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Wanneroo rezoning gazetted.

Discussion in 'Development' started by Aaron Sice, 1st May, 2016.

  1. Aaron Sice

    Aaron Sice Well-Known Member

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    Last edited by a moderator: 5th May, 2016
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  2. RetireRich101

    RetireRich101 Well-Known Member

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    Sorry am new to Perth's R-Codes
    "R20/R40" designation means
    R20 is pre-29April2016
    R40 is post-29April2016
    Is this correct?

    looking at the map, it appears this rezoning affects majority of Girrawheen and then Koondoola to an extent, correct?
     
  3. MTR

    MTR Well-Known Member Premium Member

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    this is great news, investor/locals been waiting years for this.

    be interesting to see what developers build and more so what this market can achieve for end values.

    Will it achieve similar price range to Balga?? Even though Balga is closer to the city, I think Balga has far more negative stigma than Girrawheen, and also way too much infill.

    MTR
     
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  4. Mike Valetta

    Mike Valetta Member

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    Sigh.... Another dual coded rezoning.
     
  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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  6. Aaron Sice

    Aaron Sice Well-Known Member

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    Lol its a common confusion re split zoning - but in a nutshell, "no".

    R20/40 means it's R20 'as right' and R40 is possible subject to an approved planning application for a density higher than R20 but no higher than R40 ( so R25, R30, R35 or R40).

    Often there are requirements to achieve the higher coding, like min frontages, min land area, design criteria, housing typology etc - or all or none of the above.

    Affects a large area of the East suburban pocket of City of Wanneroo .
     
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  7. boeman

    boeman Well-Known Member

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    I think the main restriction is one vehicular access point/crossover. Bit of a pain. Also cant have a garage facing down the battleaxe drive, they want a habitable room or similar for public outlook etc.
     
  8. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Another dual coding - foooorrrrk.

    I haven't seen what the requirements are to get R40 - can't see a document on Wanneroo's website.

    Anyone know?
     
  9. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    This was all I could find as well - together with you needed to check with all Utility providers that they have sufficient capacity to provide for the lots.

    Here's hoping that's all it is. That would be quite simple to comply with.
     
  10. boeman

    boeman Well-Known Member

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    Shouldn't be too difficult, and it isn't unreasonable. I am wondering if I will require a fence to the existing house to ensure that cars aren't using this as an "access point". There goes another $5-$10k if so.
     
  11. MTR

    MTR Well-Known Member Premium Member

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    Hi Boeman
    interested to know what are you planning to do?? so build at rear and hold both for cash flow??

    MTR:)
     
  12. boeman

    boeman Well-Known Member

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    Build at rear, sell front and move in to new house at rear. Should reduce my mortgage around $100k, improve my LVR and give me more financial freedom as I gear torward getting my own business up and running.

    This is of course pending build cost. Anticipate $300k as a worst case scenario, ideally around $250-$270k for a new 3x2 out the back + subdivision costs.
     
  13. rhinsor

    rhinsor Well-Known Member

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    Does this mean what I think it means? :D
     
  14. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Yes it does! Time for @rhinsor to do something in the back garden!!
     
  15. rhinsor

    rhinsor Well-Known Member

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    Burn the garden! :p

    Well all that hard work actually paid off. I wonder if I could get it revalued? Only got it done last month.
     
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  16. boeman

    boeman Well-Known Member

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    I don't think it will have an instant effect, there is no comparable sales yet to show what R20/R40 or R20/R60 blocks are going for. All recent sales based on "proposed".

    Any experience anyone on getting properties revalued instantly after rezoning is gazetted? Would have thought it will take a few sales at higher prices to the valuation up?
     
  17. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    The best way to get somewhat insta equity would be to survey strata off the rear block. Takes 3mths but I'm sure the bank would look favourably on it.
     
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  18. Martinez22

    Martinez22 Well-Known Member

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    So..would it better to hold and sell when the market picks up? Subdivide and sell off blocks or prepare for development as soon as possible?
     
  19. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Million dollar question - and the answer depends on your strategy and fall back plans.

    I'd be preparing for development and building now if you were holding.
    I'd be prepareing for development and building now if you were selling in 18mths-2yrs
    I'd be blah blah now if you were selling on completion but happy to rent out if the market hadn't picked up
    I wouldn't be doing it now if you just wanted to sell off a rear block
    I wouldn't be doing it now if you need a particular completion price and HAVE to sell but I would get prepared and get DA as that has a 2yr life span and then you are ready to hit the road running when the market is recovering
     
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  20. Martinez22

    Martinez22 Well-Known Member

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    Thanks Westminster! I have two being rezoned, one were residing in so I have no idea what my action plan is :( wasn't expecting the rezoning to happen this soon