Property owners within 800m of 171 nominated sites around NSW are sitting on potential gold mines, all thanks to a new state government policy to encourage apartment development.
The policy could potentially double the value of homes and in one case in Sydney’s east a vendor who “couldn’t get a nibble at $8m” for nine months has now sold his humble property for $16m.
The specific sites, all railway stations or shopping centres close by public transport, are revealed in the second stage of the State Government Low and Mid-Rise Housing Policy, which came into effect on February 28.
These new laws will override existing council regulations concerning height and floor space ratio for housing development.
The policy changes planning controls within 800m of well-located shops, services and transport hubs to allow low and mid-rise housing of up to six storeys high.
The sites are across Sydney, The Central Coast, the lower Hunter and Newcastle and Illawarra-Shoalhaven on the south coast.
There would be both winners and losers, with the losers those homeowners wanting to sell that fall just 20m from the designated sites. He also said residents near the new development sites could expect increased traffic.
Explaining the new rules, policy documents say: “The NSW Government is committed to supporting a choice of well-designed and sustainable homes in well-located areas within walking distance of shops, services and frequent public transport.”
The 171 sites that the new housing policy nominates as “low and mid-rise housing areas” are:
This article first appeared in realestate.com.au
