Wilberforce Avenue in Rose Bay, known for its freestanding family homes, is being primed for transformation, as 16 property owners band together to take advantage of New South Wales’ new Low to Medium Density (LMR) housing reforms.
Read: Rose Bay Seeks Suspension of Low and Mid-Rise Rules
The policy, introduced earlier this year, allows for apartment buildings of up to six storeys, eight if affordable housing targets are met, within 800 metres of key town centres and public transport.
Two separate collectives on the street—one comprising 12 properties, the other four—have aligned their holdings, offering developers a rare, large-scale development opportunity in the tightly held eastern suburbs.
The larger amalgamated site, spanning 6000 square metres and incorporating 10 houses and two semis between Wilberforce Avenue and Dover Road, is expected to fetch around $165 million. The smaller 1988-square-metre portion is tipped to sell for between $53 million and $55 million.
Before the zoning changes, the individual homes were estimated to be worth about $8 million each. Now, with the added development potential, values are expected to double, reflecting the growing demand for medium-density living in high-value suburbs.
The move is one of the first major consolidations sparked by the state’s LMR reforms, which aim to unlock 112,000 new homes over the next five years to address Sydney’s housing shortage. Developers are anticipated to make full use of the new planning controls, with the site’s scale and dual-street frontage enabling a diverse mix of apartment offerings, including more accessible two-bedroom units with additional study spaces.
Read: Property Values Surge Under Housing Policy in Rose Bay
While some local resistance to large-scale change is expected, proponents argue that quality design and respect for the existing streetscape will help win community support. The redevelopment is being seen not only as a financial windfall for long-time residents, but also as a test case for how Sydney’s established suburbs might evolve under the new housing policy framework.
Published 13-June-2025
