Homeowners in Double Bay have united to list their properties, culminating in a staggering collective asking price of $90 million for redevelopment into denser residential units.
The amalgamation strategy in Double Bay involves five homes on Henrietta Street and Brooklyn Lane, reflecting the premium nature of the location. An additional site in Mosman comprises seven homes with a $75-million guide, suggesting a similar upscale development.
This initiative follows the recent amendments to the State Environmental Planning Policy (Housing) 2021, which now permits more dual occupancies and semi-detached dwellings in R2 residential zones. According to Colliers International, these changes, while somewhat controversial, are essential for alleviating the housing shortage by encouraging denser developments in traditionally low-density areas.
Guillaume Volz, the National Director at Colliers, recognizes the community’s resistance to higher density but stresses the importance of these developments in addressing Sydney’s housing crisis. His colleague, Paul Ephron, points out the previous strict local regulations that restricted development in these areas and states that the new policy changes enable larger investments to rejuvenate and improve the local communities.
The policy’s success is measured by its potential to transform community landscapes and its economic impact. By allowing homeowners to band together for collective sales, the policy could potentially double property values, offering a significant incentive for participation. The ongoing development will free up housing stock in undersupplied areas and, as Volz notes, create vibrant new local centres that contribute to the community’s character and meet its evolving needs.
The broader implications of these developments are set to unfold as the state introduces more low- and mid-rise housing reforms slated for later in 2024. These reforms will further increase density near transport hubs and town centres across Greater Sydney and surrounding regions, potentially transforming the urban landscape and accommodating the growing population.
Published 12-Sept-2024
