Future PPOR site to be rezoned

Hi all,

I just recently transacted on a site near Bankstown (south western sydney) NSW that I bought to build a new home for my ageing family (parents).

It's 650sqm and conducive to a duplex development, so I was going to just build a duplex, live in one, and rent out the other. However I did notice that currently it's zoned R2 but in the draft 2020 LEP it'll be rezoned R4 (it's 200m from a station). So I'm a bit conflicted about whether I should just build a duplex which probably means never selling the land and realising the R4 zoning, build a simple single storey home <$400k and sell the house in <15 years, or just selling the old house on the site as is when it has been rezoned R4, and buy a brand new PPOR instead.

The build time for any new place seems to be more than a year until finish so I feel like the time frame for my family to move into a new home could be quite similar.

What do you guys think?

 

Build the cheapest pair of duplexes you can, if they last out 15-20 years sell at that point in time to take advantage of any upturn in the market otherwise you can hold out for as long as you like as you have 2 dwellings on the site.

The zoning isn't certain

Land size to take advantage of R4 is not certain

Demand in 15 years is less certain

Market in 15 years is anyone's guess.

The longevity of your parents is also uncertain how old will they be in 15 years ? Build a duplex to suit them (bedroom/ensuite/WIR) on the ground floor

 

Thanks scott, yeah that's the plan, building a ground floor bedroom with ensuite and bir is a definite thing nowadays.

 

can you point me to where you found out that it will be rezoned?

 

It's in the community seeking your input section of the Bankstown Canterbury council website.

 

You can always look here

 

thanks guys.