Old surrounded by new

[ej89]

I'd seen an older house still in good condition selling for around the 370k mark and found out that a large developer has bought out majority of the suburb because they are housing commission homes and now they are selling off the land for people to build new houses and about 20% is left, with half that I would say private owners..They're making a new estate with older houses still in the estate..

What would happen to the few streets that still have older houses on larger blocks 600sqm when the estate has new houses on smaller blocks 350-450sqm worth 470-550k (for the whole house)?

Would the values of the older house go up, down or not change at all? Would the rents also decrease?

I can't really say where I'm looking as I'm considering making an offer this weekend..

 

[wombat777]

I'd seen an older house still in good condition selling for around the 370k mark and found out that a large developer has bought out majority of the suburb because they are housing commission homes and now they are selling off the land for people to build new houses and about 20% is left, with half that I would say private owners..They're making a new estate with older houses still in the estate..

What would happen to the few streets that still have older houses on larger blocks 600sqm when the estate has new houses on smaller blocks 350-450sqm worth 470-550k (for the whole house)?

Would the values of the older house go up, down or not change at all? Would the rents also decrease?

I can't really say where I'm looking as I'm considering making an offer this weekend..

You would think value would go up if area is gentrifying. How close to shops, transport and schools?

 

[ej89]

You would think value would go up if area is gentrifying. How close to shops, transport and schools?

3 schools down the road..
5kms from nearest station and major shopping centre and hospital. Small shops in the estate.. oh and a juvenile centre lol

found out the new ratio of housing commission to private with be 30:70 but all 30% housing homes will be refurbished too..

 

[TMNT]

think of the worst house on the best streeet scenario,

but once the Housing comission sells it all off, and private owners and the area improves, then it will catch up to the better streets

however, this will take years, unless they sell off the whole st in one weekend

 

[ej89]

think of the worst house on the best streeet scenario,

but once the Housing comission sells it all off, and private owners and the area improves, then it will catch up to the better streets

however, this will take years, unless they sell off the whole st in one weekend

they want to actively keep 30% housing in the estate and have already knocked down 70% of the housing commission houses down.. I seen it in Minto in an estate called One Minto in NSW.

 

[knightm]

Personally I would jump at that chance to hold an old house on a big block, particularly if council indicates you are likely to be able to build a duplex on it down the track (once all those other nice homes are built and the area gets trendy).