Hi, I am have narrowed down my first IP purchase location to Glenroy (or possibly Fawkner if closer to the Coburg side). I attended a couple of opens yesterday, and got a feel for the area. My rough plan is to buy and hold for 2-3 years, then build a townhouse at the back and split. I would like to retain the townhouse and sell the original house once complete (or vice versa) and hold onto one of them long term. As I have no dev exp at all, I would like to better understand the zone overlays for council. The property I am looking at is currently NRZ1 which from what I have read is the worst for development, however I am not sure if this is more for apartments, high density sites. I am trying to figure out if a retain & split add townhouse is generally ok in this zoning or not? Does the NRZ1 mean this site is only good for a renovation, or would adding a townhouse at the back be considered ok in this zone? Council is Moreland. I do apologise if I come across as a complete novice as I am! I just want to know if the property I am looking at has any potential or if I should give up on it and keep looking
Amendment C153: to the Moreland Planning Scheme Looks like the subdivision is possible. There is a lot of uncertainty with regard to NRZ1 definitions and overlay approval by the minister. Check the actual overlays along with a free zoning report, based on address on: Interactive Map - Land Channel Get the confirmation from the councils Planning scheme and then call/visit council to confirm what is given in the PS as this a live document.
the first start (if you wish to not wait in line to speak to council ) would be to check the zones yourself. i checked it for you as i do like to see what suburbs have what restrictions and it actually allows 4 in the lot within NRZ for moreland. to be honest, if this was other suburbs like in kew (minimum sub required 1 lot in 450-500sqm). Moreland - Planning Schemes Online click on the maps tab and then click on the map which is 2 or 3 for glenroy - which will bring you to all the zoning regulations for that particular zone. you then go to the http://planningschemes.dpcd.vic.gov.au/schemes/vpps/32_09.pdf and then the schedule 1 - which seems to allow 4 http://planningschemes.dpcd.vic.gov.au/schemes/moreland/ordinance/32_09s01_more.pdf
Thanks, I have been going onto the planning maps online and creating the reports for each property that comes up. Most in Moreland seem to allow up to four dwellings from what I can see.
which is a good sign for 4. many NGZ areas like in darebin only allow 2 max (i saw one in george st preston)
Yeah it's good but prices are pretty high and yields are low- I'm a bit intimidated by the yields. Rent alone will be cashflow neg approx 360 a week negative for me and that's if I get a bargain property. I want to buy and hold a few years before doing anything but it scares me!
@melbournian I have come to realise that I just don't think my budget will stretch for Glenroy, however it will for one particular property- the catch is that its an old house (already had a block split done and a townhouse at the back) however it sits on 380m, which is pretty tiny, BUT, it is set 1m back from the back fence, all the yard is front yard and about 2m of side yard at the other street side of it. The best bit is that the house that sits on the 380m block has its own street frontage, and a side frontage on the other street (corner block). The back door of the house faces the other street. Im thinking I could split this block again, and turn the back door into the main entry, and then fence off 1.5m from the original front of the house to split the block. Then can split the block (into two tiny 195m blocks), however I think I could add a townhouse in a few years and it would be well worth it considering the purchase price is pretty much a steal if I could make the split work. I would like your input as if this won't work Im afraid I will have to consider crappier suburbs, like Broadmeadows or Sunshine West which neither have any old charm to them.
@Otie - i think it comes down to if that already subdivided block (380sqm) if both are demolished and rebuilt what are the end figures for this (maybe project it 2-3 years out) and if the numbers will work in your favour presuming the yearly growth. Corner blocks are always prime real estate - being both have street frontages, builders just consider it a standard build as oppose to a sub division build. and you get the advantage of secondary frontage being 2-3 meters only which is only applicable to corner blocks. Check wit council and town planner i would say at this stage and see what they say or advice. i have seen 410 sqm have 3 townhouses in preston.
I just think that either way can't go wrong if I pick it up for under 400k. Worst case I get rid of it down the track
