Medium-density rezoning plans to hit Sydney’s leafy North Shore

The NSW Government has announced planning rules in the North Shore suburbs including Roseville, Lindfield, Killara and Gordon, and 27 other suburbs in Sydney near train stations, will be subject to new zoning conditions. Apartment buildings up to six-stories will be able to be built within 400 metres of train stations regardless of current zoning conditions.

According to The Sydney Morning Herald residents are being approached by developers interested in acquiring land to build these apartment blocks, and real estate agents interested in facilitating a sale.

The new policy is aimed to increase dwelling supply around existing public transport infrastructure.

Dan Bramley, a Cohen Handler Buyers Agent specialising in Sydney’s North Shore commented that the New South Wales State Government’s proposal will create huge changes to the property landscape in the set-to-be affected Upper North Shore Suburbs.

“Heritage and conservation restrictions have long been ever tight controls which play a huge role in the areas charm and prestige – as well as home values. It will be very interesting to see the impact these proposed zoning changes have on the area as we move further into a housing supply crisis,” he added.

“We have already seen significant development in some of these areas, so it will be interesting to see the impact these zoning changes will have when they come into effect in April, particularly as housing supply remains tight in these much sought-after areas.”

What should you do if you have been approached by a developer or real estate agent about selling your property?

Understand the Re-Zoning Implications: Research and understand what the re-zoning means for your property. Different zoning can significantly affect property values and potential uses.

Get a Property Valuation: Obtain an independent valuation of your property to understand its current market value. This helps in negotiating with buyers and understanding the worth of your property post-re-zoning.

Consult with a Real Estate Expert: Speak to a buyer’s agent or real estate agent familiar with the area and the impacts of re-zoning. They can provide insights into market trends and potential future value.

Seek Legal Advice: It’s crucial to consult with a property lawyer. They can advise on legal implications, contractual matters, and ensure that your rights are protected throughout the process.

Research the Market: Look into the local real estate market, including recent sales and developments. This information can provide a context for what your property might be worth.

Consider the Timing of the Sale: Assess whether it’s the right time to sell. Sometimes waiting until development plans are more concrete can increase property value.

Understand Tax Implications: Selling your property can have significant tax implications, including capital gains tax. Consult with a tax professional to understand these aspects.

Assess Development Proposals: If developers approach you with specific proposals, evaluate them carefully. Consider the benefits and drawbacks of each offer.

Negotiate Effectively: If you decide to sell, ensure you negotiate the best possible terms. This includes not just the sale price, but other factors like sale conditions and timelines.

Plan for Your Future Housing Needs: Consider where you will move next and the costs associated with it. Selling your home might provide financial gain, but it’s important to plan your next steps in terms of housing.

What if you’re a developer looking to buy in these areas?

Cohen Handler’s team of buyer’s agents can provide investors and developers assistance in navigating the North Shore Market, sourcing development sites and investment opportunities on and off-market within the proposed rezoned areas. We’ll source and negotiate the best opportunities for the right price. Get in touch today if you would like to know more and how we can help you with our services.