Yahoo Finance Why is this humble cottage one of the most valuable properties in Sydney?
A home for sale in western Sydney has become the most viewed property listing in NSW, but not because it's a glamorous house.
The humble fibro cottage in the suburb of Castle Hill is reasonably sized with four bedrooms, one bathroom and a double carport. But it's not renovated nor will it win any awards for its green carpet.
But recent events outside the property has made it hot in the eyes of many potential buyers.
First, a new commuter railway line opened in the suburb earlier this year. And the station is only 550m away from the house.
Second, the council is proposing a new usage zone for the land, which is related to the fact that a rail station has appeared just nearby.
"Proposed by local council as a R4 high density location, the land is one of the most valuable parcel offered in a number of years," stated the listing agent Uniland.
A block of land zoned to R4 immediately supercharges its value. That's because it allows developers to build high-density apartment blocks on it.
In other words, if the same amount of land can accommodate dozens or hundreds of families rather than just one, the value of it multiplies.
The ad makes it clear this is the best feature of the property, not the house. The lead photograph is an aerial shot showing the position of the 873 square-metre block in relation to the nearby shopping centre and railway station.
"The home is ready to be moved into or leased out with a passive income while awaiting council’s rezoning."
The Castle St property is scheduled to be auctioned onsite on Saturday October 5.
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