VIC Melbourne Rezoned - ACZs, NEICs, RGZs GRZs etc

there's quite a bit if you look around RGZ

33 Clingin Street Reservoir
33 Clingin Street Reservoir Vic 3073 - House for Sale #125794914 - realestate.com.au

44 Clingin Street Reservoir
44 Clingin Street, Reservoir, Vic 3073 - View Sold History & Research Property Values - realestate.com.au

 

Thanks @melbournian .
I felt St Albans properties are good for people looking around 600k.

 

Very true reservoir sites already quite ex

What do u expect these to go for?

That 98-100 should have been sold as one for major $$. That’s an estimated ard 30 apartments or 14 townhouses on that block

 

Planning permit is still being finalised while waiting for the traffic engineer report.

The current plan is to build and hold as IPs and therefore doing something conservative within our financial capability. Ground floor parking, 4 units on each floor, and roof top garden
Total apartment 12 units.

 

Nice - roof top garden u getting any 3Ds renders?

 

Not doing any render just yet until we are happy with everything, but we thinking to do a nice render to visualise the final outcome.

 

nice - normally some architects would give you some initial 3 renders to help with submissions. this is ones there will used to help them present case at council though not the professional marketing ones

 

@saray4

actually I missed the links it is actually 3 blocks selling 96, 98, 100 and corner too, a street away from the station. Residential growth zone.

100 George Street, St Albans, Vic 3021 - View Sold History & Research Property Values - realestate.com.au

 

Yes

 

I am not an expert in the area but considering the present market in St Albans(not too hot) I am not expecting record prices.
They may get good price just because the blocks are adjacent. I am expecting the price to be within the range specified in statement of view.

 

108 East Esplanade, St Albans, Vic 3021 - House for Sale #126447606 - realestate.com.au
This house was passed in last week with the highest bid at 845k. It has permits for 4 town houses.

 

that's reservoir prices now without the permit. and like similar ones mid 500Kish and 800Kish with permit that's not bad margins.

 

Oh.. I don't have much idea about reservoir. Can we get something in reservoir for mid 600s in RGZ?

 

What would the strategy be for someone who has a budget of 600-700k and is an ordinary person where major development is not an option?
Would it be a waste to buy one and plan to do a retain, split, build behind since the zoning will allow so much more?
Would you buy one and just sit on it expecting developers to come and want to buy it later?
Would you buy it, split it, not build, and hope to get a developer to pay even more since you are selling them two lots?

 

I have seen one guy do this he build 2 in the back. and kept the front and later down the track when I suppose he had more coin he did 2 in the front. maybe paying more in app and subdivisions costs but yeah you can only do what you can do at diff stages at the time.

But I see a lot of ones with 3 townhouse permit when they can they can do 5 fetching lower prices.

 

Reservoir RGZs was starting with "5" for these sites a year ago. now it has entered the "8". there was a burned out site that sold for "7". I think the key for reservoir atm is the mixed commercial res that is potentially happening around. that I predict will take it to the next price bracket. similar to the ones closer in the ACZ in alfrieda st which sold for 1.6-1.8 mil.

 

Wow..

 

Ah interesting! Yeah retain split and build ... and then part 2 would be knock-down and build.
Is it pretty much always more profitable to split it into as many pieces as zoning allows?

 

it really depends on individual circumstances on how the dev goes but I have seen ppl do that

putting as many on the block I suppose depends on the target market in the area. Although all RGZ allows apartments - not many ppl will do it. the townhouses need to be more expensive for ppl to turn to apartments to buy. At this stage, places like Werribee, epping and st albans would find it harder to sell these product like apartments. Reservoir and Preston atm are slowing moving toward there but still many agents said don't do them atm.

I spend a lot of time downloading plans and permits in council to see what is coming on the market hence I learned what can be done with 500-1200sqm sites.

If for e.g. it was Balwyn - it would be apartments not even townhouses as anything would sell.

But for e.g. like St Albans - to sell it wouldn't be apartments as the market has not reached that level yet I believe.

Some ppl will just develop to rent as IP like @Iamnumber5 and a Indonesian consortium I know (they were offered 1 mil more ) for their permitted block of 10-12 apartments but rejected it and said they are looking to build and keep. I have one block I am looking to put 4 townhouses to keep as rentals too in the next year or so.

 

more RGZ sites - from Reservoir to Geelong

131 Broadway Reservoir VIC 3073
131 Broadway Reservoir Vic 3073 - House for Sale #126720322 - realestate.com.au
143 Broadway Reservoir Vic 3073
143 Broadway Reservoir Vic 3073 - House for Sale #126705046 - realestate.com.au

148 Albert St Preston Vic 3072
148 Albert Street Preston Vic 3072 - House for Sale #126569342 - realestate.com.au

19 Jane Street Berwick Vic 3806
19 Jane Street Berwick Vic 3806 - House for Sale #126694726 - realestate.com.au

8 Kosciusko Avenue Corio Vic 3214
8 Kosciusko Avenue Corio Vic 3214 - House for Sale #126299242 - realestate.com.au

82 Goldsworthy Road Corio
82 Goldsworthy Road Corio Vic 3214 - House for Sale #126745062 - realestate.com.au

12 Wellington Road Box Hill
12 Wellington Road Box Hill Vic 3128 - Residential Land for Sale #201876018 - realestate.com.au
Suitable for a variety of high density development options: Multi-level Apartments, Medical Use, Hotel Accommodation or Serviced Apartments. [***All Subject to Council and other Local & State Government Authorities Approval and Permission (S.T.C.A.)]