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This old house at 23 Dover Rd, Rose Bay has just sold for $16m, thanks to a new state government housing policy. The total deal for the five houses was $75m.
Property owners within 800m of 171 nominated sites around NSW are sitting on potential gold mines, all thanks to a new state government policy to encourage apartment development.
The policy could potentially double the value of homes and in one case in Sydney’s east a vendor who “couldn’t get a nibble at $8m” for nine months has now sold his humble property for $16m.
The specific sites, all railway stations or shopping centres close by public transport, are revealed in the second stage of the State Government Low and Mid-Rise Housing Policy, which came into effect on February 28.
These new laws will override existing council regulations concerning height and floor space ratio for housing development.
The policy changes planning controls within 800m of well-located shops, services and transport hubs to allow low and mid-rise housing of up to six storeys high.
The sites are across Sydney, the Central Coast, the lower Hunter and Newcastle and Illawarra-Shoalhaven on the south coast.
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No. 23 Dover Rd, Rose Bay had most recently been operating as the Rose Bay Family Medical Centre.
Some of the earliest to benefit are five homeowners in Dover Rd, Rose Bay, which is close by one of the nominated sites — the Rose Bay Town Centre.
The five have sold their properties for a total of $75m to an apartment developer in a deal negotiated by Alex Lyons and Ric Serrao of Raine and Horne Double Bay.
That’s an average of $15m per block.
The pair couldn’t discuss the $75m price tag when contacted due to a confidentiality agreement, though the mega sale is the talk of Rose Bay and other reliable sources confirmed it.
The rumoured purchaser was Fortis Property Group, which director Charles Mellick confirmed when contacted.
He also wouldn’t discuss the price, saying simply: “We’ve purchased the site on long settlement terms, which will provide enough time for approvals and the commencement of construction.”
Mellick also confirmed that the new housing policy was the motivation.
The Raine and Horne Double Bay principal, Ric Serrao, hinted at the deal in a Facebook post on the weekend.
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No. 25 Dover Rd, Rose Bay is a 546sqm block.
“Our office just sold a site last week …. we had one client who had been trying to sell their house for nine months… he couldn’t get a nibble at $8m, that party just received $16m.”
That house was 23 Dover Rd, which property records show is a three-bedroom house on a 544sqm block that had been operating as the Rose Bay Family Medical Centre.
It last traded for $2.5m in 2009.
The four other blocks in the $75m deal range in size between 496sqm and 546sqm and are just regular rundown homes. Two of them had last traded in 1994, for $550k and $565k.
When questioned today, Serrao said of the policy: “It is real gold, and not fool’s gold, if you’ve got an unrenovated house on a large block of land.”
But he said there would be both winners and losers, with the losers those homeowners wanting to sell that fall just 20m from the designated sites. He also said residents near the new development sites could expect increased traffic.
Explaining the new rules, policy documents say: “The NSW Government is committed to supporting a choice of well-designed and sustainable homes in well-located areas within walking distance of shops, services and frequent public transport.”
Property values obviously vary in different areas, though insiders say homeowners across the state could benefit from the new policy by negotiating with developers.
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27 Dover Rd, Rose Bay, a 544sqm block, had last traded for $565k in 1994.
The 171 sites that the new housing policy nominates as “low and mid-rise housing areas” are: Arncliffe Station; Banksia Station; Bexley North station; Rockdale Plaza shopping centre; Rockdale station and town centre; Turella station; Kogarah station and town centre; Blacktown station and town centre; Doonside station; Mount Druitt station and town centre; Seven Hills station; Burwood station and town centre; Camden town centre; Narellan Town Centre shopping centre; Campbelltown station and town centre; Glenfield station; Ingleburn station and town centre; Macarthur station and town centre; Minto station; Concord town centre; Concord West station; Drummoyne town centre; Five Dock town centre; North Strathfield station; Bankstown station; Chester Hill shopping centre; Regents Park station; Beverly Hills station; Erina Fair shopping centre; Gosford station and town centre; Green Point Village shopping centre; The Entrance town centre; Tuggerah Westfield shopping centre; Woy Woy station and town centre; Cessnock town centre; Auburn station and centre; Granville station.
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29 Dover Rd, Rose Bay, a 496sqm block, last traded for $2.8m in 2014.
Lidcombe station; Cabramatta station and town centre; Canley Vale station; Fairfield station and town centre; Hurstville station and town centre; Mortdale station and town centre; Asquith town centre; Hornsby station; Pennant Hills Market Place; Thornleigh Market Place; Waitara station; Boronia Park town centre; Annandale town centre; Ashfield station; Dulwich Hill station; Leichhardt Market Place; Lilyfield light rail station; Marrickville station; Petersham station; St Peters station; Stanmore station; Croydon station; Kiama town centre; Gordon station and town centre; Killara station; Lindfield station and town centre; Pymble station; Roseville station; St Ives Shopping Village; Turramurra station and town centre; Wahroonga station; Belmont town centre; Boolaroo town centre; Cardiff station; Charlestown shopping centre; Jewellstown Plaza; Morisset station and town centre; Lane Cove town centre; Liverpool station; Greenhills Stockland; Maitland town centre; Rutherford Market Place; Spit Juncion town centre; Adamstown station; Hamilton station; Junction Fair; Kotara station.
31 Dover Rd, Rose Bay, a 543sqm block, last traded for $550k in 1994.
Mayfield town centre; Wallsend town centre; Waratah Village; Cremorne town centre; Crows Nest station; Milsons Point station; Neutral Bay town centre; Victoria Cross station; Waverton station; Wollstonecraft station; St Leonards station; Balgowlah Stockland; Dee Why town centre; Forestville town centre; Forestway shopping centre; Frenchs Forest precinct; Manly town centre; Manly Vale town centre; Mona Vale town centre; Warringah Mall shopping centre; Epping station and town centre; Carlingford Court shopping centre; Northmead Village shopping centre; Westmead station; Penrity station and town centre; Nelson Bay town centre; Raymond Terrace town centre; Kensington light rail station; Kingsford Juniors Light Rail station; Maroubra Junction town centre; Randwick town centre and light rail station; UNSW Anzac Parade light rail station; Eastwood station and town centre; Macquarie Park station; Meadowbank station; North Ryde station; Top Ryde shopping centre; West Ryde station and town centre; Gladesville town centre; Albion Park town centre; Shellharbour town centre; Warilla Grove shopping centre; Bomaderry town centre; Nowra town centre; Flemington station; Homebush station; Caringbah station and town centre; Cronulla station and town centre; Engadine town centre; Gymea station; Kirawee station and town centre; Menai Marketplace; Miranda statioin and town centre; Southgate shopping centre; Sutherland station and town centre; Woolooware station; Broadway shopping centre and Glebe Point Rd south; Darlinghurst and Paddington town centre; Erskineville station and town centre; Kings Cross station and town centre; Redfern station; Surry Hills south town centre; Waterloo town centre; Newtown station and town centre; Baulkham Hills town centre; Bella Vista station; Castle Hill station and town centre; Hills Showground station; Kellyville station; Norwest station and town centre; Winston Hills Mall shopping centre; Bondi Junction station and town centre; Artarmon station; Chatswood station and town centre; Northbridge Plaza; Corrimal town centre; Dapto town centre; Fairy Meadow town centre; Warrawong town centre; Double Bay town centre; Edgecliff statoin and town centre; Rose Bay town centre.
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