Strong Growth in Brisbane

Brisbane - Zoning and Subdivision

Need a dummies guide to zoning and subdivision potential for Brisbane area (Brisbane City Council if this makes it easier). Residential codes in WA are a lot simpler (maybe just the way things are documented that make them easier to comprehend).

From what I can understand reading the Brisbane City Council Planning Scheme (after waking up):

LMR (Low Medium Residential Residential): site can be split into two titled lots (not strata, normal title) where each newly created lot has an area of 400-450sqm and frontage of 10-15 meters. Maximum gross floor area of 80% of the site area (1-2 storey development). Otherwise if strata (eg. one behind other) situation is...? Does GFA include upstairs or just building envelope?

LR (Low Density Residential): Multi-unit dwellings (I take this as being strata?) will only be allowed on sites over 3,000m2 with maximum gross floor area of 30% of the site area (1-2 storey development). Minimum lot size (I take this where it's a normal title, against not strata) in established areas will be 400m2, except in the Demolition Control Precinct where the minimum lot size will be 450m2. No mention of frontage requirements?

Suggests to me you can split a block in 1/2 and title them (normal title not strata) any site/block greater than 800sqm (or 900sqm in demolition control precinct) with minimum 20m frontage regardless of LR or LMR zoning??? I take it these are colloquially referred to as 'splitters'?

On right track??? What am I missing???

*deep breath*

Sam.
 
UC, ok thanks for the heads up, I have come across some of those.


Before the internet was big I had some dealings with Kim Pitman on the northside, I have stayed away since then from Nth side. He took extra 2k from me.

However, I feel youre not in the same space as himi
 
outbackjack said:
However, I feel youre not in the same space as himi
Click to expand...

Oh God i hope not...:rolleyes: hehehehe

Thanks for that!! I cartainly hope i'm not one of THOSE agents (not making any reference to anyone in particular - just the agents in general people hate.)

Like the other industry and allied industry bodies on this forum - i hope to be able to assist in any way I can - if I know something you dont, i'm happy to share it - and I hope vice versa...coz I got a lot to learn!!!!!!!:D

and please don't avoid the n'side because of him - there are several good agents tht play over here - and a couple aside of me on this forum!! we can be nice on the northside!! :)

SamA - yes you're on the right track - there is a lot of ifs, buts and maybe's in there though and I've had a scotch too many to answer them tonight...the short of it is LR is the old residential A or a stock standard house lot that you can't do much on except split if its big enough (over 800m2 or 900m2 from jan 09 if its in a DCP - but even then a code assessment and a good town planner can get a hell of a lot more through on smaller lots - its not what you know)

LMR simply means that you can possibly put some sort of higher capacity residential accomodation on the site (units/townhouses etc)

GFA refers to the percentage of the total lot size that is available to be developed into floor space - its usually around 50% but goes to 60 within a couple of hundred metres of a trains station etc...there is very little 80% LMR around - and depending on location i've seen it as low as 30%

see if you can get onto Sailesh - he will know more about this - I know enough about it to get by and sell a dev site to a developer/investor etc...

cheers
UC
 
SamA said:
LR (Low Density Residential): Multi-unit dwellings (I take this as being strata?) will only be allowed on sites over 3,000m2 with maximum gross floor area of 30% of the site area (1-2 storey development). Minimum lot size (I take this where it's a normal title, against not strata) in established areas will be 400m2, except in the Demolition Control Precinct where the minimum lot size will be 450m2. No mention of frontage requirements?
Click to expand...
This site may help you to understand the different zones codes
http://svc189.bne146v.server-web.com/statistical_portrait/inner_north/
good luck willair..
 
I haven`t been paying too much attention but I know of 2 houses in the Jindalee area sold for more than asking price on the day they went on the market.
Apparently all over west Brisbane is selling fast, they are calling it a mini boom and rents are rising, even to the point of bidding wars like Sydney has had!.
I always felt I had a pinpoint accurate market judgement but right now I am not ashamed to say I have no idea.
I hate to see another boom anytime soon, too many battlers already, there is really a painful squeeze on low income earners or people not financially educated right now, in more ways than one.
Good news that interest rates appear to be hold through the rest of the year though!.
 
a mate just bought a couple of places in brisbane somewhere thru IC, apparantly the valuers are being harsh and marking it down by up to 15% on purchase price. Dont know the area, somehwere between Bris and the GC. its making purchasing difficult as his equity has disappeared. Any thoughts? I didn't want to pry too much but I think he still plans to go thru with it. Is it valuers being too conservative or is the stock over priced? Perhaps if everyone pays this price the value will change?
 
Valuers - a law unto themselves

G'day Ausprop,

So what's new?
apparantly the valuers are being harsh
Click to expand...
One of the "risks" we face as investors is the un-realistic valuations put on property by valuers. Whether they are not "up-to-date", or just plain incompetent, I don't know. Probably they are just "careful"...........

What I DO know is that this is a COMMON problem. We just need to know how to overcome them. Sometimes, we just bite the bullet, and sometimes we fight. Can your friend supply some "comps" that can swing things in his favour? If so, then GO with them. If not, then good luck.

Certainly, a crook val can screw up a spreadsheet BIG-time !!! :D More so, it can stymie an attempt to move forward. Best to be prepared to handle this wherever possible. Good luck to your friend,

Regards,
 
yeh I hope he can work thru it... I have put him into a little resy devy and if the valuers are harsh on the end values of that - like I suspect they may be - then there will be problems! it's the old problem of competing against guys that have developed their land that they have owned pre-boom... they can afford to sell at below replacement cost and it makes it hard to get a fresh dev site off the ground without chipping in more equity which is the last thing you want to do
 
its a problem all over - prices are going through the roof, but because they are moving sooo fast - the valuers are being ultra-conservative - i believe the reasons to be two fold - one is that because prices are rising so much, comparable sales from even two months ago make it hard to put a price on now as in some areas its risen by 10-20k in that time. second is if they value on construction costs and the like they are getting left behind too as the prices are not really reflecting the cost of the development.

the best thing your friend could do is get an independant valuer to go in (would cost a couple of hundred dollars) and if the value is miles apart contest the bank val... we did it last year and won after we complained to the valuers board that the valuer contracted by the bank under-val'd by 50k. if its brisbane area they need i can give you the name of a good independant valuer...she is also a fully licensed real estate agent and owns a real estate training company so she knows her stuff!!.
 
Just had a rental increase from $260 to $290 for a Brisbane unit. An 11.5% increase in rents.

After negotiating with the tenants over a $20 increase last year, we eventually agreed on a $10 increase as a result of 'they couldn't afford the $20 increase' just on 12 months ago.

This time I was gobsmacked to read.

Your tenants are happy and understand that rents have been increasing.

I am in awe of the power of the media to condition people.

Back to reality I also was told I needed to replace the hot water system which will cost $1000 or so which is just as well as my yield was threatening to peak above the 3% level there for a moment.
 
UC

I have just had the same problem with the 4 blocks, the valuers are being ultra conservative even though the prices are going up, we'll just have to wait to see what the valuation is when the construction is finished 9onece we finally get all the refinancing done).

The valuations sucked because it meant more LMI for us.
 
outbackjack said:
Before the internet was big I had some dealings with Kim Pitman on the northside, I have stayed away since then from Nth side. He took extra 2k from me.
Click to expand...

Haa, there's a blast from the past.....

You have no idea what Kim used to get up to. Last time I spoke to him he was sitting on 34 rental properties after retiring at 39, and was in his Ferrari taking off on the Bruce Highway north to nowhere. Man could I tell you some stories. 3 of us spoke with the ATO once and gave them heads up on some things and they weren't in the least bit interested:confused:

But as UC said, thats no reason to avoid the Northside.

Our franchisees on the Southside report the same strong activity as our Northside agents. Stories of 22 to 30 inspections at opens are common, multiple offers and huge shortage of listings.

Kev
www.gogecko.com.au
 
Andrew_A said:
Flies straight over Nundah by the looks of the proposed path, would be watching that for anyone interested in that suburb.
Click to expand...

Nundah shouldn't have major issues regarding increased air traffic, most of the traffic in that zone goes over the river. There has been much speculation and lobby groups fighting over effects on Banyo, Virginia (East of Toombul Rd, and Northgate.

Kev
www.gogecko.com.au
 
Kevin Hockey said:
Nundah shouldn't have major issues regarding increased air traffic, most of the traffic in that zone goes over the river. There has been much speculation and lobby groups fighting over effects on Banyo, Virginia (East of Toombul Rd, and Northgate.

Kev
www.gogecko.com.au
Click to expand...
Well neither should Banyo.

http://www.newparallelrunway.com.au/content/standard1.asp?name=flight_path_book

It's certainly not an issue at the moment and it's a wonderfully quiet suburb.

A more relevant questions for someone considering buying in 'Couture' would be... What will happen to the cannery?

** edit.. Banyo is a great big canvas... It could be anything with a bit of planning due to the unusual composition of the suburb at the moment, though it could equally just fill up with McHouses I guess.
 
Missed out Andrew_A.
Am waiting to get in on a new development not too far away.
I am getting impatient & am starting to gander at some high growth areas here in the ACT! but only looking really.
 
Existing runway traffic has not held back prices in Bulimba or Balmoral or Ascot on the other side of the river. We thought it would have a big impact and sold from that area as we were under the flight path, and the planes were pretty low as we were on the hill. However, prices have gone gangbusters, so I think if the other things in a suburb are right, the flightpath won't make much difference.

The parallel runway has yet to be built, but nobody seems to be worried in those areas.

Wylie
 
Hi all, hoping to get some help on Ipswich. I am currently looking to buy an IP there. I reckon there must be a few people who have checked it out. Does anyone want to share their findings?

I am currently looking at Denmark Hill, because it has a good view.

The block size is rather small though, about 580 sq.m. Will this detract from the capital growth or is it irrelevant since the view is there. It's not a queenslander either, but is does have a newly renovated kitchen and I can get it for about $370k.

As I'm from Melbourne, I really do appreciate everyone's comments.
 
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