How to identify properties with rezoning potential

Was very inspired by this article, and other similar stories about rezoned properties that resulted in massive life-changing capital gains.

‘Couldn’t believe her eyes’: seller’s shock after her Mount Druitt property sells for $2m

I'm in the market for my next IP (free standing house in major capital city) and was wondering how to go about identifying these types of properties?

The only things I can think of are buying within 500m of a train station/major shopping strip and making sure it's still zoned residential.

Any tips from your experience?

 

Go and sit in on council meetings. Read the agendas, find out what the projects that planners are working on.

 

Don’t rule out areas recently rezoned. You might still find good opportunities.

My first IP the planning scheme was approved (coincidentally) weeks after I signed the contract lol. This was luck as I wasn’t aware of the planned zoning changes. I was buying in an area near waterfront and with a lot of old housing stock but there were early signs of gentrification.

I then bought my second IP with similar zoning a year later whilst the market was still down.

In both suburbs it took real estate agents and owners a few years to realise the potential. Sometimes houses are listed by out of area agents and /or owners that may not be aware of the zoning.

Often local buyers don’t see the potential that interstate buyers see ( historic stigmas/opinion ) even though there is potential for development.

Also keep your ear to the ground for major infrastructure approvals ( or pending projects ). Try to understand where new transport routes will be located that will drive growth/gentrification. I bought land for my PPOR within months of the Sydney Metro being approved.

Also monitor funding commitments for infrastructure projects in state and federal budgets.