Rezoning under Brimbank Council in 2014

[sofman]

I would like to get some opinions on this if possible please-

I understand in around Feb 2014 the council will be rezoning land around
St albans/sunshine/Albion into three zones -
1 substantial change ( 4 level, or muti town house dev/
2 meduim change ( dual occ/ town houses ) and
3 small change ( same as current development standards)

all will require enough land for obvious reasons.

Based on this and current pricing I think there may be some opportunities to purchase large blocks ( 700-1000 sqm ) in the substantial change areas. I know Sunshine has started to take off based on recent prices so now looking at around ST Albans and Keilor Plains station. The past comments in this forum always mention the suburbs has a lot of crime etc but I have seen that come and go before in suburbs and I dont see it as an obstacle in the long term. More interested in other factors such as intrastructure ( train/hospital/bus etc ) which seems to have all boxes ticked. I remember the same things being said about Sunshine but it has not stopped it taking off. I regret not buying in Sunshine a few years ago - does anyone else share this view?

see below link for info on the proposed changes.

http://www.brimbank.vic.gov.au/COUN...l_Strategies/Home_and_Housed_Housing_Strategy

 

[RetireRich101]

Had a look at the document and sales in those suburbs marked for rezone. I am not seeing agents advertising " proposed zone...." etc. In other cities/ states agents will leverage proposed rezoning as a selling tactics in their listing.

 

[sofman]

yes some are mentioning it and interestingly they are asking too much in the market as approval still needs top be obtained- But some arent this is the type of property i was looking at ( below).

It is in the substantial change zone almost 1000sqm - 25 meter frontage at around $440K - rent is only around $300 per week but a good bet you could develop it in the medium term- Council told me the rezoning was definetly going ahead next year in Feb/March.

http://www.domain.com.au/Property/For-Sale/House/VIC/St-Albans/?adid=2010778088

 

[esdarch]

What is your strategy with the new rezoning? I cannot find major changes from the old masterplan. What you can do with the new one also be feasible with the current planning.

So what do you want to develop? High density apartment, townhouses or classic subdivision? I believe the area has potential in long term but not now.

 

[sofman]

strategy is medium to long term and after speaking to council they said a 4 level apartment block will require a larger frontage than the average block and have to be larger than 750 sqm as a guide - other blocks with 15M fronatge and decent size will most likely still be able to get 2-3 townhouses ( Like currently ) but there not the ones I am looking for - I am assuming the substantial change areas will be most likely more valuable from a development sense also as they must have made these changes with a purpose.

The one below got sold in a day pretty much so must be others thinking the same way. Also feel the risk is lower due to the lower price already in this area.

I know it will be a little while for the area to go better but really think it will happen. Unless there is something I am not aware of.

Thanks for your reply I appreciate the feedback.

 

[sofman]

OK Update for anyone interested - Brimbank has endorsed the changes and sent them to the planning minister for approval.

Maybe 2-3 months away now.

 

[evan1875]

Any updates Sofman?

 

[sofman]

yes the zones are done - the market has been very heated also - I ended up buying 1000 sqm block in high growth zone with 25 m frontage before it went a bit crazy - so far so good.