The City of Cockburn have released plans for zoning changes in the eastern areas of Bibra Lake, parts of North Lake and all of South Lake for public comment. The proposed changes are quite extensive and involve fairly dramatic density changes, so it could mean some major changes to the structure and pricing of these suburbs.
The proposal is still in it’s early stages and will more than likely see a few changes before it’s all finalised, but even if everything goes to plan the zoning changes won’t take effect for at least a couple of years. It’s maintaining awareness of upcoming changes such as these that allows you to grab a great property deal before it hits the news and prices increase. It’s never a guarantee that the proposal will go through at all, or that the prices in the suburb will increase once it does, but that is the pattern we’re seeing time and time again with re-zonings such as this.
So what happens now? The proposal is now open for public feedback from the 26th of January until the 25th of March. Residents and property owners in the affected areas are invited to provide feedback on the draft strategy within the above time period. There are information evenings on the 23rd and 24th of February for those affected, and more details on those can be found on the City of Cockburn website (link below). From May 2016 the council will be examining any feedback and considering changes. From there the roughly 12 month process of ‘undertaking the scheme amendment process to introduce recommended changes to residential densities’ begins, with an estimated completion date of around June 2017. Please note this date can vary wildly depending on the amendments to the initial scheme.
These suburbs are just one part of an overall scheme, with Stage 3 involving Yangebup and Stage 4 involving the Southern portions of Spearwood and Munster, scheduled for final approval in roughly 2019. The purpose of the changes is to reduce urban sprawl (and the related negative impacts) by encouraging urban infill, in line with the Direction 2031 recommendations.
What does this mean for property owners and investors looking within these areas? The proposed changes involve a large number of new R30, R40 and R60 zones. R60 permits an average land size of just 150 square meters per dwelling (provided other requirements are met), which means you can fit a lot of properties on your average 728m* block. This type of increase in potential development usually precedes an above average price rise, as the land becomes inherently more valuable.
To find out which areas/properties may be affected take a look at the ‘Lakes Revitalisation Strategy -Draft for Public Comment 2016’ document linked below. It outlines which areas and properties are proposed to be change and which zoning code they are likely to be changes to.
If you would like a more individualised look at specific changes don’t hesitate to get in touch, we’re always happy to have a chat about new zonings and the process.
The Lakes Revitalisation Strategy -Draft for Public Comment 2016:
Information Sessions and More Information: