Property investors, homeowners and developers will very soon be able to access a faster and cheaper process of converting larger blocks in Sydney into terraces and other medium density housing.
Called the Missing Middle, it is a new Low Rise Medium Density Housing Code that has been adopted by the Berejiklian government, and is set to take effect July 6th. The Code aims to increase the amount of medium-density housing in Sydney from its current 10 per cent share of new approvals.
So The Million Dollar Question Is – Have All Of The Prime Development Sites Already Been Snapped Up By Developers?
The short answer is no, which is still great news for property investors or homeowners sitting on large blocks who are considering their options to potentially cash in on this latest opportunity and fast-track their retirement options, however developers are moving quickly into prime areas as you would expect with this new opportunity across Sydney.
Which Sydney suburbs will be affected by the new Code?
- The new Code will apply across all of New South Wales, in the R1, R2, RU5 zones, where medium density housing is permitted under the Council’s Local Environment Plan (LEP).
- A dual occupancy, manor house or terrace may only be carried out if the development is permitted within the zone under the relevant council LEP.
- The development must meet the minimum lot size requirements under the relevant council LEP in the following manner:
- for dual occupancy, the minimum lot size for a dual occupancy under the relevant council LEP. If the LEP does not specify a minimum lot size, then the code applies to minimum 400 m² lot size;
- for manor houses, a minimum 600 m² lot size requirement applies;
- for terraces, the minimum lot size for multi dwelling housing under the relevant council LEP. If the LEP does not specify a minimum lot size, then the code applies to minimum 600 m² lot size.
The new Medium Density Housing Code, which is being introduced alongside a design guide, will not allow terraces and other two-storey developments into areas where existing planning laws prohibit that type of building.
“Low-rise medium-density housing is the missing part of the NSW housing stock between traditional free-standing homes and strata-titled apartments,” the NSW Planning and Housing Minister, Anthony Roberts, said recently.
“With the growing and ageing population in NSW, there is a need for a greater variety of houses to suit the range of needs and lifestyles, including growing families and empty-nesters,” Mr Roberts said.
If you would like to know more about the new Missing Middle development opportunities across Sydney as a property investor or homeowner sitting on a large block of land, and then be sure to contact the team here at Plan Assist who can answer all of your questions for you.