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This week I had the opportunity to run the numbers on an eleven unit development project. 
Normally, Property Bloom clients ask us to source lower density developments such as dual occupancies or three to four unit developments.  Whilst crunching the numbers on this big boy, I started to wonder how many smaller projects we'd need to complete to achieve a similar financial outcome. The answer surprised me. 
What do you need to consider when looking at a medium density development project?  
By the way, density is a measurement used to work out how many dwelling can be built within a particular zoning. In NSW, a medium density zone is defined as 20-40 dwellings per hectare.
1. Finance. Investors can be afraid of jumping from a residential loan to a commercial/development funding and believe that banks will generally lend on three-four unit projects under residential lending. There are a few myths around this. If you have a good relationship manager at your bank, your finances are in good order and you present a larger project to them in a professional way, they will consider it. Also, people assume the commercial funding is going to be more expensive and it can be, but there are lenders out there with very competitive rates. It's imperative to use an experience commercial financier when seeking these loans.  
2. Risk. Generally larger development projects are assumed to carry more risk. Assessment of risk is different for everyone but it really comes down to the bottom line. How much profit is there in the project and is it sufficient to take on the risk? How accurate is the research and cost estimates being used?  What are the current market conditions and are they likely to change anytime soon? This will determine exactly how risky it may be or may not be. 
3. People. A good team is imperative. Because if you don't have a trusted team, you'll be testing the experience and efficiency of these people on a larger scale. If they let you down, you will feel it!  Having a proven track record with your team, particularly your builder when embarking on a large scale development, is critical. 
So just how did we find this development site? One of our clever project managers has a great skill. She communicates extremely well and is a very nice person. She was chatting to one of the property owners in this street and ended up negotiating with this man and his neighbour who both owned large lots in this suburb of Newcastle. It wasn't long before she'd secured their adjoining properties under an Option Agreement.  
One of the main benefits of this agreement is that  there are no holding costs until we are ready to build next year. During this period we manage the design and planning process of the project, so construction can commence upon settlement of the land.
The site is located six minutes drive from the main hospital, twenty minutes from the CBD and ten minutes from the university. There are local shops with a nice cafe, three schools in walking distance, an aquatic centre, gym and a number of parks and sporting fields, making it a very popular with the locals.
Our research tells us that there is strong rental and resale demand. 
I thought I'd share with you the numbers on this medium density, eleven unit project as they are looking quite good: 
Land cost:  $1,040,000 
Stamp Duty and acquisition costs: $45,000
Estimated consultant and council fees and charges:  $86,000
Estimated build costs including contingency: $2,640,000
Option fee:  $120,000
Miscellaneous/other costs:  $30,000
Estimated total costs:  $3,961,000
Estimated end values 11 x 3 bedroom townhouses:  $4,840,000
Estimated weekly rental per townhouse $450 per week
Looking at the numbers, there is opportunity to create equity of $879,000. This is before we apply a project management fee which we will discuss with the purchaser. So the developer's margin at this stage is 22%. The purchaser also needs to include holding costs during the six month construction period. There is scope to increase the equity with playing with the design and looking at other configurations such as including a four bedroom home. We've purposely kept our estimated end value conservative. 
In comparison, a typical dual occupancy project will create around $130,000 in equity at a total cost of $740,000. That's a 17.6% margin. That's not too bad and many of our clients come back to do another one. But you'd need to complete about seven dual occs to achieve a similar equity position as the eleven unit project.
It's interesting to compare the numbers and whilst a larger development is not for everyone, we are excited to be able to offer something different. So, if you are ready to sink your teeth into a large project and have sought professional financial advice, then we've done a lot of the hard work for you. 
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Medium density development numbers add up: Jo Chivers

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Subdivision is one of the many ways you can develop property. It involves converting one piece of land or existing dwellings into several.  
Raw land subdivision entails legally and physically converting raw, undeveloped land into developed land so that one or more buildings - residential, commercial or industrial - can be constructed.  As you will be changing the lands usage and appearance for example perhaps from a rural rezoned paddock into a residential land subdivision, you’ll also be building the infrastructure required such as roads, paths, drainage systems, water, sewerage and perhaps even public utilities such as a park.  
You can also subdivide developed land (much more easily) by simply splitting a block in half.
Subdivision of existing buildings is the conversion of a single title to multiple titles. For instance, a block of 10 units on a single s title - often referred to as units ‘in one line’ – can be converted into individual titles such a strata title. This is a great way to add value to the properties and allows you to sell them off individually.
Subdivision is a great development strategy for the current market conditions.  It gives you flexibility to play is safe and sell off a newly created piece of land to reduce your loan, or to hold and add value to the property by registering the new lots and holding or further developing them. 
The objective here is to have a creative outlook while searching for potential subdivision sites as it is this creativity that can determine the success of the development.
So when would you subdivide?
An investor might buy a dwelling that is on a large piece of land, where they can renovate a house and then subdivide or perhaps you are a homeowner living on a potential development site where subdivision may be permissible. The site will however, need to adhere to the council regulations.  The first question you need to ask council is ‘what is the minimum lot size?’  You can find this out from your council’s Development Control Plan (DCP) for Subdivision and their guidelines.  The minimum lot size will vary from council to council and from different zonings. 
The residential minimum lot size will be smaller than the rural zoned land size.  One council Property Bloom works with has a residential minimum lot size is 450sqm.  So we can subdivide a 900sqm corner block into two lots. However, if we had a 900sqm piece of land that was not on a corner, then we could not subdivide this, as we also need to allow for a driveway to access the back lot and the area needed for the driveway is in addition to the minimum 450sqm.  So we need a block of land approximately 1100sqm in size to be able to subdivide and allow for our access handle.   Another type of property to look for is land with two street frontages, so if it is 900sqm in size and the minimum lot size is 450sqm you can literally cut it in half and each lot will have its own street frontage. 
Different types of Subdivision
When looking to develop with subdivision, it’s important you understand the different types of subdivisions. Getting professional advice will help you to make the best decision for your site and also which potential purchase will make the process through council the smoothest. 
Strata Subdivision – Dividing a property into separate units, apartments or villas.  Strata is land title based on the horizontal division of air space and may involve common areas shared by each title holder and usually managed by a strata manager.
Torrens Subdivision – Dividing one land lot into two or more separate land titles. This form of subdivision gives the owner complete autonomy with their land as they don’t have to answer to the strata manager or adhere to certain strata rules and regulations.
Community Subdivision – A development with common property such as roads may be used by all residents. 
The Figures
When budgeting for your subdivision you’ll need to start with a realistic target for how much the completed development will be worth, and then subtract costs to calculate profitability. It’s important to run a feasibility analysis on the subdivision including possible costs for stamp duty, legal fees, surveyor services, council application and developer charges, civil works and service connections such as gas electricity and water.
Make sure you also discuss your subdivision strategy with an accountant and understand the tax and GST implications if you are planning to sell.  You will also need to estimate your holding costs such as interest on your loan and rates. Remember, if it’s a straight land subdivision you won’t have an income from the property to help offset your holding costs, so time is literally money in this type of development. 
Location
Getting the location right can either make or break your development success. Research is essential to ensure you are developing property where people in that area want to live. You have to totally remove yourself from the development as you won’t be living in it, your target market will be.
Inner cities are limited with the availability of land so in this case strata division is being created through developments.  Looking at a radius of a few hours outside of a capital city allows you to be more creative in your development. There may also be more room for growth in the outskirts especially if there is investment in infrastructure taking place in that area. 
Choosing the Right Property
<ul>
<li>The first item you need to properly assess a potential subdivision site is a survey. It’s amazing how many sales contracts I review that do not include a survey.  You may need to pay for this before exchanging as you need to be sure of the land size and whether there are any easements affecting it.  </li>
<li>The next item I always ask for is the sewer diagram. You need to know where the sewer is located and if it is actually feasible, based on the slope of the land, to cost effectively extend the service to service a new lot. </li>
<li>You need to check the slope of the site for drainage issues.</li>
<li>Check the aspect of the site and think ahead of where any new dwellings will sit to take advantage of the aspect.</li>
<li>Research the zoning regulations and read council’s subdivision guidelines.</li>
<li>Compare market value – is vacant land in demand?</li>
<li>Check service connections – is there sewer available in the area, is there an electricity source close by?</li>
<li>Corner blocks are good for your first subdivision </li>
<li>Structure of Property – this is important if you are developing a strata division as the building will need to be structurally sound to handle the requirements such as firewalls between units.</li>
<li>Have your solicitor check for restrictive covenants or easements. You may find land in a new estate has a covenant over it that does not allow for further subdivision.</li>
</ul>
There are many more things to consider when planning a subdivision, so make sure you engage professionals to assist you if you’re a beginner. A development project manager will be able to work with you on every stage of the process and you’ll be amazed at how much you learn along the way. 
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>. 
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Understanding subdivision: Jo Chivers

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You know it wasn't that long ago that we lived in a totally different world. We had jobs for life. If you started work after leaving school in a bank, then you worked for a bank for the next thirty years or so. It was the same as buying a house and living in it for the same thirty years or so. That one house was deemed your 'investment for life' as superannuation was not yet invented.  
Also about 30 years ago, a little thing called the internet was introduced to us, we were told we could 'surf' the World Wide Web, little did we understand at the time the absolute massive impact this would have on the way we'd  live in the future.  
 I have trouble explaining to my kids that there was no internet when we were kids! The internet has now become an historical era; we talk pre and post internet. The internet opened up everything and now anyone, no matter what age can start a new business or become an 'entrepreneur'. So the 30 year careers in one industry have become extinct. 
A survey I read recently reported that 41% of all new business start ups in Australia are launched by people aged between 30 and 39, 21% aged 25 to 29 BUT 16% are aged between 40 and 44. I have a client starting her new business at the age of 58. Anything is possible. 
Today I received a call from a fifty something man who had made his fortune in buying, building up and selling businesses and now he was ready to park his money in property using a Self Managed Super Fund. He said "Jo, I'm ready now to kick back a bit and let my investments do the work for me." He is looking at a Property Bloom development that he'll fund from his SMSF that will create a nice chunk of equity during the development process and then result in a strong  yielding investment for him. 
The age for first time property investors is reducing. Whilst one in five Australians own an investment property, the number of Generation Y’s, individuals born roughly between 1982 and 1994, who own multiple properties is now on par with the Baby Boomers (17% own 2 or more). My step daughter fits this description with three properties under her belt.  Our youngest client will have six investment properties once we complete the two developments we have underway for him. His strategy is to build his portfolio as quickly as possible then as he starts a family, pull back and let time and capital growth work for him. The Gen Ys I know are clever. They embraces the internet early and used it as a tool to research and educate themselves on property investing. 
We live in a world overflowing with information and as older people realise that perhaps their 30 year career and original home is not going to deliver the retirement income they'll need over the next 30 years - because yes we are also living longer - then it's never too late to start investing and looking at entrepreneurial opportunities. Don't let physiological hang ups about 'comfort zones' set years ago hold you back. 
It's exciting times and why not build your own dream now? 
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Never too old to own your future: Jo Chivers

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This week whilst finalising some new floor plans for our clients, I started to wonder what we could add to give them a new twist on modern living.  I asked, "do we really need the formal dining area or separate lounge room anymore and what could we replace them with?"  
One of the newer additions to the home is the theatre room which is a space dedicated to watching movies… but could there be other needs we can meet with a specific room?
There's one that comes to mind immediately... the day spa room!  I would love a space that mimicked a day spa, a kind of extension I guess of a luxury bathroom but with a space off it to lounge around and read whilst your face mask weaved it's magic. With speakers filtering new age music filled the air, wafts of calming lavender oil burned and locks on the door to keep the kids out!
What used to be known as a library may now be called a Technology Room, I envisage it as an irregular shaped room with beanbags on the floor or hammocks swung from the roof, where you lounge around, surfing the net or playing the latest online games but still with a cosy reading nook to escape inside a good novel whether it be read from a book or tablet. 
One of the more cooler ideas that my boys came up with was a skate room to hang in. A bedroom with curved walls or a half pipe to go full Caballerial on (you may need to Google this if you don't have young sons).
Outdoor kitchens have been popular and you can extend this to include a backyard cinema with courtyards with fire pits and built in bench seating.  
Of course there is the original Man Cave that has typically been the old shed or garage but the modern man is looking for far more these days and his cave may include a full gym, full cellar or full on recording studio.
Don't forget the She Shed, an area where a female can make a little sanctuary for herself. perhaps a little outdoor shed converted into a luxurious, chandelier hung hideaway.  A space where the outdoors blended with the indoor space with a comfortable lounge, lots of cushions, throws, plants and candles. 
Perhaps an economical addition to the home is a twist on the traditional guest room. These days, you can make a killing by renting out a room in your house on Airbnb or Stayz or to overseas students. So make the guest room a little more appealing and self sufficient by adding items like a bar fridge they can keep fresh snacks and drinks, a small desk they can set up their laptop/tablet and work at including a little sign with your WiFi password so it's easy to find. 
All these ideas led to one extra inclusion in our floor plan and that was a home office. It has now become a feature of all Property Bloom developments as we all need a space to work or study from in the home and so we now have our kitchen supplier design and install a built in desk with storage and shelving and tenants are loving it. 
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Thinking outside the Square: Jo Chivers

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Coming to the end of June is like closing one chapter of your property investing journey and opening the next. You cannot change whatever happened up until 30 June but July is a good time to start thinking about exactly what you are going to make happen over the next twelve months.   
Thank goodness our financial year falls in the middle of our calendar year, particularly because it's winter and cold and we're not distracted by summer holidays. If our financial year finished in December I definitely could not manage the stress of Christmas and holiday preparations, shopping AND finalising all I needed to on my business and property portfolio. 
But as it's winter, what else do we have to do before 30 June but sit in our offices paying as many expenses as possible and working on our new year's strategy?
My top three tips for getting organised as we enter the new year are:
1.  Tax Planning Strategy. 
A good tax planning strategy is important to have when you're a property investor, so make sure you have a good accountant who is not just going to process  your tax returns,  but also offer some really good strategy advice. You need to start strategising well BEFORE 30 June to give yourself time to make any adjustments to ensure you'll get the best results.  
2.  Investment Action Plan. 
As we move into the new financial year, it's time to plan your investment action. Think about the big picture and what you are trying to achieve. One of my clients has a very clear strategy which is to work hard over the next five years to continue to build his property portfolio so he can 'retire' from his salary job which is also his business and be a full time property developer. 
He's given himself a realistic timeframe which takes into consideration the property he already holds and what developments Property Bloom is managing for him. He was clear when he decided to work with us that he'd be using the experience to learn all he could so that he'd feel confident to then manage his own developments in the future. 
I love helping people help themselves, it gives great satisfaction knowing that you've not only helped someone achieve a financial goal but to educate them so they can continue on their journey. 
Another client has set up a self managed super fund which she plans to expand dramatically with strong yielding property over the next seven years which is when she plans to retire. 
Another younger client is chasing the best depreciation she can get as she's on a high salary and paying a lot of tax, with her Property Bloom development, she'll receive strong depreciation benefits and combined with her rent, will make her completed development cashflow positive and so she will be able to continue to borrow without too much impact to her serviceability. 
3. Schedule in Check points. 
For any plan, you need time during the action period to step back and check your progress. Schedule time into your diary and this will remind you to take stock of your achievements and review your plans and progress. It's best if you can do this with someone who you can share your big picture and review what you've achieved and discuss any adjustments that may be necessary to stay on track. Your financial planner is ideal but if not available, then your partner or a good friend who you can chat to about what you are trying to achieve and the purpose behind it. By simply saying this out loud to another person is a good way of cementing your plans and becoming accountable. 
We all have different things that motivate us. The start of the new financial year is a good time to rev up your plans as before we know it, Christmas and lure of warm, summer holidays will be upon us. 
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Three property development tips for the new financial year: Jo Chivers

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This week I met with a lovely couple wanting to understand more about property developing and if it was the right strategy for them. They asked a simple but very good question which is relevant for anyone looking to take their first steps into property development. 
They wanted to know what the main risks were in developing property.
I think most people understand there can be risks associated with any investment whether it be buying shares (to me the volatility of the share market is scary), even putting your money in the bank in some countries (particularly Greece!) can be risky. In Australia, our banking system is very stable but the return on cash term deposits is hardly worth the effort right now.
Investing and/or developing property can be risky if you don't do adequate research. Even if you do, there are still some environmental factors that cannot be controlled like weather and governments. 
Firstly, it's important you chose a good location and a good property. Ask yourself "can I add further value to this property?"
By adding value I mean through renovating the existing dwelling and/or developing the land. At Property Bloom we always look for houses with 'good bones'. Large homes that have a minimum of three bedrooms and areas that may be converted to extra bedrooms. Adding a bedroom is the number one way of adding value to a house. We like homes with nice features that you can enhance through renovation, it's amazing what we've found hidden away after starting a renovation - some beautiful, ornate ceilings or fire places that have been covered over by previous owners. 
Location is most important as you need to be within close proximity of community services such as schools, transport, shopping and sporting facilities.
The development sites or bare land we look for needs to be in high demand areas and must be subdividable - this is the number one rule if you want to create equity or value. Getting two or more properties from one is key when developing property.
We love master planned estates that have been thoughtfully designed to meet resident's needs. These estates can be are valued higher by owner occupiers and tenants than the older, established areas that have less facilities.
When you develop property, you need to be aware of outside forces that may pose risk for your project.  They may include: 
·     Change in the economic environment such as a new government or rising Interest rates.
·     Increasing costs in materials and labour, like when the carbon tax was implemented. This led to higher construction costs at the time.
·     Changing council requirements; new Local Environment Plans being gazetted, state or federal law changes and land being rezoned.
·     Reliability and financial security of your  contractors and builders, there is nothing worse than a builder going into liquidation half way through a   development project.
·     A change in the property cycle may see the end values and rents change during the development period.
·     Weather and environmental issues holding up the construction progress.
·     Unexpected costs e.g. hitting rock on site, in adequate provisional allowances and builder's contract exclusions or unfair terms.
·     Disputes with builders and tradespeople leading to an extended construction period.
Using an experienced project manager for your first development will minimise some of these risks but it's still very important for all property developers to do as much due diligence on the location, property, council requirements and contractors/builders they will be relying on to ensure a successful property development. 
What makes me sleep well at night is knowing we have amazing builders. We've used them for many years and they are happy to share their financial situation with us. They are flexible and good communicators and so we have built a strong relationship and trading terms with them. 
This coupled with our experience in choosing relatively safe development sites and locations for our clients means nasty surprises are minimised and we have a very good idea of how the project will finish up. Our job is to de-risk a development as much as possible and to teach our clients along the way so that they can feel more confident embarking on their next property development.
 Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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The main risks associated with property development: Jo Chivers

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I received a call from a novice property developer the other day and thought I'd share his dilemma.
He'd purchased a duplex site and had just received a set of plans and had a builder quote on the plans. He couldn't understand why there was so much allowed for in "site works". 
I looked over his quote for him and could see that his builder hadn't itemised out many costs. Our builder's quote or tender has about 75 itemised inclusions.
I explained to the caller that there was probably a lot of items included in his "site costs".  
Site works cover a few different things. Some builder's refer to them a pre-construction works or simply excavation works.
After the site is pegged out by the surveyor, excavation will start. If the site is relatively flat, this may just involve a 'site scrape' which will remove the top layer of grass and bushes. If there are trees on the  site, the excavator can sometimes knock them down or you may need to have these cut down and removed before the excavator comes to site. If so, make sure you leave about a meter or so of the tree stump above the ground the excavator will be able to pull up the root systems. All this vegetation has to be disposed on, so land with a lot of bush and trees is more expensive to prepare as disposal of debris will depend on the dump truck's load size or weight.
If the site is sloping then there will be much more work required to cut the site. There will be excess soil to remove. This is included in "site works". Mostly there is a Provisional Allowance for this work which means you may pay more or less than the allowance, so it's important you have a builder who is experienced and accurate with their allowances. The builder Property Bloom uses is often giving credits for these works as I would rather have them over allow than under allow.
So back to my caller… I advised him to ask his builder to break down the costs for him that were included as "site costs" that way he could more clearly see what was included and understand the process.
This leads me to site selection and comparing development sites.
Last week we took a client with us to inspect two dual occupancy sites that we were told would be coming onto the market shortly. They were in the same suburb but different locations. The suburb profile really stacked up, a high proportion of owner occupiers, good sales references for comparable properties, lots of government and council spending on infrastructure and community services and high rental demand.
The two lots were pretty similar in size, both large enough for a dual occupancy development but there was one major difference. One lot had about a 3m fall from the rear to the front and the other lot had a very slight fall to the rear boundary.
The two lots were the same price. The lot with the 3m fall was in a slightly better location, closer to community facilities in the area and our client said our client liked that land better than the other.
However, after walking over both sites, I explained our choice was the other lot. This was because of the savings on site costs. The slight fall to the rear did not worry me as the sewer and drainage systems were already in place there. The fact that this land would need less cut, less spoil removed and most importantly very little retaining was why I liked it so much.
The land with a 3m fall to the street would require more cut and fill work, perhaps even the use of dropped edge beam slabs and also retaining walls. Unfortunately, these works add no intrinsic value to your development. You won't get any more rent or a better sales price if you have high retaining walls, in fact higher walls can detract from the appearance of the private open spaces.
So choose your site wisely and ensure your builder has a good track record with estimating the allowance required for site works.
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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How site costs impact your development: Jo Chivers

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What a hoo-ha we experienced this week with Treasurer Hockey's comments when he dismissed suggestions that property in Sydney was unaffordable when he went on to say "If you've got a good job and it pays good money and you have security in relation to that job, then you can go to the bank and you can borrow money and that's readily affordable."
and "...if housing were unaffordable in Sydney, no one would be buying it," he said.
You know, it got me thinking back to 2003/4 when something similar was going on.  We copped the same media frenzy about the overheated Sydney market and that the boom would crash soon etc.
Then like now, when property becomes too expensive, usually in the cities, investors start to look for more affordable areas.
I was in the market investing in the early 2000's and that is exactly what I did. After settling four negatively geared Sydney properties, I realised there was no point to continue to buy such expensive property after all the capital growth had been realised as the market was peaking and back then the rental market was not as strong as it is now. I needed to find more cash flow positive property. Property that I could add value to and big blocks we could build multiple dwellings on so I could keep buying more. 
That’s when I discovered the Lower Hunter Region of NSW.
There are some people that think regional areas do not experience good capital growth. I track the quarterly median price in three of the regional cities Property Bloom develops in and my graph looks very healthy. There are no extreme spikes but healthy long term growth. Rental yields are around 7% gross on most of our completed developments and with cash so cheap right now, this is sure to present a good return in anyone's book. Also, the depreciation benefits on new property is a nice bonus.
Property Bloom has found a prime location that is currently experiencing good growth and high demand for the housing we are building for our clients. So forget about what some of our politicians are saying and get stuck into some solid research on regional cities and I bet you'll be pleasantly surprised.
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 Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Copping the media frenzy: Jo Chivers

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Over the years I've refined the fittings and fixtures that we include in our villas. When we first started off many years ago, we'd just run with the basic builder's range.
When I look back on the fittings in the basic builder's range I'm horrified. You see, the basic range is usually selected by the builder. The builder is very good at building homes but may not have a very strong sense of style. Large building companies will usually employ interior designers to make selections but if you are using a smaller building company, double check their fittings and fixtures.
I remember on one build, after the timber mould out stage, (when the skirting boards, architraves and internal doors are hung) I arrived on site for my inspection. Walking into the villas I saw something bright and shiny in the corner of my eye. I turned to see gold hinges on the door. We'd chosen matt chrome door handles and I asked the builder about these brass hinges. His reply was "they are the best quality hinges you can get, Jo".  It didn't cross his mind that they didn't match in with the door handles. 
Some small changes to items like tapware can make a massive difference and not even cost any more. It's all in the style of tap. A builder's range tap may be functional but not necessary pretty. If you ask your builder who his plumbing supplier is, a quick visit to their showroom and I'm sure you'd find a nicer looking tap for the same price or a higher end range that may be on sale.
The vanity is the focal point of a bathroom so look at what is available in the builder's range. Often you can add a coloured or timber look base to the vanity for no extra cost and tie in the colour with your tile scheme. A wall of feature tiles can really add impact, but make sure it's not overkill if it's a small bathroom.
Lighting is another area that adds to the style of a room.  We try to avoid boring oyster lights. It's amazing how far the humble oyster light has come. Ask the electrician where he gets his lights and again take a look at what's available. Energy saving downlights give good light and are not that expensive and if you add two pendant lights over the kitchen then you will immediately give the kitchen a higher end feel. Add bulkheads above the overhead cupboards for a clean look. 
Ceiling fan with lights to the bedrooms are usually well received by tenants and buyers and not that much more.
Don't forget the front door lighting, by adding a couple of stylish lights you're creating a good first impression.
Look at a slight upgrade to the kitchen rangehood as this adds more dimension to your kitchen.
I like to use a gloss floor tile in the living areas as it reflects light around the room and has a more luxurious feel.
Finally, give the front façade something that will increase its appeal. Aluminium timber look garage doors are only slightly more than standard colours. Upgrade the front door handle to an oversized handle and combine it with a nice metal plate with the street number  to give a glamorous entrance.
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Small upgrades that give big impact: Jo Chivers 

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I was watching a news program recently when on came Sir Richard Branson. I find him such an inspiring entrepreneur and so my ears pricked up. 
Sir Branson was talking about how he suffers from dyslexia and has trouble understanding some information. He went on to tell the story of at the age of 50 after building up Europe's largest group of companies, he was sitting in a board meeting when results were being discussed and he looked up from the spreadsheet and asked if that was good or bad result? 
The director said to him, 'Richard, I don't think you know the difference between net and gross?'
He owned up and admitted that was the case. The director then pulled out a piece of paper, and drew a picture of a sea full of fish and then he drew a fishing net with some fish inside it. He explained, 'Well, the fish that are in the net, that's your (net) profit at the end of the year, and what's outside is your (gross) turnover.'
The interesting point about this little story is that here is a multi billionaire who openly and happily admits that he didn't understand one of the more basic accounting terms. He went on to say.."...that is it doesn't matter too much. I mean, it's useful to be able to add up and subtract and maybe multiply. And apart from that, you can create an empire with 60,000 employees and find other people to add up the numbers at the end of the year."
How true. His strength is his creativeness and he looks to hire his weaknesses.
There is no difference when you apply Sir Branson's philosophy to property investing and developing. When there is so much to know why not hire what you don't?
When developing property you'll need to start with knowing the difference between a good development site and a bad one.
Then knowing all the costs involved so you can run your feasibility. You'll need a good understanding of the local council's policies so your Development Application will be approved. Then you'll need to know how to choose a good builder and understand their contract. A good understanding of the building process is essential and finally knowing the people you'll work with, having relationships in place so that your development runs smoothly.
But the main thing you'll need is actually nothing you need to know, it's something more important. Time.
Whether it's your first property development of fifth, every development is different and having time to run the development is essential.   
Like Sir Richard Branson, if you make the most of your strengths and hire out your weaknesses then you are sure to move forward at a faster pace.
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Hire your weaknesses: Jo Chivers

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

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Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Jo Chivers

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