Re-Zoning of Caringbah Property

[Daz4130]

Hello all,

I own a property in Caringbah on Taren Point Rd. My property backs on to the top section of the high school which is currently abandoned having been sold to developers in recent time.

I received a letter from the council stating the land for which my property occupies is being re-zoned to High Density.

What would this mean for my property? Would my property appreciate or depreciate? Is there a likelihood that developers will come knocking with offers?

Any input would be appreciated.

Cheers,
Darren.

 

[MRO]

Higher zoning almost always results in higher value. This may affect your land tax bill.

Developers may knock on your door or you could be proactive and approach the developer who bought the neighbouring property. Might be worthwhile considering a JV rather than a outright sale.

 

[Daz4130]

Thanks for the reply,
I thought it might raise the value. How would i find out whom bought the land. It would have to be some company as the land would be in excess of 10000sqm

 

[Ideo]

Depends on how big your land is etc etc. You could end up with the unpleasant situation of all neighbouring blocks being developed and yours being the only single dwelling house left, on a block too small to be developed to a higher potential.

Or, it could be a vital block in achieving overall yields etc on a larger development site, in which case you could get an attractive offer.

Alternatively, it may open up avenues such as smaller scale developments (e.g. townhouses) on the land.

It will likely see an increase in value. But this might also see an increase in land tax as well.

 

[Daz4130]

There would be approx 10 houses along the road all of between 650sqm to 750sqm each, mine being 700sqm backing onto this section of vacant land which I estimate to be more than 10000sqm.

If i were to get an attractive offer i would more than likely sell. I guess we'll have to wait and see.

 

[Ace in the Hole]

This yours?
http://www.realestate.com.au/property-house-nsw-caringbah-117474583

Interested, what's your price?

 

[MightyWill]

Can they actually just take over your land without your say; I thought a developer usually comes along first and tries to buy the land off you first for a nice price.

I use to live in Caringbah; what High School got abandoned?

 

[Scott No Mates]

No. The government can resume the land but must pay compensation at market value.