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NSW Acreage in Cranebrook, Londonderry, Castlereagh

Discussion in 'Where to Buy' started by propertyhut, 15th Sep, 2015.

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  1. propertyhut

    propertyhut Member

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    Hi All,

    Need your input advice on buying acreages (5 acres with nice establishes house) in in Cranebrook, Londonderry, Castlereagh.

    -> They are selling mostly for around 1.3 to 1.4 million (ones with nice houses)

    1)
    what are peoples view on the long term capital growth of thos RU4 zoned acreages in general. not thinking that the zoning will change, but even just the general demand of acreages, for rural work, homebusiness, demand for land by places of worship etc.

    will in 10 years time, they appreciate a lot. also with the coming of Penrith Lakes scheme, second sydney airport, more jobs out west, will that help drive their prices???

    2)
    my personal case, family lives on acreage in cranebrook.
    me and my wife are thinking of selling our blacktown home. pocket around 700k cash from it...
    liquidate our non income producing asset overseas and get another 150k from there.

    my income is 105k and my wifes is 50k.

    make the lifestyle change, work really hard, commute to our work is also manageable.
    we understand there will be never ending work around the house, but we are up for it.

    later if we need we sell it in 10-15 years time... and take it from there..
    so we manage with 600k mortgage, but the land/capital growth with booming penrith/western sydney will cover that or perhaps even exceed that.

    ========================

    experienced people honest advice/feedback is really required.

    are we missing something, but we both are kinda ready for living in acreage, as we visit my sister often so have seen it a lot...

    thanks


    propertyhut
     
  2. propertyhut

    propertyhut Member

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    to add. I am 32 years old my wife is 30. kids 4.5 and 2.5
    i am in fairly stable...jobs and generally my work/skill set is in demand.
     
  3. beachgurl

    beachgurl Well-Known Member

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    Look at the flood maps for the area. If anything is flood prone I doubt the zoning will ever change.

    Acreage is just a lifestyle option out there. If the land can't be rezoned I doubt you'll see any remarkable CG.
     
    Tekoz likes this.
  4. propertyhut

    propertyhut Member

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    thank you beachgurl.

    it is all flood free acres and even near by is the same. for rezoning totally understand its anyone guess.

    but only a 10 minute drive to penrith station, is the main plus point.
     
  5. T.C.

    T.C. Well-Known Member

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    Why wouldn't there be capital gain? There are some people who can't stand the thought of inner city living and who want to live on acres, and property hut is just one. Acreage property has the benefit of a higher percentage land content. The downside of high land content is low yields.

    If you want acreage, you want the privacy, the ability to have a horse and a few dogs, or sheds to fill up with toys and caravans, run some chooks and have a big vege garden, or just to have a big fire on the odd occasion and invite the neighbours around.

    The fact that these acreages that property hut is looking at sell for one million plus shows that they have obviously had great capital gains in the past. Of course they have as this land was probably only worth a few hundred dollars an acre 50 years ago, or just thousands an acre 20 years ago.

    The fact that maybe one day in the distant future the land could be cut up into house plots is just an added bonus.

    See ya's.
     
  6. Jeah_

    Jeah_ Well-Known Member

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    We lived at Box Hill on 30 acres of disused market garden about 20 years ago. The owners were told back then that it would never get any real growth. A couple of weeks ago a few thousand people entered ballots to pay half a million dollars for 400 odd square metres of it.
     
  7. bob shovel

    bob shovel Well-Known Member

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    Sounds like s good plan to me! You'll get the lifestyle plus in the future subdivide etc as long as you'll be willing to part ways with it in the future!

    I posted this on another thread too. You've got the right plan I say!



    West is best!
     
  8. propertyhut

    propertyhut Member

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    thank you all for your feedback.

    wont lie, its been tense discussion in our house as its a big change. going almost from no mortgage to a big mortage (from my brain perspective). lifestyle change.

    but we have decided we are going ahead with it.. once the property goes unconditional after building / / finance etc. will share.

    but can assure you, in the acreage market seeing some crazy things, being sold after 1 open house only...

    the new airport, parramatta growth, penrith lakes scheme, northern road upgrade etc, should only add value.
     
    Gockie, bob shovel and Tekoz like this.
  9. bob shovel

    bob shovel Well-Known Member

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    The lifestyle will be awesome, close to penrith but your own property or if the hussle and bustle
     
  10. DanB

    DanB Member

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    Was here to say this. Future subdivision is the biggest plus for Cranebrook acreages. Have already seen a couple of new places between Greys lane and castlereagh road.

    Though as Bob said - you have to be willing to split it up!
     
  11. Porongis

    Porongis New Member

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    Taking into account that the Sydney market is slowing down, will there be a negative adjustment in these areas?

    OP, I'm also interested in an Acreage, in far outer Sydney. let me know if you feel I derail your thread.

    I was earlier looking into the Camden area, but it seems a lot of it has been snatched by large developments, and prices are going wild.

    By the way, does anyone know whether there are any restrictions on building 2x granny flats in these semi rural areas?
     
  12. York

    York Finance Broker Business Member

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    I think in NSW only one granny flat is allowed per property. Not sure if there are any allowances for rural although I doubt it.

    Camden is beautiful. I noticed acreage properties did fairly well during the Sydney boom. I'd say like most of Sydney there will be a correction. You will need to have a pretty penny to buy now and hold on for the ride until the market turns around again. Unless of course there is some special circumstance like rezoning or subdivision potential. Even then the benefit of that will be priced in.
     
  13. Porongis

    Porongis New Member

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    I just stumbled upon a PDF from the Penrith council.
    apparently Multiple dwellings (more than 1 granny flat) are OK as long as the land size is 800+
    but in R4 not RU4

    a couple of things from there.
    would this be NSW wide? or just penrith?

    I guess i have to decide whether to get an acreage on RU4 or go something smaller at 1000sqm in R4 and being able to build 2x granny flats?

    am I reading this right?
     
  14. York

    York Finance Broker Business Member

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    Each council has different zoning rules. So for a particular suburb you need to check with the council.

    R2 and R3 in Penrith allows for 'dual occupancy' which means 2 dwellings attached or detached depending on lot size and R4 allows for 'Multiple dwellings' which is 3 or more in lot sizes at least 800sqm. Or 900 for battle axe.
    There is also a 'residential flat housing' which is for units.

    RU4 is for rural properties but land size must be at least 2 hectares for a secondary dwelling depending on effluent disposal system setup.

    Granny flats is another kettle of fish altogether. The above zoning rules do not apply to granny flats. There is a separate set of rules for this. In Penrith all residential zoning allow for a 'secondary dwelling' - which means one granny flat on lots bigger than 450sqm.
    Only one granny flat is allowed per lot.
     
  15. Porongis

    Porongis New Member

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    Hmm, what are grant flats called. I thought they always referred to them officially as secondary dwelling
     
  16. York

    York Finance Broker Business Member

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    Yes they are.