It’s the Defence Department’s largest batch of base closure real estate movement so far. They recycled the capital by selling the site of the former Army Reserve Depot in Haberfield, a suburb in Sydney’s inner west, for more than $44 million. This 1.9-hectare triangular parcel of land is located within one of the first “garden suburbs” in Australia. The government was able to sell 17 of the 18 plots, and a private consortium bought the 18th one—after placing a deposit in 2003. Sale opens a new chapter for the site. Previously, there had been only modest residential development of a kind that would not thrive under Haberfield’s stringent heritage regulations.
Historic Significance and Heritage Guidelines
Haberfield is well known for its heritage significance as Australia’s first, and perhaps most complete, “garden suburb”. This neighborhood is characterized by single family, detached homes on large lots. At the same time, it allows an ecosystem to thrive that’s hospitable to inner-city, family-oriented buyers. The suburb’s proximity to Sydney’s CBD adds to the attraction.
The heritage guidelines in Haberfield are some of the strictest in Australia, limiting new builds to single-storey homes in federation style. On top of that, these guidelines lay out detailed landscaping and brickwork requirements, so even new builds can’t help but match the suburb’s historic, liveable charm. This same recognition of the value of heritage preservation continues with the new development on the former Army Reserve Depot site.
Property Sale Details
Each plot sparked tremendous interest, so the auction of these 18 plots was highly publicized. One empty lot went for a staggering $3.06 million for a 721 square meter piece of real estate. This is indicative of Haberfield’s desirability, where the median price for a four-bedroom home is around $3.5 million. The impressive total sale of more than $44 million reflects the strong demand for this sought-after prime inner west location.
The project is subject to detailed construction standards as a result of environmental concerns. Seven of those 21 homes need to be raised on piers just to avoid the dangers of frequent flash flooding. This measure addresses important equity considerations. Future homes will not only follow tight heritage guidelines but keep up with modern safety standards.
Future Prospects for New Residents
As the development progresses, new residents can look forward to becoming part of a community that values both history and modern living. These single-storey federation-style homes will help to protect Haberfield’s distinctive character and charm while at the same time offering families brand new facilities.
This new location strikes the ideal suburban/urban balance. It’s a beautiful community that draws everyone from young professionals looking to escape the bustle of the city to retirees seeking a quieter life sans commuter traffic. Today, as a consequence of its abundant greenery and parklike ambience, combined with historical charm, Haberfield remains an appealing hotspot for astute property investors.
