NSW Long Term Hold - Acreage Opportunities in CBD Outskirts

Hi,

I now live in what would have been regarded as the outskirts of Sydney in a new estate and I'm sure that 20 years ago, the land in this area would have been cheap as dirt (well almost literally)

I'm interested in any people that have as part of their strategy, the acquisition of large lots, acreages in some of the capital city outskirts with the intent of a medium/long term hold that have the opportunity to be eventually rezoned residential.

I think Sydney would be ludicrous as $/sqm even in the outer-outskirts (ie. Picton) is comparable to the inner-outskirts (Austral/Rossmore). What about Brisbane, Melbourne, Perth? Are there any opportunities for long term holds in the outskirts here?

What are people's experiences with this?

Regards,
Q

 

Yes I had a main residence on 5 acres a few years ago. Sold it for 4 times what I purchased it for after just 12 years or so. I wish I had held on now...

 

Thanks for the response, what was the location? what were the criteria to purchase? why did you sell? would you do it again?

 

I posted a similar question here. But I didn't have development in mind but somewhere I can retire to but seems the holding costs are big.

What are the outskirts of NSW with acreages that are affordable ?

 

Maybe just look at it in very simple terms,with Brisbane and Logan,Logan is over 70% still rural,where as Brisbane is a whole different picture..

 

Along the Hume Hwy to Canberra. Just looked at 5 acres with beautiful house x and GF for $770k. Yerrimbol. About 1 hr 15min to CBD.

 

I'd say the inner outskirts are out of reach now. Especially around the future BC Airport site. (Rossmore, Kemps Creek, Horsey Park, Leppington).

If you go further west towards Wallacia, Mulgoa etc and also South West past Campbelltown (Wedderburn). I think it may not be so bad. But then again you are probably waiting longer periods of time before any major developments take place. It's relative.

A close friend of mine bought 5 acres in one of the areas I mentioned earlier near the airport site about 18 months ago (before the announcement) for about 900k. He was recently approached by a multinational and offered 700k per acres (3.5m) which he refused. They then approached neighboring blocks with the same offer. They all refused. After 3 months the company came back with an improved offer of 850k per acre (4.25m) provided 3 neighbours in line agreed to sell. (ie: 5acres x3).

At first I thought he was pulling my leg. Until I searched similar properties in that area and found that that's what people were willing to pay to be near the airport.

Funniest part is, thus guy had no idea about the airport neither did he buy it for investment. It was just a place for him to retire with some animals and other hobbies.

 

Sorry. My comment below relates to Sydney not NSW.

 

The way to do it is buy it and live there, likely you would have to wait 20+. You also need neighbours who are willing to sell at the same time as you. Edmondson Park for example near Leppington was supposed to be done 15 years ago but the neighbours could never agree to it until recently. I know people in there who went through it, they are really old now but the kids will be laughing pretty soon!

 

What about your comment above?