Sydney Proposes Rezoning for High-Density Housing! — Sydney Auction Clearance Rate at 68%

Week’s Key Focus

The New South Wales government recently made headlines with its announcement to rezone specific areas to foster increased housing density. In a strategic move disclosed last December, the Minns administration pinpointed 39 locales across the Greater Sydney vicinity, focusing on transit and urban centers, aimed at accommodating denser residential formats like apartments. These targeted areas are strategically located near subway and train stations, highlighting a push towards transit-oriented development.

In light of these developments, property law expert Cathy Sherry from Macquarie University, along with Stephen Brell, the chairman of the New South Wales Strata Community Association, have provided crucial advice for homeowners potentially facing buyout propositions from developers. They underscored a pivotal distinction: owners not part of a strata scheme cannot be compelled to sell their property. While the government holds the power for compulsory acquisitions, this mechanism doesn’t apply in the current market-driven context.

For those within strata-managed properties, a collective decision-making process is required. Owners must convene, passing a special resolution with at least 75% approval, to proceed with selling to developers. This initiates the formation of a strata renewal committee, which then engages professionals like valuers, lawyers, and strata managers to facilitate the sale process. Importantly, if any of the dissenting 25% of owners choose to resist the sale, they have the right to contest through the Land and Environment Court, with developers bearing the cost of legal fees and expenses. This provision acts as a safeguard for owners reluctant to sell.

Sherry advises standalone homeowners approached with developer buyouts to seek solidarity with neighbors and consult with legal experts familiar in real estate development. This strategy helps mitigate the pressure and potential disadvantages of navigating these proposals alone. Moreover, securing professional valuation and real estate advice is crucial to ensuring fair compensation, preventing underestimation of property values.

As Sydney embarks on this rezoning initiative, homeowners are encouraged to stay informed, seek expert counsel, and collaboratively engage with their community. This approach not only protects their interests but also positions them to advantageously navigate the opportunities arising from urban redevelopment and densification efforts.

Auction Results Last Week

  • Sydney: 1,004 properties were auctioned, with 635 auction results reported. Of these, 434 properties were sold, achieving a clearance rate of 68%. The total auction value was AUD 494,577,197, with a median house price of AUD 1,440,000.
  • Melbourne: 1,263 properties went to auction, with 939 auction results reported. Out of these, 598 properties were sold, resulting in a clearance rate of 64%. The total auction value was AUD 492,627,024, with a median house price of AUD 1,080,000.

Top 5 Auction Prices in Sydney Last Week: Houses

▼TOP 1. AUD  $9,250,000

Address: 91 John St, Woollahra NSW 2025

Land Size:190 sqm

House | 4 Bed | 3 Bath | 1 Parking 

▼TOP 2. AUD  $9,000,000

Address: 102 Windsor St, Paddington NSW 2021

Land Size:  251 sqm

House | 4 Bed | 3 Bath | 1 Parking

▼TOP 3. AUD  $8,610,000

Address: 31 Augusta St, Strathfield NSW 2135

Land Size: 702 sqm

House | 5 Bed | 6 Bath | 7 Parking

▼TOP 4. AUD  $8,600,000

Address:82 Queenscliff Rd, Queenscliff NSW 2096

Land Size: 395 sqm

House | 5 Bed | 3 Bath | 2 Parking

▼TOP 5. AUD  $7,888,888

Address:10 Torrington Rd, Strathfield NSW 2135

Land Size: 1012 sqm

House | 6 Bed | 5 Bath | 4 Parking

Top 5 Auction Prices in Sydney Last Week: Units

▼TOP 1. AUD   $3,570,000

Address: 632a Port Hacking Rd, Dolans Bay NSW 2229

Semi | 3  Bed |  3 Bath | 2 parking

▼TOP 2. AUD   $3,500,000

Address: 14/2 Francis St, Bondi Beach NSW 2026

Unit |  2 Bed |  2 Bath | 2 Parking

▼TOP 3. AUD   $3,200,000

Address: 2/72 Raglan St, Manly NSW 2095

Unit | 4 Bed | 1  Bath  | 1 Parking

▼TOP 4. AUD   $2,850,000

Address: 11/41 Darling St, Balmain East NSW 2041

Unit | 2 Bed |  2 Bath  | 1 Parking

▼TOP 5. AUD   $2,550,000

Address: 701/91 Brompton Rd, Kensington NSW 2033

Unit |  2 Bed | 2 Bath   | 2 Parking

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