City of Armadale may be the next hot spot
City of Armadale – Amendment 72 (allowing of multi-density development)
At the City of Armadale’s August 2013 meeting, the Council initiated an amendment to the Zoning Table and Clauses 5.2.3 to 5.2.6 of TPS No. 4 to enable the consideration of “Multiple Dwellings” across the residential zone, in accordance with the Residential Design Codes. The amendment is presently before the Minister for Planning for final adoption. Currently “Multiple Dwellings’ are prohibited within areas coded R30 and below and the change proposed is to a discretionary land use in the Use Table, allowing for increased apartment-style living. The amendment also enables the consideration of “Multiple Dwellings” on all dual-coded residential lots, which currently have only been receiving the higher split coding for grouped dwellings developments.
Change of the Town Planning Scheme increases development potential for residential blocks. By allowing apartment-style construction, the City will increase its amount of dwellings. The newer apartment complexes will remove some dated housing stock which detracts from the streetscape and helps improve the area.
In terms of how this amendment will benefit investors, it’s simple. It creates greater residential development opportunities. Currently under the town planning scheme many properties are in a split-density zoned area and can only be developed into villas or townhouses. This amendment allows for an increase in housing density, meaning more dwellings may be created in the same space. This can make previously unfeasible development properties, feasible, leading to a more active development environment. A savvy investor will consider investing in these property types now, anticipating this amendment passing. Once passed, the number of properties with feasible development potential will increase and their associated land values. Of course, there is no guarantee the amendment will pass, so investors should do their homework. Momentum Wealth’s team of buyers’ agents have been working with our Research Department and in-house town planners to identify opportunities in the Perth market not widely known of. If you are thinking of developing, you should speak to one of our expert team today.