Power Lines over property

After seeing a very large property price drop, on a property I have had my eye on for over 6 months
https://www.realestate.com.au/property/115-bocks-rd-oakville-nsw-2765

I drove 40 minutes to simply do a drive past inspection (not interested in the house only the land value). This land should become residential in about 15-20 years. I was surprised to note that the property was affected by power lines and none of the photos or comments mentioned or show this.

It is not a legal requirement to disclose. But after a wasted 90 minutes return trip I thought "Should the Agent disclose this information or at least show them in one of the photos?"

 

It would definitely help if it showed in the photos, but like many advertised listings, the negatives are left out and only discovered upon inspection.

And banks are definitely interested in how close power lines are to properties. One of our clients
had a loan refinance declined when the lenders valuer noted that the security property was within 50 metres of power lines.

 

I have no problem with the loan part. Its the waste of time. These people bought two years ago during the boom for $2.2 and now are seeking $2.5. Its been for sale since about March originally for $3.25, but is now worth about $2.2.

 

5 acres will yield how many 300-400m² lots?

Seriously, how many are going to be near power lines once developed?

 

You normally get about 40 blocks once zoned, but if you lose 10 and the others are devalued because of the vicinity then your purchase price has to be adjusted.

 

It runs straight over the middle of the "property", but not the house. It's the "parking area" in the floorplan.
That's where the easement would be.

 

But why? You can't make other people responsible for your actions.
You seem quite knowledgeable in this area of zoning, guessing this was a mere oversight on your behalf?

 

There is a requirement for an agent to disclose a violent death in the house. Zoning has little to do with power lines and as a 58 year old I found it hard to see the faint lines in the photos. I’m not blaming after all I am a licensed agent.

 

isn't a copy of the property title included in the sale contract.
Sale contracts
as a licensed agent, do you disclose or make clear all the encumbrances of a property.

 

I don’t ask for a contract or inspection until I have done a drive by first. This stops the nuisance calls from the agents and makes it quicker and easier for me. I would drive by 10-20 properties for everyone I want to inspect.
I haven’t practised for a number of years as I specialise in other areas of real estate that don’t need a real estate license. But I’ve kept up my cpd education.

 

All Glasses

 

90 minutes is my school run, times twice a day ... you city folk are so spoilt.

Take heart - I've driven three hours each way for a 10 minute inspection on a property we didn't buy. It's part of due diligence if you're really serious and - as pointed out - they where visible in the photos.

Agent is not required to disclose - but did have an agent legally advise me that a property had been part of a free range pig farm ... just in case I was Muslim

 

This property is quite deceiving, linky

1170m² with a 50's house. Blue ribbon suburb. Noice interiors

I ride past this house quite often and the block is quite deceiving, much larger than I expected but not nearly the largest in the area.

The house to the left is a gorgeous Victorian, and a vacant lot to the right (except for the Ausgrid electricity kiosk.

What impact $$ would you put on it? My gut is telling me that it's still in the high $2/low $3m but I wouldn't be surprised if it goes out to $3.4-3.5m as a kiosk has less impact on price than overhead lines as it's less prominent (still buzzes, emits EME & catches fire).

Interesting sales history, last sale was 1987 @ $200k and four years earlier for $218k, so you could lose money on blue ribbon suburbs even back then.

@Rolf Latham - what's lending like when the impediment isn't as obvious as power lines?

 

what did it go for ?

unusual to have an entire lot just for a small substation. could they possibly build a larger station if wanted ? I wonder what zoning restrictions this lot would have.

 

Not disclosed ATM. Sold within days of listing.

Should be available in another 4 weeks or so.

The sub supplies most of the Longueville peninsula taking a feed from Lane Cove West industrial estate.