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Re Zoning POTENTIAL

Discussion in 'General Property Chat' started by Scott Townsend, 8th Nov, 2015.

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  1. Scott Townsend

    Scott Townsend Active Member

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    Hey PCers

    I have a query on re-zoning or more to the point POTENTIAL re-zoning. I've been looking around my area of residence here in Perth, at a few open homes lately as my suburb has potential re zoning.

    The council are in the planning stages of re zoning the area according to the agents but nothing is guaranteed and it will be roughly 12 months before it comes through.

    My question is: When a council plans to re zone an area, what are the general chances it goes through? Is there a general rule of thumb?

    What would be the best way to do our due diligence on this to minimise the risk before buying? Speak to a town planner possibly?

    Cheers
    Scott
     
  2. Jamie_

    Jamie_ Well-Known Member

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    Which area re you referring too?
     
  3. RetireRich101

    RetireRich101 Well-Known Member

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    Generally a town planner within the council will brief you in with further info. If a council is in draft zoning stage, it is likely to go through. The question is when in the timeline. It could be 12months or 5 years.
    One thing to be weary of, is when a rezoning map becomes available to the public as a draft, they may scale back R zoning based on feedback/complaints from a public consultation.
     
  4. MTR

    MTR Well-Known Member Premium Member

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    Exactly....
    Timeframes can be blown seen this happen in Girrawheen, Perth, I sold up once I realised it was not going to happen anytime soon.

    Willage Perth zoning also delayed because they decided to review R codes Re: complaints, looking to scale back R codes. Fortunately endorsed and zoning ratified in Dec.
     
  5. JenW

    JenW Well-Known Member

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    Seen this on a few property ads myself (also Perth based). It always cracks me up. I mean, I could say that I'm an Olympics-level gymnast... POTENTIALLY.... and I'd be correct, right? :rolleyes:
     
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  6. MRO

    MRO Well-Known Member

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    I have waited four years for rezoning of my property based on the new local planning strategy document. Four months ago a new State sub regional plan was released in draft format that did not show high level support for rezoning in our area in contrast to the local strategy. Looks like the rezoning will probably not go though. 4 years of negative returns for nil return. All I would say is proceed with caution, there is no certainty and these things can take a long time.

    What area are you looking at?
     
  7. Dangsta

    Dangsta Member

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    Rezoning takes a long time and includes a series of amendment processes and public consultations. Then it goes back to the State government for approval. I edit planning scheme maps for my council and it takes a while to get each amendment back to be implemented into the new version of the planning scheme. Sometimes there are huge changes, sometimes it gets through easily. Really depends and hard to tell.
     
  8. larrylarry

    larrylarry Well-Known Member

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    Negative returns as in yield and CG? What's your plan now?
     
  9. MRO

    MRO Well-Known Member

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    The state plan is in draft stage and isnt due for completion until the end of 2016. I am going to hold out until then to see if anything changes. Pre tax loss is around $10k per year. Property would sell for slightly more than i paid for it, so not a huge loss. Opportunity cost has been the biggest issue. Could have had another 4 IP's by now if I didnt own this one.
     
  10. Scott Townsend

    Scott Townsend Active Member

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    Northern suburbs, Heathridge area. I already have a house here which I'll hold but with prices dropping was thinking of grabbing another on if the block was a good layout and price.

    After speaking to the agent who was really honest, he awarded me that Joondalup council is one of the slower moving councils so it could be 12 minutes mths could be 5 years