Possibility of being rezoned commercial

[Cherry Pro]

Hi All

Need some guidance please

We're considering purchase of a relatively new home one street down from a relatively busy road and backing a commercial property.

Presumably at some stage down the track, this block could get rezoned commercial. Will that add to the value or detract from the value of the block ?

Thanks, appreciate any insights.

 

[Propertunity]

Presumably at some stage down the track, this block could get rezoned commercial. Will that add to the value or detract from the value of the block ?

Usually adds to the value.

 

[Shahin_Afarin]

Could be excellent or it could be terrible - it depends on a number of things. Is this upper north shore?

 

[John M]

Depends where it is, what commercial zoning it will be and what you can do with it under the zoning. If there's plenty of commercial in the area and there are high vacancy rates, then it's probably not a good thing.

If there is very little commercial, but there is great need for it and you have a nice block with a wide frontage etc then this may be a good thing. Either way it probably won't be a bad thing as you can continue to use it for residential..

 

[Tigerboy]

My understanding is that council needs to submit the request for rezoning to the relevant minister. So even if council supported it it could get knocked back at the department level.

I wouldn't buy land hoping to have it rezoned. It could years if ever.

 

[Cherry Pro]

Thanks all, I spoke to Council and found out that in the next LEP as well, this has been zoned residential.

Shahin - this is still in the Hills.

 

[Cherry Pro]

We had the property valued and the bank (CBA) came in with a valuation of $130k less than what the vendor is requesting ... I have not heard of anything like this before so thought I'd check some views here ... the commercial property is a Holden new car yard ...do you think having a car yard backing a home will impact future saleability of the home ?

Or are other people also seeing bank vals not stack up ?

Thanks

 

[Aaron_C]

Being next to a car yard will have serious impact on saleability for sure. The mere fact that you are asking this question in the first place means other purchasers would have the same concerns, and offer a lower price accordingly. After rezoning then the criteria changes but for resi this is negative.

 

[Cherry Pro]

Thanks Aaron, you are possibly more in the know of things with all your experience.