Overview
Established property is already a rare commodity in Sydney's inner west, but the first actual empty block of land in years is officially on the market on Forbes St in Newtown. First reported by Domain, the 256.6 square metre space was originally the backyard of a previous lot and was locked down tightly for the last three decades.
The land is, according to listing agent May Aoun, a prime position for an inner-city dream home. Aoun told Domain, "You could build two terraces and live in one and rent or sell the other, or develop them and sell them both."
Crystal Realty
The Domain.com.au listing describes it as "A rare opportunity to secure a perfectly level ready-to-build land parcel in one of North Newtown's most exclusive pockets. Surrounded by high calibre homes and heritage terraces, this is an ultra-scarce blank canvas with the scale and configuration to build a luxury bespoke residence or explore a dual-terrace concept (STCA)."
"With rear lane access and ideal proportions for flexible design outcomes, this is one of the last undeveloped sites in this tightly held blue-chip location - footsteps to King Street dining, cafés, Sydney University, elite schools, transport links and green open spaces."
Aoun also told Domain that the land is a "good size" for the area, where the average block is "around 150 square metres." The currently listed price is $2.95 million, a million dollars above the median house price for the area, which grew by eight percent in the last year (and about $1.7 million above the local price of a driveway, according to one recent determined buyer).
Though the land offers promise for savvy buyers, home ownership is a distant dream for many young Australians, as the prices of homes (and apparently land) in the heart of capital cities continue to climb — Australia's cheapest property sales of the year so far are limited to regional towns and run-down sites.
Images via Crystal Realty