybe lillypillies as you have a larger block.This will provide a visual screen so that a 2 storey building doesn't overlook your house, and the lillypillies will also provide some noise barriers. They both grow reasonably quickly. Trick is, the timing of planting. You don't want to sell with small trees, and no garden privacy if the buildings next door are already under construction.
quickchick
Thanks all
Yes you just dont know whats around the corner. I do alot of home work & I thourght they might do somethink one day but right now, man. Yes its too late to cry over it ( done that). The plant & tree are a good idea, thanks. Yes to hold and sell not a good idea as mentioned too risky. Will think for a few days first. This was to be my PPOR hence the big blocks, my enjoyment will be afected. Any way I will think of the positives, If I need to buy drugs late at night Im sure some of the local kids that will be hanging out at the shopping centre car park only 200m away can help out.
lolThanks all & have a great Christmas & sucessful New Year.
Regards
T…………………
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