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Have you ever ask why corner blocks are more expensive to buy? This article provides some information.
If you're selling, this will help you feel confident if you're asking more money for your corner block site.
If you're buying, this information may help your selection.
So, in a nutshell, corner sites allow property developers to build more houses; and the new houses may be more valuable. Why?
Watch the 3-minute video for the information in a visual format.
1 - The new houses are more valuable
The new houses designed on a corner site will each have their own driveway and street frontage.
These houses may not need to share driveways, landscaping, and/or garden spaces with others.
If things are separated, it may eliminate the Owner's Corporation. This eliminates the Owner's Corporation ongoing management time and fees.
And for the design, there is a sense of ‘my home, my castle.’ There is much better privacy and security because the new owner knows any stranger on the property is a stranger, not a friend of the neighbour's friend.
With all those benefits, the new houses tend to worth more.
2 - The developer can build more houses or build a bigger house:
In Town Planning, the house facade that faces the street can usually be built bulkier. The rear of the house that faces the neighbour's backyard should respect the neighbour's privacy, hence reducing the building bulk.
A corner lot has more house facade that faces the street, and the facade faces the street can be bulkier. This means that the same corner site may fit four new houses, while a standard site with the same land size may only fit only three new houses.
View the video as it is much more apparent seeing an aerial photo of an example suburb.
If you are a new property developer, reading Item 1 above, you may ask...
If I don't have a corner site, can I design a second driveway regardless? It means the front house that has its own frontage will avoid sharing a driveway and potentially sell for a higher price.
Before you purchase the site, check these two factors in the area:
1. Is there any precedence of two driveways on one site?
Look for precedents around your site. Are there other neighboring properties with multiple dwellings that have two driveways?
If yes, then you can proceed with checking the site's street frontage length.
If not, there is a high chance the Council is not supporting designs with two driveways.
2 – Street frontage boundary length (If there are precedent of two driveways)
In the State of Victoria, having 20 metres of street frontage gets you two driveway approvals almost certainly.
If the site frontage is 18.2 to 20 meters, Council is likely to approve two driveways.
If the site frontage is narrower than 18.2 meters, council may allow two driveways, but it is best to check with council before you buy the site to reduce your risk.
Call or ask us a question if you want to learn more about your project.
Disclaimer: We assume no responsibility or liability for any errors or omissions. The information is for general purposes only with no guarantees of completeness, accuracy, usefulness, or timeliness. You must engage a suitable consultant for your specific situation.
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