Development in our communities is controlled by local government. Councils rule how land can be used and what they decide could affect you more than you think. Andrew Winter shares his expert advice.
These allocations within suburbs are called zones. And while they can differ from council to council, they usually fall into four main categories: Residential, Commercial, Industrial and Agriculture.
You might think this is only the concern of the big developers, but you'd be wrong.
Zoning can have an impact on any property and, therefore, any investor or home owner.
Residential zones are typically divided even further - into areas for low, medium or high density living. So if there’s a development block next to you , check the zoning maps at your local council. They should give you an indication of what can and can't be built there.
As with every rule or regulation they’re often changed or amended to keep up with the times and this can sometimes be to your advantage.
Your unit block could, for example, be zoned for low rise living, but that might change.
If it’s suddenly re-zoned as high density, high rise, then you could find yourself sitting on a valuable asset.
Investors can pay above market value to get land they can build multi level dwellings on.
Zoning is a guide to what's going on in your area and sound research could just help you cash in or avoid any nasty development surprises.