24 acres north nowra nsw

Discussion in 'Caveat Emptor (Buyer Beware)' started by S1mon, 20th Oct, 2014.

  1. S1mon

    S1mon Member

    Joined:
    22nd Jul, 2012
    Messages:
    75
    Media:
    1
    Location:
    ACT
    Wasn't sure where to post but here seemed to fit ok. More of a 'whats it worth' thread than advertising..but having said that, it will be on the market in a month or so. my mother is current owner.

    I grew up here. 3 beddy + ensuite + study + separate lounge and dining and family room + enclosed veranda area + 3 car garage connected to house + 8 car (or something like that) garage dirt floor next to house + carport. Double brick...pretty much all original..must be 35 odd years old. my dad laid the bricks! Probably one they would quote as 'good bones'. Lots of fruit trees etc etc (unless they all died). couple of dams. great for young kids. good location, not way out in the sticks.

    Problem is a fair part of the block is reserved for future infrastructure...(specifically, the mystical nowra bypass that has been talked about for decades)..so i assume you cant build on that part of it. After years of uncertainty, It was recently announced that
    the 2nd bridge across the shoalhaven river would be built next to the other one..(to try and alleviate the traffic bottleneck).we take this to mean the nowra bypass wont happen for many many many years / that the house is safe for a long time yet

    [​IMG]

    [​IMG]

    Havent got many good pics of the house handy..just crappy ones from the agent inspections here. Figure its more about the land tho.

    Extremely hard to value...these are the only 2 i could find that were remotely comparable..the top one is pretty much directly behind ours

    obviously those sales very old too.

    Any nowra peeps prepared to take a guess?
    How would you guys go about marketing such a property? price range, price+? etc
     
  2. womble66

    womble66 L plates firmly afixed

    Joined:
    17th Apr, 2010
    Messages:
    484
    Location:
    Illawarra NSW
    A work colleague has his 33 acre property near Albatross for sale at $800K and is also zones RU2 but no E2. Not the same area of Nowra but similar larger size property both within minutes of the Nowra CBD.

    http://www.realestate.com.au/property-house-nsw-nowra+hill-117971383

    Do you know the impact of the "Western Bypass Corridor" clause associated with the property?

    Hard to tell the value but probably somewhere between your recent sales of $600K and $800K but given there is very little chance of rezoning and maybe even compulsory acquisition sometime in the near future I wouldn't see it worth much than maybe $700K as a guess but that's only if the house is liveable without a major renovation etc.

    Maybe the compulsory acquisition maybe a good option if they choose to go that far west for the new bridge/river crossing.

    http://www.shoalhaven.nsw.gov.au/My-Council/Media-releases/ArticleType/ArticleView/ArticleID/1423
     
  3. S1mon

    S1mon Member

    Joined:
    22nd Jul, 2012
    Messages:
    75
    Media:
    1
    Location:
    ACT
    appreciate the reply womble. that is a reasonable comparison.

    "Do you know the impact of the "Western Bypass Corridor" clause associated with the property?"

    edit: nope..tho i think the relevant council cert is on its way

    compulsory acquisition would be great, but they wont buy it until they need it, its the uncertainty thats the killer. If they said they will buy it in 2050 say, then great. they have effectively stripped much of the value from it...pretty unlucky imo. either we wait probably 100 years for compulsory acquisition at a better price..or take a hit now and put it into something that will get (far more reasonable) capital gains.

    it is livable, its currently rented (under market value) but yield is like 3% or something low like that.

    Yeh i was hoping about 750

    Cheers again
    Simon
     
    Last edited: 21st Oct, 2014
  4. Allgood

    Allgood Member

    Joined:
    5th Apr, 2013
    Messages:
    176
    Media:
    13
    Location:
    NSW
    Hi S1mon,

    It's an interesting one. You'd think that a block that size and that close to suburbia would lend itself to development, but the zoning is sure to be an issue.

    Have you spoken to council for clarification, or even about the possibility of getting it rezoned? I thought with the new LEP might open up blocks like that a bit?

    Allgood
     
  5. Tim Guest

    Tim Guest Member

    Joined:
    8th Feb, 2015
    Messages:
    2
    Location:
    Nowra NSW
    Hi S1mon,
    These questions are always difficult to answer, but it really comes back to how long you are prepared to wait and whether that wait will be worth it. Are you getting a good return from renting or would off loading it and investing the money elsewhere at a higher return, be smarter. If it takes 20 years for the road to get there, is the property going to be worth more than opportunities lost in that 20 year period. In regards to current value, only having the property on the market and getting an offer is going to give you the facts.
    Best of luck.
     
    knightm likes this.
  6. knightm

    knightm Member

    Joined:
    14th Nov, 2003
    Messages:
    1,820
    Media:
    5
    Location:
    South Coast & Regional NSW
    That is right. Opportunity cost and uncertainty. Looks high risk, could be an opportunity for the right buyer. Could be both.
     
  7. serendip

    serendip Member

    Joined:
    17th Jun, 2014
    Messages:
    286
    Location:
    Newcastle, NSW
    I agree with seeking clarification from the council. Not sure the process but i know of an example locally where this type of situation applied to a few blocks. The council wrote to the RMS to seek information regarding their current intentions with the proposed road. RMS replied that it was no longer required and so the council have removed the aquisition hold on the land and are in the process of rezoning. I know i have the terminology wrong but hopefully you know what I mean. Such a change could alter the value significantly so I think it would be worth asking the question formally.