House in a High Density Residential (HDR) zone

There's a reasonable house in HDR zone where there are apartments coming up all around. The permissible height is up to 8 storeys.
Does anyone know if you can knock down and re-build a 3 storey house there?
Would it be worth purchasing and renovating?
Or would Brisbane city council only permit apartments and townhouses?

 

Zoning tends to be about maximums, that is you can have 8 storeys and max number of bedrooms / dwellings. If you are under that there should be no issues. opinion only

 

In your opinion, if the area that a house is in was rezoned to high density, do you think it would increase the value of the house or decrease it?

 

Almost certain it will increase the value of the land.

 

Depends upon what is allowable in the LEP. Putting a single dwelling on the site would be a gross underutilisation of the property and may be knocked back by the planners or by your bank sad the block wouldn't realise it's value under a distressed sale condition.

 

I feel that's only applicable if the house is not surrounded by high density buildings. For instance, if the adjacent two properties are still houses, then that increases the developmental potential of the house in question, and hence their value. A lone soldier sitting there probably will have decreased value.

 

Not sure why you will think it will decrease in value. Every time I see zoning upgrade affecting certain properties, the price of their land increased unless the product of the proposed upgrade is not selling, hence slower effect to the price increase.

 

Mainly due to:
- loss of privacy
- increased noise
- increased traffic and congestion
- oversupply of accommodation

 

Then I will come in to grab the bargain if it has development potential and market .

Like Carrington Rd, Box Hill, VIC. Late 90s the properties were selling around the same price as the other houses in the suburb. Now the land price more than double the average in the suburb.

And University Rd, Mitchelton, QLD. After 2014 zoning upgrade, the properties along the street increased like 30% more than average in 1 year as buyers/developers came in to land bank

 

60 University Rd is all yours

 

Overland flow. And can’t add neighbour as they have developed, unless you can buy the empty council land beside lol. 850k is inflated price. I’d consider if 600 k and really 800 sqm and 20 m frontage. Last I checked it’s only 700 sqm, ad is wrong

Anyway, look at this!
112 Carrington Road, Box Hill, Vic 3128
https://www.realestate.com.au/property-house-vic-box+hill-132949446

3M, with train track behind your house! Talk about noise

while you can get this with 500k change;

21 Weybridge Street, Surrey Hills, Vic 3127
https://www.realestate.com.au/property-house-vic-surrey+hills-136106218

1998, the one in Box Hill would have sold around half the price of the one is Surrey Hills

 

In Uni Rd, after announcement for 2014 rezoning;

11 University Road, Mitchelton, Qld 4053
https://www.realestate.com.au/sold/property-house-qld-mitchelton-114859791

13 University Road, Mitchelton, Qld 4053
https://www.realestate.com.au/sold/property-house-qld-mitchelton-116038471

27 University Road, Mitchelton, Qld 4053
https://www.realestate.com.au/sold/property-house-qld-mitchelton-118059059

30% in 1 year while median average of the suburb increased less than 10%

Anyway, the effect of rezoning will have less impact to say country town lol. More on capital cities

 

It becomes an infill site, so council will encourage the full development potential.

Trap for young players - this can be developed, so ignore at your own peril.

 

Nice analysis, and I agree, if there is potential to develop with the adjacent properties, the value will go up. However, if it is left behind as an orphan (such as number 60), then would you agree that the value will probably be less than the surrounding suburb?

 

Ohh sorry I finally got what you meant. Yes true for some properties left in the middle of 2 high rises for example, blocking sunlight and view, while too undesirable to develop in itself. For 60 Uni, I think it won’t be too undesirable even as a house in itself. Adjacent open space like your private park lol. Not sure if it is possible to acquire that open space in the future to fulfill its potential. Don’t think it will worth less that suburb’s median as it is considered corner block?

 

It may be slightly cheaper than other comparably zoned sites where the development potential is not hampered by setbacks which affect narrower sites like the subject (amongst other planning controls). That is, if you require 3.5m setbacks on both sides for a block of low-rise units, this will take out 7m of a 15m wide block, yet will still take out 7m from a 30m width block. Height controls (building envelope) would also impact the narrower site more than the wider block. You may get say 3 units on the infill site whereas the wider block would yield 8 units and be valued much higher.

When you then compare the infill site to a standard residential site, it would cost more as there is a higher and better use than a single residential site.

 

Parks are generally "community land" - they will require Ministerial Consent to approve a council motion to sell the block. There would probably be a heap of council assets through the block (restrictive easements for stormwater, power etc as well).