Property Zoning.
Property zoning determines what caan be built or done on a piece of land. In Australia, local government sets zoning rules under state planning laws which guide development and land use. Generally speaking, changing your properties zoning is near impossible and very, very exppensive.
Without the proper zoning, property development can grind to a halt and different zoning often commands different price. Common zones include Residential (R1, R2) for different types of home, Commerical (B1, B2) for shops and offices, and Industrial (IN1, IN2) for factories and warehouses. Some areas do allow for mixed use developments that combine housing and businesses.
Zoning plays a large affect on property value and development potential. Before buying, investors should check the local council’s zoning maps to understand restrictions or opportunities, especially if planning renovations or redevelopment.