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Ipswich property with depth restriction of 30m buy or not to buy

Discussion in 'General Property Chat' started by Jungle, 7th Oct, 2016.

  1. Jungle

    Jungle Active Member

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    22nd Feb, 2016
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    Location:
    NSW
    Im looking at buying an investment property around Ipswich city council area in QLD, under the Current Title Search it has the below statement.
    "For depth restriction refer to plan SP 17xxxx"

    Looking at the plans depth restrictions applies for few of the neighbouring lots. (Most of them with house already built on them around 2005)
    All lots are restricted to the depth of 30 metres from the surface only.

    Ive been advised that the reason for the restriction is to allow tunnelling through the lots by mine owners if necessary.

    Whats your view on it? In terms of capital growth will this depth restriction have any negative impact on capital growth of the property in future.
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    The last single lift shaft that I built cost $30k/floor. 90m = 30 storeys below ground. So your own mine infrastructure is out of the question.

    What is the soil profile at 1m, 3m, 5m, 10m, 20m, 50m? If concerned get a geotech report, speak to the mines department (when/if the area is to be subject to a mining lease, type of mine, soil stability etc), council and private building inspector, structural engineer to determine if it will require deeper footings or a stiffer slab.
     
  3. dabbler

    dabbler Well-Known Member

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    I do not know, but here is some thought...

    Lot of expensive real estate in Sydney has tunnels underneath it, trains, water, roads etc etc

    Ipswich, however, is not Sydney.....

    30m is a fair depth, no normal housing is ever going to cut more than a m or maybe 2

    If you were presented 2 places, would you buy one with a restriction or the one without, if it was a mine restriction, which one ?

    How many other local places have this restriction, if it is all/most, then that is different to one or two or only a few streets.
     
  4. Jungle

    Jungle Active Member

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    Hi Scott
    Thanks for the reply. The property I'm intersted in has a pre established single storey 4 bed property on it and currently rented out
    Im just concerned if this depth restriction will have any negitive impact. Will it turn away the future buyer?
     
  5. Jungle

    Jungle Active Member

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    Location:
    NSW
    Hey Dabbler
    It's few streets with around 60 established houses on them and few blocks of empty land that are around 10ha in total.
    The other question is what are the chances of having mine in an established city? Or anything is possible as they will just tunnel under.
     
  6. dabbler

    dabbler Well-Known Member

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    Yeah, I really do not know as only looked briefly at Ipswich a while ago, I know I have read others asking about this, you may be able to search this or the old forum on the topic, or on google.

    See if insurers are concerned about the property by getting a quote.

    Speak to multiple agents, ones not selling the property, just talk in general and ask if it is a problem if you want to sell.
     
  7. rendy

    rendy New Member

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    17th Nov, 2016
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    Location:
    DRW
    Hi Guys,

    I am looking for property investment in blackstone, and have depth restiction. what do you think?
    and what is the significant effect or disadvantages?

    thank you