Frequently Asked Questions
HOW MANY STAGES / LOTS WILL BE DEVELOPER AT THE ESTATE?
“The Pinnacle” is proposed & approved for development in 3 stages, with a total of 82 residential allotments.
WHO IS THE DEVELOPER / VENDOR?
R.W. Sheargold Pty. Limited of Sydney: a well-respected property developer who has been active in the Wollongong area for over 45 years, having previously developed projects such as - “Cordeaux Heights (1,200 lots), “Darragh Park” estate at Figtree (117 lots), “Sylvan Woods” at Thirroul, “Vista Park” at Wongawilli & “Forest Grove” estate at Kanahooka.
WHAT IS THE TYPE OF TITLE TO THE LAND?
Title to subdivided lots will be held under the Real Property Act (ie: Torrens Title).
WHAT IS THE TOWN PLANNING ZONING?
The lots comprised in Stage 1 of “The Pinnacle” estate are zoned R2 Low Density Residential under the Wollongong Local Environmental Plan ‘09
WHAT SERVICES WILL BE AVAILABLE:
Underground electricity, telephone, town water, Natural Gas, sewer & inter-allotment storm water drainage (where drainage to street is not possible). As to the availability of broadband internet services, because this service is continually being expanded & upgraded, we recommend you make direct inquiry with Telstra.
WHAT BUILDERS CAN BUILD AT “THE PINNACLE”?
Depending on the particular lot of your choice, you may find some builders more adept at construction on sloping lots whilst others may be structured for “concrete slab”-type construction. If there is a particular builder or builder’s floor plan you favour, then you should ask the type of foundation system that builder prefers to use (ie: concrete slab, bearers & joists on strip footings, split level, elevated with garage under etc.) and select the lot which suits that building style. Be aware, the most economical foundation system (ie: concrete slab) requires a level block which tend to be amongst the more expensive lots in any land release.
ARE THERE ANY ADDITIONAL COSTS INVOLVED IN PURCHASING A BLOCK OF LAND?
The land price is Goods & Services Tax (GST) inclusive. In addition to the contract sale price, however, you will be liable for your Finance Provider’s costs and your Solicitor’s or Conveyancer’s costs and NSW Government Stamp Duty. There are exemptions from Stamp Duty for First Home Buyer. There is (currently) no Stamp Duty payable on Home Building Contracts. There are exemptions / concessions also available to purchasers intending to build within 26 weeks of purchasing.
ARE THERE ANY DEVELOPER / BUILDING COVENANTS?
Yes - houses must have a minimum (habitable) floor area of 130m2 & have external wall construction of – single level – 50% brick masonry or rendered material. For 2 or multiple (split) level – 50% brick masonry on the ground level and a range of other for upper levels. Roofing materials may be concrete or terracotta tile or ‘Colorbond’ sheeting. There is also a requirement for an On Site Detention Tank that is in addition to the tank required under BASIX regulations. For full details, refer to sec. 88b Instrument as annexed to the Vendor’s draft Contract of Sale). There is no time restriction for the commencement of building and the land may be on-sold in the future as vacant land if you decide not to build.
WHAT ARE THE PUBLIC SCHOOLS ZONED FOR THE AREA?
We are advised by the Education Dept. that the current school boundaries are to Lakelands Public School and Kanahooka High School.
HOW MUCH ARE THE COUNCIL RATES?
Individual assessment notices have not issued from Wollongong Council as the Valuer – General’s Dept. has not, as yet, been requested to do so by Council. On transfer from the developer to a purchaser, a valuation request will be issued by Council and the land will then be separately valued and a Rates Assessment Notice issued. For the purpose of the adjustment of rates at settlement, the Contract of Sale stipulates the “annual rates shall be assumed to be $1,000.oo pa (issued) and $106.oo per qtr. (Water rates)”, this being the current rates payable on comparable properties.
WHAT ARE THE SALES TERMS?
Deposit: 10% of the Purchase Price payable on exchange of Contracts of Sale payable by way of Bank Cheque or approved Deposit Guarantee Bond. Completion: For pre-registration “off-plan” sales - 21 days after notification of registration. Other sales - 28 Days after exchange.
HOW CAN I SECURE A BLOCK UNTIL A BUILDER DOES A SITE ASSESSMENT FOR ME?
We cannot take lots off the market until there is a purchase commitment from the purchaser. However, “Farmers buy land, people buy houses” and we, as Agents together with the Developer understand that. To overcome the situation of obtaining some certainty over the building costs before making that land purchase commitment whilst ensuring that, the block not be sold to another party, we strongly ecommend you keep the Agent advised of your interest, actions and progress – the Agent will record this and give you the courtesy of a phone call or email if another party starts to show interest in the same lot.
ARE THE PRICES NEGOTIABLE?
We believe the price list is fair and that the land represents value in the current market. The Developer is a professional land developer and the planning and infrastructure is completed to industry best-practice standards, As Agents for the Developer, we do not encourage any price discounting on the advertised & published prices, as this can become unfair on purchasers who have already made commitments, however, the Developer may initiate clearance sales at the end of a stage and if an offer is made, the Agent is duty bound to submit it to the Developer for consideration and decision.
IS THERE ANY ADDITIONAL TECHNICAL INFORMATION OR DOCUMENTATION AVAILABLE?
Available, on request, are:
- Vendor’s draft Contract of Sale
- 1:100 scale Lot Contour Plans
- Geotechnical & Building Site Classification Reports – Douglas Partners Aug-‘05
- Wollongong City Council relevant Subdivision Development Consent
- Site fill Plan
- Wollongong City Council Sec. 149 (EP&A Act) Certificate