Sydney homeowners have been snapping driveways, tennis courts and pools off their properties to sell as pricey blocks for new development in the latest sign the city property market is firing up again.
A range of abnormal blocks carved off their original allotments have come up for sale with price tags between $600,000 and $2 million, with agents reporting the sites will most likely be transformed into high-end homes, duplexes and other housing types.
Among the strips of land now on the market is a 648sqm block in Lane Cove with price expectations of $1.8 million.
Selling agent Paul Nees of Ray White Lane Cove said the owner of the neighbouring property on Best St subdivided the tennis court from his block to capitalise on high land values. The neighbouring property is also up for sale.
“He thought it would be a smart idea to subdivide,” Mr Nees said. “It is incredibly hard to find land for development in the area.”
Mr Nees added few local buyers valued tennis courts, which meant the space had more value as a building block than a recreational area.
The 648sqm property had been attracting “solid” interest from buyers and would be suitable for a single residence or townhouses, he said.
In Carlingford, a pool subdivided off the Marsden Rd house in front is up for sale with a price guide of about $1.9 million. Tracy Yap Realty area manager Max Pracy said many homeowners no longer wanted amenities like a pool and would rather unlock the value potential in their land.
“The pool had become a pain in the butt for the sellers as no one was using it anymore,” he said.
“It is a creative way for the sellers to not only solve that problem, but to also downsize without needing to move.”
Elsewhere, a Leonay driveway that once formed part of next door’s properties is on the market with a $590,000-$630,000 guide.
While the owners of two properties are no longer the same, a lack of land near Penrith means Dukes Estate Agents’ Luke Wilson has had more than 2000 people view the Lapstone Place listing on realestate.com.au.
A Normanhurst family who has carved 1079sqm off their backyard now stand to fetch upwards of $1 million. Saliba Estate Agents principal Josh Saliba said property owners were able to cash in on the lack of land and make good coin.
“They’re not making land anymore, so when there is a block for sale, they are generally very popular.”
Herron Todd White property valuer Kevin Brogan said homeowners could achieve high prices for land due to a shortage which has kept blocks with building potential in short supply.
“It is definitely possible to make more money by splitting your property in multiple lots to get maximum value instead of one big site,” he said.
“The sellers who have the most success with subdivisions are ones who create a product that appeals to the local market,” he said.
Mr Brogan said vacant blocks had surged in popularity due to COVID-19 stimulus measures such as the HomeBuilder scheme.
Past sales across Sydney show some homeowners have been able to fetch nearly $8 million for offloading underused parcels of land. A tennis court with water views of Manly sold last year for $7.6 million, while a Mosman couple sold their swimming pool for $2.55 million. Hunters Hill saw a grassed tennis court sell for $3.55 million.