WA Yangebup rezoning

Hi there, I participated and lurked on the old Somersoft forum. Great to find you all again . We bought a large 4x2 on a 980sqm block in the older side of Yangebup in 2003 in anticipation of the train station, shopping centre, new infrastucture and rezoning. So, all but the latter have happened . Recently attended a community consultation with COC and I'm guessing it will be R30 for most of the suburb in about 2 years. Just wondering if anyone has any thoughts on this, such as is it likely, and if so will we see much of an appreciation in prices? We bought for $210,000 got valued up to $540,000 in 2013 which allowed us to invest in an NRAS unit (thanks for all the great advice we got on that) but Yangebup house has dropped to (guessing) around $470,000. I still think the 'bup has good potential when council finally gets moving on some improvements.

 

Considering you had it for 15 years, I would hold it for a bit longer. Any retain and build possibilities? Can extract some more equity?

 

Hi John, like many properties in this area the house is centred on the block. Relocating the 2 car garage to the front might allow us to split off about 350sqm. We are looking to downsize in a couple of years and might move into the unit when NRAS runs out so starting to think of options, we didnt intend to stay in this house so long, we paid down our mortgage with the NRAS so now I feel like we have a bunch of bricks and mortar not doing a lot for us right now .
I probably should have asked a more general question about the effect of R codes on value.

 

Generally speaking, rezoning does have a positive affect but if many blocks get rezoned en-masse like Nollamara for example, the overall effect can be subdued.

Considering everything, I think you have a good block on your hands. Market is pretty flat so no reason to exit just yet. Depending on your financial goals and circumstances, you may or may not buy more properties.

 

Is it on a corner?

If so, you can do 350sqm under current R20 and leave a "future duplex" on the front when/if it comes through.

Side question, where is your NRAS?