No. 29-37 Pennant Hills Rd in Normanhurst is for sale.Source:Supplied
It makes sense to always seek out the neighbour when vendors come to a decision to list their property.
That’s because there are a surprising number of sales to the next door neighbour, which could be anything from them needing an extra car space, bigger family space, or expanding the farm.
Of course it still requires some regulatory requirements and good counsel, but banging two heads together can work out well for both parties at such a preliminary time in the sales countdown.
MORE: How much average Aussie has in bank
Banging seven heads together is a little trickier, but I see seven neighbours at Normanhurst have recently offered their homes through Saliba Estate Agents as a Pennant Hills Road development site.
The seven knockdown house blocks range in size from 555sqm to 728sqm, so I’d imagine there has a process for dividing up the proceeds accordingly.
The seven blocks form a 4684 sqm horse shoe shape around two houses that are not participating in the sale.
No. 221-223 Newbridge Rd in Chipping Norton is another popular site.Source:Supplied
Joining a site amalgamation is one of the best routes to real estate riches, as adjoining house owners who have joined the trend secure an inflated price rather than just offering their home as a one off. And there are signs of fresh sites coming to market.
Three single-storey Federation cottage neighbours in Willoughby have banded together through Di Jones to offer a 1839sqm amalgamated land holding at 6, 8 and 10 Penkivil St with a 1655sqm allowable gross floor area and a 12m building height under the current council controls. One of the cottages sold for $2.75m a few years ago.
A 2175sqm Chipping Norton site has been listed by three different owners through LJ Hooker agent Lush Pillay. Two of the homes on the Newbridge Rd corner site have been tightly held for over three decades.
At Constitution Hill, McGrath estate agent Peter Sutherland has two owners on Mahony Road offering a 2752 sqm, DA-approved, four-lot subdivision with duplex potential. It failed to sell when offered pre-Covid. Three neighbours at Wyong, who didn’t pull off a sale in 2017, are also back looking for a developer buyer.
“We have experienced a substantial increase in activity from developers who are needing to fill their pipelines in the short to medium term,” said Knight Frank development site sales executive Cameron Fitzgerald.
“While Covid-19 had a dramatic impact on the appetite for development sites in 2020, the two years prior to 2020 also experienced little market activity due to the softening residential market.
Buyers are willing to pay top dollar for amalgamated sites. Picture: Tim Hunter.Source:News Corp Australia
“As a result there has been over three years of minimal acquisitions from developers and a large majority of their projects are either nearing completion or have been completed,” Mr Fitzgerald said.
The process is often thwarted with difficulties that can dash the high hopes of would be sellers. In 2016 some 62 neighbouring owners in Frenchs Forest failed in their hope to secure an anticipated $200m windfall. Ditto 46 neighbours who joined forces in Baulkham Hills in an attempt to woo developers.
The NSW Planning Department forecasts construction of 132,800 to 171,200 new homes in Greater Sydney through to 2024-25.
Originally published asNeighbours join forces to get top dollar