VIC Melbourne Rezoned - ACZs, NEICs, RGZs GRZs etc

Where was this? Reservoir? Streets look too neat to be broady? I can tell they are all 60s commission homes as I have one myself as an IP but curious to know which suburb

 

could be the west too. hard to say though having views of the city is good for any dev.
I have an RGZ site too and would be good if I can do some higher level dev in the future.

 

@melbournian Thank you so much for sharing such great information. It really opens up a lot of opportunities by knowing this.

Sorry, I am very new at this and like to ask a few questions.

If RGZ and ACZ allow you to build more (higher density), how do you know how many more units can you build? I saw a sold listing in the area that I watch, the property is also located in RGZ. The property was sold with approved permit of 5 dwellings, up to 3 storeys high. If I was going to develop in the area (about 100m away from this one), is it safe for me to assume the same density / height? Council website doesn't seem to be up front about height provision / setback, but is possible that I missed something.

The other thing is also I don't know how that person got the approval for 3 storeys high without shadowing the neighbour? Neighbour never object?

 

with each planning application there will be shadow diagrams that need to be provided - so this would have had been provided and also advertised so you would be able to access these.
I think each situation or house is diff u probably should take into account location neighbours etc- obviously if you have a neighbour that house is nearly right against the edge or has some double storey - that is very unlikely that you would be able to do a higher density site. If you find one would be good to get some feasibility study done if you need affirmation about what can be done.

 

Winter solstice shortest day of the year they base overshadowing on this day they would of looked at that

 

Yes, pls ☺

 

So before buying a site, with limited time on hand plus competitive market that needs to act quick, will you still be able to do a very comprehensive feaso? What sort of things that you would check or do before buying a RGZ or ACZ property? I am asking this because these are the zones that allow you to build more but I am so unsure of how many I can build, so how details is your feaso before you buy? I usually just read the planning report (from online planning maps), do dial before you dig to check the site for connections, plus very rough numbers (just to make sure that on high level there is money in the deal), i am not sure if that's enough?? What about you? How do you know numbers stack up before purchasing? If you have some examples that we can refer to, that would be great.

@melbournian I am not sure if it is ok to ask you share everything, should I pm you?

 

sometimes older properties build during the time of when height restrictions were in place which were now removed promoting higher density. And it doesn't take long for many to realize this opportunity to make a gain for themselves. Take this 77 Coventry St in southbank.

Back in the late 90s, it was all three storey townhouses and apartments - and now some of these places can go nearly 30 storeys which is 10 times more in terms of density . So all the 20 owners of the block grouped together asking 25 million. the average price of is around 600kish mark and each would be getting 1.25 mil on average ( so really the opportunity is what someone sees in the ability to generate a gain) this is not BOOM - just some home owners/investors being smart to reap "Zoing changes" what may be 600-700K more each. which could easily be used to purchase another IP or PPOR plus whatever contributions to their apartment

For the developer he could probably squeeze in 80 apartments in there. those 20 apartments build in the day are large 90-100sqm 2 bedders and 130sqm 3 bedders. and will likely sell them on average for 700K which is what they are sold next door. there is money to be made on these (does it stack up - sure - will someone buy it? maybe as it is in a prime location - royal botanical gardens, 20-25 minutes walk CBD, south melbouren market on the other side etc.

77 Coventry Street, SOUTHBANK VIC 3006 - Land Development Property For Sale - 2014141188

 

Sold for 694k ..

 

Anyone know if its going to be a good investment to buy in TZ (Township Zone)?
I am keen on one of the property which is in TZ zone.
I looked in the maps that @melbournian and others provided in this thread and seems like not much info there. I'd appreciate if you can provide your input! thank you all.

 

All,

I've been a very interested observer in this thread and to my mind properties in the RGZ areas in Melbourne mark some of the best investment opportunities in Australia at the moment imho. I reached out to @melbournian last year to get more information and he was able to help me source a property (full disclosure I hired him to do the BA work here as he was able to do a rough feasibility and let me know what could be done on the site). Anyway long story short, we purchased a site for mid 800s in the RGZ zone with a rentable property on a sizeable plot which we can potentially construct 5-7 townhouses fairly close to the CBD. A few exit strategies available to us so will do the plans and see how the market looks once\if they get approved.

All in all very happy with the outcome here. If @melbournian doesn't object then happy to share details.

I've used a few BAs (Including Nathan!) and experience with Genesis is the best I've had so far.

 

Depends on where the township zone is?
Is this still Melbourne?
I actually live outer SE in a township zone and still close to amenities/freeway access etc but it has the older style country town feel & friendly locals and store.
It’s great with a family but prices are still growing quickly based on some recent sales.
Note this is not a FHB priced area though.
Depends on your circumstances & goals.

 

What’s ur thoughts on melton RGZ ?

 

Has anyone seen a 4 townhouse development on a 700sqm block get approval since the planning changes last march? Zoning is GRZ.

 

Thank you so much @melbournian for the zoning information. I'm also located in Melbourne. If you are running a buyer's agent in Melbourne, I will definitely be your client! How do I PM you and discuss more property ideas?

 

You need to be able to source finance that is the big one in current environment, anything over 4 will probably be commercial and they will want to see a track record and sell some OTP.

Most of the developers I have been talking to in Melb that are building about 4-5 pa are saying that it no longer making any sense whatsoever as land has increased so much. May be a good idea to look at deve sites with DA approval in place, once again you need to look at the numbers. I use my builder for this and always consult with my town planner when it comes to what I can do on the site, if you get this wrong it will cost you dearly.

Clearly the market is now softening, and I understand there are markets within markets, but its always are far more riskier proposition developing when market turn. Different story if you are a builder, much more fat in the game.

Also with land banking you generally need deep pockets, not something that is ideal if you are cash strapped.

MTR

 

No, Have you???

 

Two doors down from my place, property sold in October and house just got demolished.It was advertised with permits for 1 x 3 bedroom townhouse, 1 x 2 bedroom townhouse & a single level 2 bedroom villa. Land size is around 664 m2 so I'm guessing permit was applied for before the changes.

 

I've just stumbled on this thread and the theme for the last page or 2 seems to be planning. Mimi87126 was asking about feaso's and how many units you can get on a site. I'm a planning consultant and we have an architect on staff and the amount of inquiries we have fielded down the exact same line as you guys seem to be asking for has been enormous of late.
My advice would be for you guys to have a planner (member of PIA) that understands the planning implications, provisions and what is reasonable and what isn't and an architect or designer (Registered) that you can run these potential sites through. What's more - do your homework. Find out what's selling for how much in the area, come to them with some sort of an idea of what your desired outcome is. Simply asking "how many can I get on" may be maximising the site from a land use point of view but not from a $$ point.

 

Excellent points