Hot Property Tips

I recall some property bargains from early and mid 90’s. I believe that savvy buyers have these opportunities again right now. I remember a property in College Crescent Hornsby with a $220 000 price tag. It was on Multi List because no agent could sell it as it was a triangle shape and backed the railway. At the time, it was declared a part of the ‘proposed re-zoning’ of Hornsby. Developers are never interested in ‘proposed re-zonings’ as they operate on fast turnover of their money. Ordinary mum and dad buyers don’t seem to see their value either. However, just 4 or 5 years later, I recall this College Crescent property selling for over 300% of what the buyer paid. The re-zoning had gone through and the whole street was being divided up by the developers who could see a quick dollar to be made. This type of opportunity is here right now.

There are a large number of blocks from Berowra to Thornleigh with the ‘proposed re-zoning’ label right now and no one seems to appreciate the speculative aspect of their value. We recently sold a property in Asquith with a proposed re-zoning label. It sold for a good price as the market is up right now, but certainly there was no premium price paid for being part of the re-zoning proposal. Who knows, but it is possible that this buyer may make their 300% profit over the next 5 years. If you are interested in this type of speculative purchase, have a look at the proposed re-zoning maps on the Hornsby Council web site. Buy one of the affected properties and at worst you will have a ‘normal’ investment and at the best you might make a motser. Our advice: do not pay a dollar more for the speculative aspect of the purchase, in case the final re-zoning does not go through.

You are welcome to call John Pye anytime for information or advice on 02 8914 1710 (direct line) or 0414 914 268.

Leave a Reply

Your email address will not be published. Required fields are marked *