Northern Beaches and the Low and Mid-Rise Housing Policy
How This Impacts You and Ways to Maximise the Benefits
The NSW Government's Low and Mid-Rise Housing Policy (LMR Policy) is a major planning change, affecting many properties across the Northern Beaches.
The policy applies to a wide area covering key residential suburbs such as Manly, Fairlight, Balgowlah, Manly Vale, North Manly, Allambie Heights, Brookvale, Dee Why and Mona Vale.
Although the main town centres are excluded due to their commercial zoning, high development density, and numerous local heritage items, surrounding properties have experienced significant increases in zoning uplift and value. This enhancement has presented major new opportunities for property owners in these areas.
What’s allowed under the policy?
The LMR Policy sets new standards for height, floor space ratio (FSR), and lot size within 800 metres of transport hubs and town centres. Key development standards include:
Property owners within 400 m of the town centre may see a significant increase in property value due to the new LMR policy. Those within 400 to 800 m can also benefit, but individual circumstances need consideration.
A Strategy for You to Maximise Under the LMR Policy
The increased value of your property results from its increased development potential. In simple terms, you can now get approval to put more residential space on the property, and that’s of value to developers.
To get the most financial benefit from your property it’s essential to understand how developers assess properties for development, what your property’s maximum development value could be and why it could be worth that amount.
It’s not just about how much, you need to understand why your property is worth the increased amount of money so;
You know what the maximum pricing is.
You’re not taken advantage of by developers.
You know it’s the value when dealing with neighbours if you need to cooperate with them.
When you are negotiating via an agent, you have a clear, independent view of how much money you should receive.
You also need to understand the process required to receive maximum dollars because without understanding the process you can’t manage your position to maximise your return.
You need to understand developer terms and conditions so you can negotiate to minimise your risk. Remember, developers are expert at negotiating not only prices but also sale terms that are favourable to them. Getting the terms right will be the difference between a good deal and a bad deal for you.
You need to have a well considered, logical strategy to sensibly manage the process of achieving the maximum price on the best terms.
Remember that your best leverage comes from being well prepared and knowing how to effectively manage interest from competing developers.
Trusted by Property Owners Across Sydney
We have provided strategic property and development advice to property owners throughout the greater Sydney metropolitan area and the Northern Beaches, including those with properties benefiting from the Low and Mid-Rise Housing Policy and the Transport Oriented Development (TOD) reforms.
Individual property owners and groups of neighbours are contacting us regularly to get a clear, independent understanding of:
how their property value has changed,
how to take advantage of new development potential, and
how to structure their next steps to maximise their outcome.
To learn how the new policy affects your land and how to maximise its benefits, contact us for expert advice.