Whats My House Worth? Re-Zoning R4 1.2:1 FSR

Hi Everyone,

I own a house Caringbah NSW which has been included in the new draft plan.
Re-Zoning to R4 High Density having an FSR of 1.2:1
Land Size 700sqm

A real-estate working on behalf of a developer requested a meeting with me asking whether I'd sell or not. The house on a residential density would be worth around $750k. The offers were in the range of $850k to a $1m. My neighbours on either side of me plus another wont move for less than $1.5m which I personally think is a bit too high but i'm in no rush to sell either.

The biggest argument by the real-estate was the FSR 1.2:1 allowing about 8 units to be built on my block which was considered a small FSR for the R4 Density therefore not a big win or enough to justify a double value in property but none the less its still a win.

Any thoughts on what I should expect for such a property. Do we have a good bargaining chip having 4 houses in a row unwilling to go for less than $1.5m.

Thanks,
Darren.
 
Make sure the 4 of you go as a group to get the best deal, if they divide the four of you then you will find the deals get worse as time goes on.

Especial stick with the neighbors either side you hate for you to get built out
 
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