Development opportunities on the Upper North Shore
Brady Yoshia
Founder & CEO / Senior Property Buyers Agent at Brady Marcs Buyers Advisory/ REINSW Buyer’s Agent Chapter Representative
The property market in Sydney's Upper North Shore is experiencing a surge in activity, with developers actively seeking opportunities for new residential projects. This is partly due to the recent Transport Oriented Development State Environmental Planning Policy (SEPP) introduced in April 2024, which allows for the development of up to five-storey buildings within 400 metres of select metro and rail stations.
The goal is to create 138,000 new homes over the next 15 years. Homeowners are being presented with various options by developers, including direct purchase, joint ventures, and property option agreements. However, these offers come with potential risks, such as market fluctuations, loss of control, hidden costs, and project delays.
That’s why it is even more important to seek advice from experienced real estate professionals, town planners, and solicitors to navigate these offers effectively and make informed decisions.
How a Buyer’s Agent Can Help:
A buyer's agent can be an invaluable resource for homeowners considering developer offers in the Upper North Shore. Here’s how:
1. Market Expertise: Engage a Buyers Agent who understands the Upper North Shore market. They can provide an accurate and fair valuation of your property independent of the developer’s offer, ensuring you understand the true market value.
2. Navigating Options: With a comprehensive knowledge of the different types of developer offers—direct purchase, joint ventures, and property option agreements—a buyer's agent can explain these options in detail, helping you understand the potential benefits and drawbacks of each.
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3. Negotiation Skills: A buyer's agent is skilled in negotiation, working to secure the best possible outcome for you. They can navigate the complexities of the offers and advocate on your behalf to ensure your interests are protected.
4. Access to Professionals: They can connect you with other essential professionals, such as town planners and solicitors, who can provide specialised advice on zoning regulations, development feasibility, and legal contracts.
5. Risk Mitigation: By highlighting the risks associated with developer offers—such as uncertain market conditions, loss of control, hidden costs, and potential delays—a buyer's agent can help you make a well-informed decision that aligns with your financial goals and future plans.
Absolutely, the proposed zoning changes could open up many new opportunities within the property market. How do you think these changes might affect long-term investment strategies in the area? Consulting with industry experts will certainly be key to maximizing any potential benefits.