What's the process when selling your backyard?

I have got a property in an inner Brisbane suburb which sits on a small 405m2 lot. Our neighboring property was just bought by a developer and the developer is looking to buy approx 150m2 of our backyard.

Has anyone done this before? Should I put in a reconfiguration of lots application to Brisbane City Council before the whole selling process starts? Or if there is any other ways that can save us from applying for a ROL?

Thanks in advance for all your help!

 

wow that's going to end up a very small block. I would seriously reconsider it unless they're offering a lot of money. A 250m2 block is going to be very hard to sell in the future unless there's something exceptional about it.

 

Thanks jaybean, they are actually offer quite a bit of money for the backyard, more than half of what we paid for the whole house a year ago. Just not sure how much it is going to cost and how much time is required to be put in to sell the backyard.

 

But if it makes your place almost impossible to sell in the future, you've really short-changed yourself. I'd rather have them push for a full buyout.

 

Yep that's something we definitely need to consider before making the decision. Have seen quite a few houses with less than 300m2 land size (houses been subdivided and developer built townhouses in the backyard type of development) in the same area sold for pretty good price. Will talk to a few RE agents and do more research to see how much this reduction in land size is going to affect the value of the property. Thanks