NSW Land Rezoned for Low Density Housing

26/12/2016 7:30 am

*Blockbrief members were notified immediately in November of the rezoning information provided below.  

The Riverlands Golf Course site in Milperra has been rezoned to allow for low density housing and the continuation of part of the site for open space. The intended outcome is to enable the redevelopment of the Riverlands Golf course site as a golf course and low density housing.

The site is 56 Prescott Parade in Milperra, New Southes Wales and is a total of 350,000 square metres.  The rezoning is anticipated to yield 490 new dwellings.

Core Logic identifies the current median sale price of dwellings to be $1.06M in Milperra, New South Wales.  Consequently, 490 new dwellings on its own can add over $519M of housing stock to the property market.  However, it's important to always keep in mind that an increase in housing stock can affect the area's property value if the supply may becomes much greater than the demand in the area.

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