Property owners face
significant losses if proposed City of Stirling
planning amendments go ahead
Property owners face potential major financial losses
under proposed amendments to the City of Stirling town planning scheme warns
property investment consultancy, Momentum Wealth.
Momentum Wealth managing director Damian Collins
says the proposed planning amendment will prohibit apartment type dwellings in
any areas zoned less than R60. Currently this is only prohibited in areas zoned
R35 and below.
This will have significant effects on the
development potential of residential blocks in many areas of the city
boundaries. Suburbs that may be affected include, Balga, Nollamara,
Westminster, Joondanna, Innaloo, Yokine, Balcatta, Doubleview, Scarborough and
Tuart Hill.
Mr Collins says if approved, the down coding will
mean that sites that may accommodate six or eight apartments may now only be
suitable for two or three villas or townhouses.
He says
Momentum Wealth is opposed to the City of Stirling proposed Scheme Amendment and
is advising land owners to act now to preserve the development potential and
value of their assets.
“While
different styles of development are suitable for different suburbs, a blanket
banning of apartments at zonings less than R60 is a blunt and ineffective way
to run a planning scheme” says Mr Collins. “The State Government made changes
to the residential planning codes to allow for this type of development in
order to cater for a change in household sizes and to help slow down the never
ending sprawl of the city. Every local council in Perth will have to accept
some higher density and diversity of housing and the City of Stirling is no
exception.”
Mr
Collins says property owners are encouraged to contact Momentum Wealth’s
planning and development team for advice on the types of things they can do.
“It
is critical for property owners to be aware of the quite significant lost financial
potential that these proposed changes will have for them,” Mr Collins says.
“A
lot of people with R 40 zoned sites are likely unaware that they may not be able
to develop the property to its full potential in the future.
“We
are encouraging these property owners to speak to our planning and developments
team who can lodge a development application for these sites now,” Mr Collins
says.
“If
the proposal is granted consent to advertise by the Minister for Planning, the
City of Stirling can consider the proposed change in any development application
they receive. By lodging and having a
development application considered before the proposed change is granted
consent to advertise, this proposed change will not affect the development
potential. If the application is approved, property owners will have two years
to commence development of their site, even if zoning changes go ahead in the
interim.”
Mr Collins set
up Momentum Wealth in 2006 after recognising a need to provide time-poor
investors with a trusted and qualified source of advice.
Mr Collins
is a buyer’s agent, a qualified chartered accountant who is a board member of
the Property Investment Professionals of Australia (PIPA) as well as a
Councillor of the Real Estate Institute of Western Australia (REIWA).
Media
contact: Evelyn Duffy 94476532 or 0439981505
