Written by The amalgamation of properties to adhere to value-uplift is becoming increasingly popular with recent changes to the State Environmental Planning Policy 2021. Various neighbours across the eastern and northern suburbs of Sydney are banding together to sell simultaneously, offering larger pieces of land to multiply the value of their properties.
Prospective planning laws addressing the housing crisis will allow land parcels to be redeveloped as mid-rise apartment blocks with a height limit of 22 metres, or 6 storeys. The legislative changes will now permit development applications for townhouses and apartment blocks in R2 low density zones, and mid-rise apartment blocks in R3 medium density zones. This will allow for an anticipated 75-100% individual property value uplift.
This has been most recently seen on Bond St in Mosman, where 7 properties with a combined 2,593sqm site organized to sell, and have the land developed as a mid-rise apartment block. These legislative changes have prompted major activity throughout Sydney to free up housing stock in areas that are largely undersupplied.