VIC Melbourne Rezoned - ACZs, NEICs, RGZs GRZs etc

Any RGZ house on sale in Sunshine ?
Budget about 700k IP
Any idea which is the area which is demarcated as RGZ in Sunshine?
Will then try to search myself

Cheers

 

Did you search in planning maps at all?

 

I thought u wanted lalor or reservoir ?in the past

 

Missed the bus in Thomastown and Reservoir.
Most good properties selling above 700k and in fact closer to 900k
Not too keen on Lalor
So researching alternate suburbs, in which Sunshine caught my eye

Cheers

 

I tried to search in the planning maps, but could not locate them.
Maybe I was looking at the wrong maps or don’t know what to look for

Cheers

 

This link has been posted earlier too. Just search for the suburb you are looking for and it does give all the zones.
Planning Maps Online

 

sunshine is more ex than reza ot thomastown

 

Which is a better bet ?
RGZ in Thomastown or GRZ in Sunshine ?
5 year holding period

Cheers

 

Quite subjective - Depends on ur objective what u plan to do. Are u planning to build get permits or just rely on economic cycles

 

I can’t build in the next 5 years
No experience and don’t have the stamina, time and knowledge to run after contractors
Maximum i can do is to get permits which involves running after the council and lawyers

Else wait for the increase in prices due to the natural YOY increase or if I am lucky, the suburb getting rerated

Cheers

 

Hi Melbournian,

I am a bit of a lurker.

I have also been looking for opportunities in rezoned sites in 2015. Unfortunately back in 2015 I thought the only way to profit from the rezoning taking place across the state is to buy sites before they become rezoned. I thought once a zoning plan was gazetted the sites will jump up in value instantly. Many councils have already finalised their zoning plans in accordance with the planning changes and I only focused my research on the ones that had not finalised zoning changes.

The area I focused on was Darebin and my research involved reading many publicly advertised plans. Once I was sure there is no further public consultation to take place and the plans were simply waiting for the minister to sign off I started looking for sites that are zoned RGZ1-5 (or what the documents called garden apartments) on those preliminary maps.

I purchased a site in early 2015. It was in Preston and on the plans to be gazetted it was zoned RGZ2 (adjoining sites would yield 30 apartments or 14 townhouses). I subscribed to Planning Matters emails and waited. The plan was simple, when it gets approved I will knock on the neighbour's door. First it took a lot longer than I thought.

Then the unthinkable happened. When the zoning became finalized in late 2015 the gazetted plan and the plans went for public consultation differed in only one place. The street that I purchased in was meant to be RGZ2 on both sides. But the final plan showed RGZ2 on one side and GRZ on the other. And my house was on the GRZ side.... Everything else was the same.

House values still went up as you know in the last two years but a lot of my cash was tied up. The expected CG did not fully realize.

So no 100% profit margin for me you guessed.

I guess the most unfortunately thing is that I stopped looking.. because it was such a disappointment and I sort of lost confidence in my judgement. Also hesitant to spend further $ into this strategy, until now, that I read the thread you started Oct 2017. Even the street names of some of the sites that you used as examples are instantly familiar to me, like Clingin Street, Broadway Reservoir.

I guess you probably know which street I bought in you seem very familiar with Northland zoning.

 

very interesting - i sympathize with you in regards to this. I would say only few streets have one rezoned to higher growth and one that didn't in preston - would say greenbelt avenue and albert st or jensen st are the ones.

my story was slightly different though similar to you i studied the plans visited the streets, went for the information sessions. i bought one property (off market) at that time it was asking more than the average 30-40K as the plans were already in for the rezoning, so i paid above market at that time. Then couple months or so later, the next door was being sold by the DHS and i won that in auction as really no one knew the potential even after it was rezoned. it has moved nearly 300-400k so far each. i have subsequently have purchased other sites in melbourne after rezoning but all have been either in the ACZ or RGZ.

still many areas are still undegoing rezoning for example werribee maybe worthwhile for those looking into it to consider change of the zone (as in not rezoned to higher growth)

 

Yes very few and it's one of the others. Just PMed you with the details. Still made some gains - the house two doors down sold last weekend sold for $900K, a fair bit more than what I paid for mine two years ago (which was at auction but I thought it was already a very crazy price).

Yes I have been looking at Werribee. It is booming - there is another thread on it. There are even some GRZ houses that has achieved great gains near the hospital ($85 million expansion, which is closed to be completed).

267 Princes Highway, Werribee, Vic 3030 - View Sold History & Research Property Values - realestate.com.au

Sold $540K (someone I know bought it)

237 Princes Highway, Werribee, Vic 3030 - Property Details

Sold 1.13M

229 Princes Highway Werribee Vic 3030 - House for Sale #125329974 - realestate.com.au

Asking $1.4M under contract

http://www.triwest.com.au/real-estate/property/938266/213-215-princes-highway-werribee-vic-3030/

Asking 2.2-4M

Essentially these are now commercial sites really.

 

Yes i have been looking there as well ( once it is semi-commercial or commercial it is different ball game.) there are some detractors to this strategy which is fine with valid concerns but some who have gone down this path (of looking every figures) even with 1-2 properties could have easily made 7 figures. i helped someone acquire couple weeks ago and already it has gone up 10% in a matter of weeks (due to increased focus on the area and possibly rezoning)

 

I find CZ a bit harder to understand. For example, 17 Princes Highway Werribee Vic 3030 - Residential Land for Sale #201958606 - realestate.com.au

Planning scheme does not elaborate on height, setback, etc etc.

Asking 1.8-1.98M only 1000sqm of land. It has ACZ land on one side that can go multistorey and it has GRZ land on the hospital side which can be used as high yield medical centers. Hobsons Bay Endoscopy for example.

What makes people pay that $ for essentially 1/2 the land compared to say 213-215 PH, Werribee?

 

I meant 229 or 237 PH, Werribee

 

Was reading on an old article and came across this

#20

 

saw the auction results was looking at this selective street area rezoned a year plus ago (in fawkner) that's the power of being in the growth zone. give or take similar size and zone - 680k to 971K in abt a year.

 

WOW!!!

 

@melbournian If you were buying at the moment with say a 500-550k budget, where would you be looking? Long term hold, or of course sell if we hit a zoning jackpot