Special Counsel at Russell Kennedy, Michael Dowling, says that buying an adjoining laneway creates more backyard space, increases the potential development footprint, and can add value to your property.
Residents' dreams of their own laneway sold for $1.10.
A coveted laneway in a prime residential postcode has been sold to a developer for $1.10, triggering protests and claims that council has short-changed ratepayers of more than $400,000.
The bitter row highlights the increasing value of disused laneways, their availability for reuse or sale and the need for abutting residents to be aware of their rights and the local council's responsibilities.
Michael states that "Councils are generally even handed and appear to be transparent in their approach to selling them," he says.
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