Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Saturday, 28 June 2014

AFR: Rezoning in Sydney

Read me in today's Australian Financial Review here where I discuss rezoning in Sydney:



A number of Sydney suburbs close to transport hubs have been earmarked as Urban Activation Precincts (UAPs) as Sydney desperately tries to address its dwelling shortage. 

Reported the SMH:

Bill Randolph, from the University of NSW's City Futures Research Centre, said the precincts were located in the right areas. "If this doesn't work then we're really stuck as a city," he said.

In these precincts, high rise blocks should begin to spring up, but predictably, in suburbs such as Randwick - which will benefit from the new light rail, with an anticipated completion date of 2019 - there will be huge community backlash and an avalanche of good, old-fashioned eastern suburbs NIMBYism.

Areas earmarked included parts of North Ryde, Macquarie Park, Epping, Wentworth Point, Homebush, Mascot, Randwick itself and along Anzac Parade from Maroubra to Phillip Bay.

Note how developers have been mopping up entire streets making instant millionaires of homeowners whose plots have been rezoned for high density residential development.