BCC Notice

[zimby]

Howdy

So I received a notice from Brisbane City Council today.
It advises that one of our properties is in an area that may be effected by "long term improvements to the area"
I suspect our property is in the way of a road upgrade and may be bought up.
I believe this is relatively far away in terms of time.
Has anyone been in a similar situation, is the buyout value fair?
Our property is not really comparable to others in the area as it is a unit with 4 bedrooms and 2 bathrooms.
Should I be looking to sell the property now, before this heats up? It is currently in a fantastic location(CG) and comfortably positively geared

Cheers

 

[The Y-man]

Zimby,

We are undegoing this now in a different city. In our case, the roads authority asked us to commission our own valuer to ascertain a value "as it would have been without the works going ahead". The roads authority would pay for our valuer, and also a lawyer to then defend that valuation against the valuer general. The roads authority has also offered to pick up the stamp duty on a purchase of a "replacement" property somewhere else (but obviously in the same state) up to the same value.

The Y-man

 

[zimby]

Thanks Y-Man
Sounds like it could be fair, interested to know if this will work out for you after number crunching.
Is the property PPOR or Investment? Is it doing well? If doing poorly then this would be a good opportunity to shift a property, if doing well then I guess a bit harder to qualify.

 

[Scott No Mates]

Too late to offload on the open market Zimby as the affectation will be on the zoning certificate. If you do go to market you are not entitled to the provisions of the applicable act for the resumption of land should the acquiring authority buy on market.

Have a chat with one of the solicitors experienced in compulsory acquisition.

 

[zimby]

Cheers!
Interestingly the only mention was disruption in the area, so I might be reading into this a bit much.

 

[SK Investments]

Cheers!
Interestingly the only mention was disruption in the area, so I might be reading into this a bit much.

Maybe they don't need your land for a freeway but it will be in your backyard, or you'll have an airport next door? Just try asking them.

 

[The Y-man]

Thanks Y-Man
Sounds like it could be fair, interested to know if this will work out for you after number crunching.
Is the property PPOR or Investment? Is it doing well? If doing poorly then this would be a good opportunity to shift a property, if doing well then I guess a bit harder to qualify.

It's and IP and an apartment at that.
We think it's great - we'll offload and buy a house elsewhere (saves us selling costs and part of stamp duty etc)

The Y-man

p.s. I think they even pay the coveyancing for the next purchase, as it is theoretically meant to be "no cost to you" (other than removalist) to move into a property of similar value.