Neighbours become $200m richer overnight
One Sydney street is poised to become a multi-millionaire's row overnight with 16 neighbours primed to double their money.
Wilberforce Ave in Rose Bay, a quiet street lined with family-friendly freestanding homes, is about to change – to the tune of more than $200m. A collective of 12 neighbours, and a separate group of four, have joined forces to reap the rewards of the NSW Government's new Low to Medium Density housing scheme.
As of February, residential zones within 800m of nominated town centres and transport hubs can accommodate apartment buildings of up to six storeys. If affordable housing requirements are met, project heights can extend to eight storeys. The policy is expected to unlock 112,000 new homes in five years to tackle the housing crisis.
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Between Wilberforce Ave and Dover Rd, 10 houses and two semis are expected to sell in one line for approximately $165m via 1st City Realty and Colliers.
'This Rose Bay super site is probably the largest consolidated development opportunity to have been publicly offered within Sydney's eastern suburbs for many years,' said Julian Hasemer of 1st City Realty.
Colleague Brad Caldwell-Eyles said the agency was approached several years ago by four owners on Wilberforce Ave.
'But the houses were too good to knock down. Redevelopment never stacked up under the old controls. The day the LMR was announced, I reached out and said 'your day just arrived'.'
Within weeks of the new housing reform, the 6000sq m super site was born.
'The sheer scale and multi-street frontage will almost certainly allow for a design that will optimise the new LMR controls and further benefit from the 30 per cent affordable housing bonus. It'll also deliver a broad range of apartment price points providing wins for off-plan purchasers, developers and governments at both local and state levels,' Mr Caldwell-Eyles said.
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'Individually, before the LMR decision, these homes were probably worth $8m on average. In this deal, they're likely to double that.'
A smaller 1988sq m site of four homes from 12 and 18 Wilberforce Ave is currently listed with price expectations of between $53m and $55m via Colliers agent Paul Ephron.
'This is a once in a 30-year change and the area needs it. There's a pushback but if it's sympathetic with the streetscape, and a quality product, it'll be well received. It'll be an inconvenience, until it's a convenience – just like the changes to Kia Ora Rd in Double Bay which residents now love,' he said.
Mr Caldwell-Eyles added that apartment types will likely provide a greater offering than recently seen in new builds across the eastern suburbs.
'I want to see 100sq m two-bedrooms with studies. They're probably going to start at about $3.5m; they're not all going to be $15m apartments. That's not how this will work.'
'Developers can't put all their eggs in one basket. A good unit mix will ensure more accessible properties.'
Affordable housing in the wake of the reforms is a point of contention for many eastern suburbs residents, including Woollahra Mayor Sarah Swan.
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'There's absolutely nothing affordable about doubling the value of property overnight,' she said.
'From the community's perspective, and I share this view, the NSW Government talks a very big game about housing, while falling well short of the National Housing Accord targets. These reforms are a rushed, politically panicked, ham-fisted attempt to save face for the Premier and the Planning Minister.'
She added that the changes would unleash stormwater flooding, create more congestion on local roads, and put further pressure on public schools.
'This is all at the cost of our neighbourhoods and our local communities. At what cost, quite literally, is this delivering affordable housing?' she said.
'We've got to define what we mean by affordable housing. Are we talking about housing which is affordable for people who are downsizing, inheriting money or who have significant assistance from family? Or are we talking about affordable housing that's defined by the act? And is the LMR fit for purpose to deliver that kind of housing?'
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