I am a co-owner of a large block of land, currently zoned rural (NSW). I have been told that the land is eligible to be rezoned to residential in a few years time. This land has rural-zoned land on two sides, residential on one, and a road on the other. It currently has no power, water, gas or sewerage.
We can sell the land now, or (as I am being encouraged to do) sit on the land for a few years in the hope that it will be rezoned and will therefore be a more appealing purchase and attract a higher sale price.
How much does zoning affect the sale price? We won't be in a position to subdivide the land, so we would be selling it as is.
Is there demand for residential zoned land in the area or is there a lot of undeveled residential zoned land currently? Check with the council whether they would consider rezoning. Does the Council have a mastertplan for future development
Could you and other co-owners push the local council for a zoning change?
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