Draft rezone - Good buy or not?

[Dean1337]

Hi all,

If a council has a draft plan for rezoning a suburb where some sections will be high density commercial, Mix high density and other sections to be medium to high density residential, would it be a good purchase to buy a property in this area? If so would it be best to purchase in the rezoned area or just outside the rezoned area?

The reason I ask is that I am considering putting an offer on a house to which is just outside but just across the road from the planned medium to high density residential zone. This made me wonder if such a purchase if a good thing or not.

Just wondering what other peoples opinions are when it comes to rezoning.

Cheers
Dean

 

[mflying]

Hi all,

If a council has a draft plan for rezoning a suburb where some sections will be high density commercial, Mix high density and other sections to be medium to high density residential, would it be a good purchase to buy a property in this area? If so would it be best to purchase in the rezoned area or just outside the rezoned area?

The reason I ask is that I am considering putting an offer on a house to which is just outside but just across the road from the planned medium to high density residential zone. This made me wonder if such a purchase if a good thing or not.

Just wondering what other peoples opinions are when it comes to rezoning.

Cheers
Dean

it works two way, you want the re-zoning to be in your favor or you can be stuck with property that can not be developed in way you intended.

From my (Very little) experience in property investing, generally area that is being re-zoned or zoned for multi dwelling, high rise etc ,always have added premium on it. ( to give you an example, search for 2C zone in western Sydney).

 

[Ideo]

This is NSW specific, but if the Draft has already been adopted then you are too late if your land is not included, unless you go down a site specific path.

Before the draft is adopted is a good time, particularly if you can make a submission to seek an change in the zoning. Or, about 1 year before the process starts.