Woohoo! I'm being rezoned.

[Olly]

Well, it looks like my years of procrastination may have paid off.

Due to health issues and financial circumstances I've been umming and ahhing over the past few years about doing something with my PPOR. I was limited to a (mirror image) duplex and most recently a granny flat as well. And the thought of having to move elsewhere while anything like this happened also put me off. Plus the numbers didn't stack up.

Anyway, this week I've received a council letter saying I'm to be re-zoned to R3 (medium density) which opens up other options like villas and townhouses as well as businesses like childcare centres, aged care, medical rooms, boarding house and so on.

I would assume with me doing absolutely nothing the value of my property will increase because of the rezoning too.

I've tried to find out by how much but it's early days yet, I did find these 2 interesting links though.

http://www.smh.com.au/nsw/private-land-to-be-seized-for-housing-20100311-q1l0.html
http://www.streetdirectory.com/travel_guide/74104/real_estate/rezone_property_for_profit.html

Anyway, there's huge chunks of my council area/suburbs being rezoned to R3 & R4 because they want to increase population/residences using existing space. Where I am the shopping centre runs up one street and they seem to be rezoning into the side streets up to 3 houses down (I'm the 3rd house down). In the last 12 months 10 new shops have appeared and it's taken on a 'cafe scene' look with outdoor eating at some of the eateries.

My local supermarket (shops are a 30 second walk away) closed it's doors this month and will re-open in 12 months as a huge new Woolies complex with parking and speciality shops. A brand new Bunnings is going up in the next suburb over.
It's all happening around here! The next hot spot maybe?

 

[Belu]

Congratulations Olly!

Which suburb is it?

 

[Aaron_C]

Congrats. Was it dumb luck or did you envisage this might happen when you bought?

 

[Olly]

Congrats. Was it dumb luck or did you envisage this might happen when you bought?

Dumb luck when we bought here 30 years ago so had no idea. Just bought 'cos it was close to shops and schools etc. Not investor minded then - just young and newly married.

Divorced ages ago and have hung in here even though I've been tempted to move many times. Got 'investor minded' as I just 'felt' there was more to this area although financially I haven't been able to do what I would have liked, as health problems cut my plans short, but there you go. S**t happens.

When I got my health problems though Rolf sorted me out with a $200k Line of Credit so I've been sitting on that and it might actually get used now!

Seen a lot of changes in recent years and have known for a while that Fairfield was targeted as a satellite city (although not sure at the time I found out what that meant exactly). Lots of old fibros on big plots have been/still are made into duplexes and townhouses, high rise apartments in Fairfield shopping centre, upgrading and adding more shops locally.

Cabramatta has calmed down and lost it's 'bigger drug capital than Kings Cross' tag and and has become a restaurant mecca with foodie bus trips. Funnily enough, there's a series showing at the moment on SBS (I think) called "Once Upon A time in Cabramatta showing the changes it's gone through since the Vietnamese refugees came here.

Canley Vale, (next door), a flat and fibro suburb is kinda dirty and boring looking but absolutely buzzes on Friday nights with the restaurant crowd who then lob over to 'Richards on the Park' nightclub. Rezoning plans are afoot here too.

Villawood, a previous government housing estate and problem spot got bulldozed in the last 10 years and is now a greened up brick townhouse private residence estate.

So I've been taking note of all this and could just see how it was all heading. And here I am! Hopefully I can still take advantage of the opportunity.

 

[Olly]

Congratulations Olly!

Which suburb is it?

Fairfield council area. I'm at Fairfield Heights, currently classed as a village which they want to change.

Read all about the plans here -
http://www.fairfieldcity.nsw.gov.au/default.asp?iDocID=10453&iNavCatID=7&iSubCatID=3339

Plenty of opportunities for cashed up investors methinks!

 

[vaughan]

When I got my health problems though Rolf sorted me out with a $200k Line of Credit so I've been sitting on that and it might actually get used now!

Best wishes to both you and Rolf.

 

[Ergophobia]

if you keep up your procrastinating itll be high density before you know it

 

[Ajax]

Olly,

I don't like the idea of compulsory acquistion mentioned in the first article.

"
Cabinet is still fine-tuning details, including the contentious issue of the amount of compensation paid to landowners whose properties are compulsorily acquired by the government for resale.

While government departments such as the Roads and Traffic Authority have the power to compulsorily acquire land, they can do so only when it is used for a public purpose.

In contrast, the metropolitan development authority would allow compulsory acquisition of land for private companies to construct and sell housing for profit."


Read more: http://www.smh.com.au/nsw/private-land-to-be-seized-for-housing-20100311-q1l0.html#ixzz1kMN2x2c6


I'm not sure whether the articles you provided relate to your area although I am also watching developments with the new Sydney Metropolitan Development Authority (SDMA) and any plans it may have for Redfern (in my case).

http://www.redwatch.org.au/issues/public-housing/redevelopment/hnsw/studies/expect

"Sydney Metropolitan Development Authority (SMDA absorbed the RWA-Redfern Waterloo Authority)
The SMDA is to prepare a in accordance with the requirements of the Urban Renewal SEPP (the Urban Renewal Study) (Draft BEP2 P3) covering an area wider than that under BEP2:

The SMDA advised the RWA BEMAC on 9 November that they would undertake five studies as part of their precinct study relvenenbt to the BEP2 area."

"o State Policy Directions: Greater community and dwelling diversity is provided (MP)

Precinct Outcomes: The mix of dwellings in Redfern and Waterloo social housing areas is more balanced and a wide range of dwelling types is provided across the precinct.

Suggested Local Renewal Actions:

Achieve a 40:60 split of public: private housing on Redfern and Waterloo social housing sites and incorporate 10% affordable housing in the private housing component.
Investigate opportunities for greater provision of affordable housing for key workers within the precinct.
Identify ways to integrate social, affordable and private housing to encourage social inclusion.
Renew existing social housing stock and encourage social sustainability within the precinct.
o State Policy Directions: State dwelling and employment targets are met (MP)

Precinct Outcomes: Metropolitan Plan dwelling and employment targets for the Sydney City Subregion have been met.

Suggested Local Renewal Actions:

Make an appropriate contribution to the Metropolitan Plan City of Sydney Local Government Area targets of 61,000 new dwellings and 114,000 new jobs.
o State Policy Directions: Opportunities for redevelopment of key Government and privately owned sites have been explored (SEPP)

Precinct Outcomes: Renewal opportunities for key sites have been explored.

Suggested Local Renewal Actions:

Promote the efficient renewal of social housing stock within the precinct.
o State Policy Directions: Social infrastructure is appropriate, adequate and accessible (SP, MP)

Precinct Outcomes: A significant portion of Redfern and Waterloo social housing has been retained and renewed and community facilities / services are provided to support the expanding population.

Suggested Local Renewal Actions:

Ensure renewal does not contribute to a reduction in social housing across the City of Sydney Local Government Area.
Explore innovative and high quality designs for new social housing that provides high amenity and meets changing needs.
Establish local activity hubs which provide services and facilities to meet the needs of the existing and new population.
Make an appropriate contribution to the affordable housing targets set out by the City of Sydney.
o State Policy Directions: Sustainability has been improved through the incorporation of design measures for climate change adaptation (SP, MP)

Precinct Outcomes: Water, energy and waste minimisation systems are incorporated in all new developments.

Suggested Local Renewal Actions:

SMDA to develop partnerships with the City of Sydney to promote sustainability and deliver green outcomes.
In redeveloping key larger sites consider a whole of block approach for ESD initiatives to improve environmental outcomes, efficiency and cost.
Investigate with City of Sydney the provision of a network of ‘green energy’ in the public domain.
Community feedback on the proposed planning controls, design excellence strategy, preliminary public domain and transport strategy will provide an important basis for the development of the study In accordance with the Urban Renewal SEPP (Draft BEP2 P66) This study will take into consideration feedback received regarding draft BEP 2. (Draft BEP2 P8)
Further analysis of social, economic and environmental issues (Draft BEP2 P8)
This Community Facilities Review will be used to understand the requirements for any additional community facilities and will be used to inform the Urban Renewal Study to be prepared by SMDA (Draft BEP2 P87)."

 

[Sunfish]

Olly, We had lived in our house for 50 years, bought it for the same reasons you bought yours. It was very close to commercial and for half this time we expected the NEXT town plan to allow for commercial development.

It was 1,012 sq m so when it was zoned med density we thought that would be OK too. We never got an offer though but the developers or wanna be developers slowly bought up on the cheap, spent nothing on them and rented them to low-life. The vacant blocks were never mown. Slowly the OOs moved out and the street became well known to police.

We finally accepted a price just a little over what homes were selling for without the zoning from the owner of the commercial property backing onto ours. It is now up to him to wait for commercial zoning. I'll be spitting chips if it happens next year when the new town plan is due.

A bit long winded I know but just saying nothing is guaranteed and don't hang around TOO long.

 

[Olly]

It's early days of course but I'm actually thinking of building something in the backyard that will be a business rather than townhouses which I'll have to sell and would mean I'd have to demolish my house and move. I've already ran my idea by my RE agent and he thinks it's a goer and should go well if the one down the road is anything to go by. He's going to organise taking me through it.

I'm quite happy here too so the plus is I won't have to move and I'll have a steady income that can repay my LOC. Lots to look into - am going to the council offices tomorrow to see the plans, have a chat with them about my business idea and see what booklets etc. they have.

Olly, We had lived in our house for 50 years, bought it for the same reasons you bought yours. It was very close to commercial and for half this time we expected the NEXT town plan to allow for commercial development.

It was 1,012 sq m so when it was zoned med density we thought that would be OK too. We never got an offer though but the developers or wanna be developers slowly bought up on the cheap, spent nothing on them and rented them to low-life. The vacant blocks were never mown. Slowly the OOs moved out and the street became well known to police.

We finally accepted a price just a little over what homes were selling for without the zoning from the owner of the commercial property backing onto ours. It is now up to him to wait for commercial zoning. I'll be spitting chips if it happens next year when the new town plan is due.

A bit long winded I know but just saying nothing is guaranteed and don't hang around TOO long.