Seriously will Syd ever stop going up?

[2FAST4U]

Everyone who builds in the Belmore area knows council has earmarked south of the station to Canterbury Road as high rise, this is just front running by Councillors/Planners family members.

I don't know anything about developing. However, wouldn't a 500sqm block be too small to build high rises on?

 

[neK]

Hi Nek,

Those two properties in the links are real bargains in my opinion.

I would consider those two links to be much more superior that the Belmore property even if they were at the same price. But then again I might be biased being from the Shire myself.

I'm not from the Shire at all and I see those two as good value, so i don't see any bias there.

There are always good value properties... just need to keep an eye out. Its not like those areas are cheap either, but every now and then, someone pops up

 

[dajackal]

Everyone who builds in the Belmore area knows council has earmarked south of the station to Canterbury Road as high rise, this is just front running by Councillors/Planners family members.

I have a unit north of the station.

This is the first I've heard about high rise developments in the area. Where can I go to find out more?

 

[belvoir]

I don't know anything about developing. However, wouldn't a 500sqm block be too small to build high rises on?

It will be amalgamated with 4-5 other properties to make a 2500sqm block.

A 2500sqm block with and FSR of 3:1 equates to roughly 90 units. In turn, market price today is about $150,000 a unit which means the site is worth $13,500,000. If split 5 ways thats $2,700,000. Not a bad return...

 

[belvoir]

I have a unit north of the station.

This is the first I've heard about high rise developments in the area. Where can I go to find out more?

If you don't know, then you don't have friends in high enough places.

It takes 2 years to prepare an LEP. 2 years for secrets and future zoning to leak out.

 

[celsioraus]

I bought in Cromer in October 2011. It was so quiet at the time I went to see the house i ended up buying 4 weeks in a row and they had no viewers. Infact most houses only ever had 1 or 2 parties going through. It was a depressed market but I needed to buy so I was lucky. The house was on the market for 1.15 millon and in 2 months it ended up at 940k.

Anyway fast forward near to 4 years and my 940k purchase is now worth about 1.4 million and house generates a grand a week rent and I live there.. My only question is what to do now? Buy IP or pay off my PPOR which is in thr 580s now

 

[ej89]

I bought in Cromer in October 2011. It was so quiet at the time I went to see the house i ended up buying 4 weeks in a row and they had no viewers. Infact most houses only ever had 1 or 2 parties going through. It was a depressed market but I needed to buy so I was lucky. The house was on the market for 1.15 millon and in 2 months it ended up at 940k.

Anyway fast forward near to 4 years and my 940k purchase is now worth about 1.4 million and house generates a grand a week rent and I live there.. My only question is what to do now? Buy IP or pay off my PPOR which is in thr 580s now

That depends on your age, income and risk etc doesn't it? I'd probably pay down some debt..

 

[ej89]

If you don't know, then you don't have friends in high enough places.

It takes 2 years to prepare an LEP. 2 years for secrets and future zoning to leak out.

So what you're saying is you're gonna pm us the areas the rezoning is going to happen lol

 

[2FAST4U]

It will be amalgamated with 4-5 other properties to make a 2500sqm block.

A 2500sqm block with and FSR of 3:1 equates to roughly 90 units. In turn, market price today is about $150,000 a unit which means the site is worth $13,500,000. If split 5 ways thats $2,700,000. Not a bad return...

Thanks for the explanation. From that perspective it makes more sense.

 

[belvoir]

So what you're saying is you're gonna pm us the areas the rezoning is going to happen lol

See below example: Sold for $930,000 over reserve was the caption (caption later changed).

I bet you the agent thought they were the best 100% over the reserve etc... little did they know.

Land has now been re-zoned.

http://www.realestate.com.au/property-house-nsw-hurstville-115909943