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We are moving away from 9-5 and Monday to Friday work to a "work when, where and how is appropriate model" according to Morris Miselowski of Business Futurist.
In this new world, he says many of us will have 6 careers and 14 jobs, work into our 80's and have a "work portfolio" rather than a "job".
The work portfolio means we can gain income from a range of activities as well as mix in a more cash flow stable 'salary' job. 
I totally agree with the idea of a work portfolio. Technology gives us the freedom to work anywhere, at any time. You no longer have to be tied to a desk working for one business to earn your money. 
In fact, you could be working several jobs at once to meet your needs. For instance, you may want to sell on the global market those unique items you make on Etsy, manage your various property investments and superannuation fund, do the odd task for money and also perhaps hold down a 2-3 day a week salary job.  
It's the hay day for entrepreneurs as crowd funding has become the norm and new businesses can be "incubated". This means being nurtured and supported in free office space with access to all the services required to get started on your new business journey. Wow, I wish this was around when I started out! 
File sharing systems like Dropbox allow us to access cloud based storage systems again from anywhere at any time and share information easily. 
I feel like a bit of an accidental pioneer as without knowing it, I've created a business working in this way. 
Even when I had my last "salary job" which was regional marketing manager for a major USA cosmetic brand, I worked from home and in the hours I needed to get my work done. My office was in New York but I lived in Sydney's beachside suburb of North Curl Curl. 
Property Bloom offers staff a flexible work environment where they can project manage our developments in their own time. This often means some after hours work but also gives them time out with their family, for sports and also importantly, other income producing activities. One of my project managers also owns a palates studio, another runs installations for outdoor signage in his spare time. My admin assistant has two small children to care for. So all their work for me is done in their own time. 
This way of working is flexible and puts less stress on us, so maybe we will continue working into our 80's, although I do hope I'll be at least semi retired by then!  There are health benefits for this flexible working arrangement, keeping our minds active and giving us a sense of contributing.
In all our customs designs for our property developments we are including home offices where tenants have a dedicated work space in case they also want to do enjoy a flexible 'work portfolio'.
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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Create your own flexible 'work portfolio': Jo Chivers

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There are times in the development process that just seem to drag on and on. One of these irritating drawn out processes is the period after the Development Application (DA) and Construction Certificate (CC) are approved but before construction can commence.
After the approvals are received, our clients are then able to finalise their construction loan. Prior to this they have received a preapproval from their bank. For their construction loan to be unconditionally approved, the bank requires all supporting documentation.  This includes stamped plans, consents, signed builder's contract and insurance along with other personal documentation confirming your income.
Property Bloom is in this process with several of our projects right now and it's like riding a bike from a smooth bitumen road into a sand dune. 
The momentum and excitement that builds as we received the DA consent from council gathers speed by the use of a private certifier to fast track the CC process.  So it's just a week or two before we usually obtain the CC consent from lodgement.  It's then the builder's contract is issued to clients for signing and a copy is given to the bank together with the other required documentation to finalise their construction loan.
Then we hit the sand that bogs us down, slowing momentum. The banks will take their time processing the loan but it's also the application of the Home Builders Compensation Fund (HBCF) policy, formerly known as the Home Warranty insurance that slows the process. HBCF is required to be raised by the builder and covers their client for losses arising from defective and incomplete work where the builder becomes insolvent, dies or disappears.  
In the past we were able to apply for this insurance as soon as the CC consent was issued, however now the insurance company wants a copy of the signed builders contract and this adds another two weeks to the process as we need to wait for clients to review and sign the contract.
Even once the bank has all they need, including the insurance policy, it can take them another two weeks to issue the authority to commence construction to the builder. We cannot commence construction without the bank's go ahead in writing.
Two weeks here and two weeks there can all add up. When you are relying on third parties there is little you can do apart from be a 'squeaky wheel' and keep calling to see how the application is travelling.
One way to accelerate the process is to avoid using a construction loan. This may not be an option for most developers but if you have enough cash or equity available in other properties then you can look at the option of setting up a line of credit and funding the construction from this. Always get accounting advice on this. The big benefit is that you will avoid the headache the paperwork can cause and you won't be waiting around for the construction finance approval. 
Finally, construction may start as soon as you've signed the contract and the HBCF insurance policy is issued. We have found this to save approximately 6-8 weeks off the time frame of a development. It also has benefits on completion and fast tracks the handover process.
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about">Property Bloom</a>.
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How to accelerate the pre-construction phase: Jo Chivers

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Mother's Day always makes me reflect not just on my beautiful family but also on where I'm at on my property investment and business journey.
You see I started investing when I was pregnant with my first son and launched Property Bloom, my development project management business just after he was born.
He's turning fourteen this year and my youngest will be eight soon. setting up an investment portfolio, running a family and a business has been my labour of love during this time and I've had a good time with it. 
Slowly over time I've been teaching my sons little things about saving and investing. My goal is for them to each buy their first property when they turn eighteen. I've set up a savings account for them both that will hopefully contain enough for a deposit by then. I guess I'll probably have to guarantee their loan but I'm looking forward to helping them choose their first property very carefully as it will need to have high cash flow as I assume they won't be earning too much at eighteen - but they will be earning. The part time jobs I had as a kid gave me some great experience and good foundations of responsibility.
Planning for this first investment will be one of the legacies that I leave them. Can you imagine buying your first property at eighteen?  I wish I had of, imagine its value now?  I can almost hear them say when they turn thirty..."I'm so glad mum taught us to start our property portfolio at such a young age."  Well that's what I'm hoping they'll say anyway.
Out of interest, I asked my eldest son to write down five things he thought about me as a mother; I said it can be good, bad or ugly. This is what he wrote: "reliable, loyal, loving, funny and smart (in that order)"
I notice he left out anything to do with cooking (there's a good reason)!  I'm pretty pleased with that list I think.  He elaborated a little by saying "mum you are all these things because I see you work hard and you do so much for us. Also, you have to be reliable as you are looking after your client's property developments!"  well that's true.  I asked him if I really was funny? and he said ''yes but only sometimes".
That pretty much does me for a Mother's Day present then, those five words make my heart sing.
Happy Mother's Day to all the mums out there, I hope you get showered with loving words too (the odd bunch of flowers won't go astray either!).
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
 
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Five words that made my Mother's Day: Jo Chivers

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Recently I've had to really think about my future. Due to a change in my personal circumstances I had to sit down and review my life's road trip plan to retirement.
The road trip I had been on, whilst full of many great things, also had some very bumpy bits and even a few dangerous conditions. Despite this, along the way I'd been able to build up a portfolio of five investment properties.
During this time, I've project managed over eighty property developments for our clients.
I watched a TV program tonight that was talking about the shortfall in rental properties and it touched on the big 'negative gearing' angle that seems to be featuring a lot in the press lately.  It struck me that it seems to be looked upon that only 'the rich' can own rental property.  Of course, this is not the case.
I reckon it is hard workers and those who want to take a bit of a risk that gets to own property. Nobody is going to drop an investment property into your lap. You need to go after it.
Many of Australia's property investors earn less than $80,000. My 29 year old step-daughter owns three properties now and she's been earning less than $50,000 for some time. She bought her properties in the past five years and went after affordable, older style apartments where the rent almost covered the outgoings.
When you work so hard to buy property you don't want to let it go. My belief is that property is a long-term investment due to the high entry costs such as stamp duty, loan set up and maintenance costs and legal fees.
Yet regrettably I had to sell one of my babies!  No not one of my sons, but one of my properties. This decision did not come lightly but it made financial sense to do so.  Luckily it had more than doubled in value over the past 10 years.
Then I read somewhere that only about 8% of Australians own one investment property. This story went on to say that less than 1% owned three or more investment properties. Whilst this helped me to feel a bit better about having to sell one of mine, I was astounded by these statistics.
Then I thought about what a client of mine had said to me when he was assessing a dual occupancy project: "You know Jo, when I look at the gross yield we can get from a duplex project and combine it with the depreciation benefits I'll get from building two, new properties, this type of development will help me move forward as it will be cash flow positive for me".
I think that's it in a nutshell.  If you invest in property that is not going to drain your cash flow, you can keep buying.  But you also need the mindset to do this multiple times.  What may hold some investors back is buying a property that is too negatively geared.  I'm all for letting the government help us pay off our properties, but you need to understand what you can and can't afford in terms of cash flow.  Perhaps one or two negatively geared properties is OK depending on your income, but more than that, you'll need to look for better cash flow so you can keep buying. With negatively geared property, you rely on the capital growth in the future to pay yourself back.
When we look for development sites, we focus on finding those that will create a nice amount of equity in addition to producing a strong yield and depreciation benefits.  Our clients end up with two properties putting them above the 8% of Aussies owning just one.
A typical dual occupancy project costs less than an older style two bedroom unit in Sydney yet will create equity and great cash flow, by the time construction is completed.
Of course a triplex development will put you into the 1% of Aussies owning three or more investments.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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Hard work will allow you to grow your property portfolio: Jo Chivers

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It's been 100 years since the landing at Gallipoli, so I thought that I'd pay tribute to those who I knew or know that are serving their countries or had to live through wartime.  
Reflecting on these stories reminds me of how lucky we are to be living in such a peaceful and free country. It gives me inspiration to keep working hard to achieve my goals and dreams.
My Dutch father was a young man of about 17 during the second World War. He was captured by the enemy and taken by train to work in Germany. He was only a teenager but he escaped by jumping off the train in France and walking all the way back to Holland. It took him weeks and he lived on next to nothing. His determination carried him home. Then he was captured again and made to work in the horrible concentration camps where so many people were killed. He somehow escaped and again made his way back to Holland.
He served time in the Dutch Marines and was stationed in Indonesia for a while before receiving shrapnel injuries which left him deaf in one ear. Dad then immigrated to Australia from Holland after World War II ended, I think a lot of people wanted to get as far away from the atrocities they'd experienced. 
When I stated investing in property it made dad proud. He’d done well from various entrepreneurial businesses and building his own home. Paying just $12,000 for a big block of land and only another $50,000 or so to build our family home years ago, they made a pretty penny when they sold it.
Dad passed away in 2013 and so this Anzac Day I think of my dear dad.
Another person I'd like to talk about was one of our clients. Alison and her husband are both in the Australian Army and we managed a granny flat development for them whilst they were both serving in Afghanistan.
During her time away Alison endured some horrific things; in late August 2012, five fellow Australian troops died.
We were so proud to have members of the Australian Army as clients and are grateful for their work overseas serving Australia.
Here's what Allison had to say: "We asked the Property Bloom team if they would be able to project manager with both of us in a war zone and they were incredibly supportive. Harry and I were both based in Tarin Kowt and had semi-reliable access to internet, e-mail, scanning and printing facilities. Through perseverance, patience and understanding form the Property Bloom team, we were able to continue to progress our Granny Flat project. Not only were Property Bloom understanding when we were unresponsive for a couple of days, or when the turnaround time for signing paperwork was more than a month, but whenever the news of a tragedy in Afghanistan hit the Australian media, Jo and her team would send us messages of support and condolences. This support meant as much to us as the project management service they were providing for our development."
As you can imagine, developing property from a warzone is a challenge but would have been near impossible without the help of a project manager (PM). The more obstacles we faced, the more our PM rose to the occasion to help us. We are so grateful - not only because they have helped us secure and develop a fantastic property, but also because they are professional and incredibly genuine people.”
I really cherished the updates we would get from Alison occasionally when she had email access and was amazed at some of the conditions she had to endure including no running water for days, how is a girl to wash her hair!  But what amazed us the most was the huge commitment to continuing their property investment journey that Alison showed by being able to continue with her project with all the other distractions she would have experienced in Afghanistan. 
So this Anzac Day I am also thinking about Alison and Harry who are safely back on Aussie soil again and working on their next development project.
This Anzac Day I am grateful for all we have here in Australia and to say thank you to those who fought for it and to remember those who sadly lost their lives for us.
Lest we forget.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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Tributes to those who inspire me: Jo Chivers

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One of the most common questions I am asked these days comes from investors looking to use their self-managed super funds (SMSF) to invest and develop property.
It's no surprise that people who've had good experience with property investing want to apply the same strategy and take control of their superannuation investments.  But it's not as easy as it seems and you need to be clear on what tactics are permissible when investing money from your SMSF. You also need good, qualified advice.
I have to say I find it a little hard to stay on top of what you can and can't do with a SMSF.
When we recently started working with our new client Adam Mondy of <a href="https://www.mondyfinancial.com.au/" target="_blank">Mondy Financial Services</a>. I was delighted to hear that he was a financial planner who specialises in SMSFs. So I asked Adam if he wouldn't mind setting us straight on what we can and can't do with a SMSF.
Below are Adam's words of wisdom:
THE SMSF Developments
It sounds like a new movie release, but the SMSF world can be just as exciting and just as scary.
The Australian Tax Office are suggesting that 30,000 new SMSFs are opening each year, which is a lot of people wanting to be in complete control (or at least have the perception of control) over their retirement fortunes.
Investments in a SMSF
Any investment you can make in your current super fund or personal name you can make in an SMSF. Although if you are looking to boost your collection of fine wines and buy a few bottles of Grange Hermitage or perhaps add to your art collection with a Pro Hart, then that's a topic for a another time. Whilst it can be none, it's far more complicated.
You can invest in shares, term deposits, bonds, real estate trusts but a major drawcard and what has become very popular, is property.
Borrowing to Buy Property in your SMSF
The fact that you can take your super, borrow some funds from a bank and then buy a property that you may pay off in 15 - 20 years (yes slightly different than your traditional property strategy) using some or all of your superannuation guarantee payments, is a powerful strategy. Not a perfect, well diversified, sure fire guaranteed strategy, but nevertheless a powerful one based on past property prices. Basically if you are comfortable with gearing (using somebody else’s money, at a cost, to help build your future funds) using SMSF may suit you.
The standard method is to obtain a special loan from a normal banking institution, combining these funds and you can purchase any type of property. The ATO has very strict rules on “whom” you can purchase from and “who” can use these properties but any property type is fine.
The interesting thing about these loans is you cannot change the fundamental character of the property while the loan is on foot. For example, land cannot be purchased and then developed while a loan is attached. You could purchase a house and land package or an “off the plan unit” but there could be no ownership transfer under the package until the home/unit build was completed. The fundamental change being from vacant land to residential property.
On the other hand it is possible to make improvements to property, whilst the loan is on foot, so long as:
a) The improvements are not so extensive that they result in a change of the fundamental character of the property. Renovations to an existing residential property would generally be acceptable;
b) The improvements are not funded from borrowed monies, In other words the fund uses its own funds to make improvements to the property.
Can you develop property in a SMSF?
Many people think that you cannot develop in the SMSF environment. This is not correct. You can set up special trusts within the SMSF environment that allow you to use borrowed (by the SMSF) funds, develop property, subdivide, buy/sell, build a granny flat, or any property strategy you can think of. These trusts will even allow other investors, other SMSFs or you personally to invest with your SMSF to undertake a development.
The major catch, other than it is highly regulated, complicated and can be costly, is that you need to have the funds outside of the specific property you are developing. You cannot borrow against the property you are developing, as would be the “norm” in a traditional development. If you have access to funds, are able to borrow against other assets and/or have other parties involved, this scenario may be beneficial.
Using your own funds i.e. not borrowing
Basically you can do what you like with your own super funds in relation to property when borrowing is not undertaken. As long as the ATO rules of purchasing and “use” of the property are satisfied then any purchase, development, construction, subdivision or investment can be undertaken.
Your future self?
Whilst using your SMSF to invest in property has become common, you should consider that property is illiquid and may not produce the returns it has in the past. So it's important to do your due diligence carefully. In addition to this many property investors are committed to property over other investments, meaning there is little diversification across their portfolio. However, using different strategies such property development where you are adding value and creating equity through the process, can be a good way of building up the value of your SMSF faster than waiting on capital growth.
With any investment the return you receive should attempt to reflect the potential risk you are undertaking. Don’t forget in this instance we are talking about your future retirement funds, so you not only need to justify this strategy to your advisers, to your auditor and to the ATO but most importantly to your future self and family, so tread carefully.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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Can I develop property using my SMSF? Jo Chivers

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Generally, in a builder's tender/quote, you will see some items marked at 'provisional'.
This means an estimate has been calculated and included. This sum is an allowance for an element of work that is not yet able to be calculated accurately or fixed in price.
On a provisional item, you will pay the actual cost, whether it be more or less than the amount allowed for.
A good example is the sub concrete slab piering.  A slab needs to be supported by piers below the ground to prevent movement and increase its strength.
<img src="/images/2015/04/10/pier%20holes.JPG" alt="">
A soil test or geotechnical report is completed on the development site. This will determine the soil type and show the depth that had to reached before solid ground was reached.  There is usually about three or four holes drilled over the area where the slab will be located.
<img src="/images/2015/04/10/filling%20pier%20holes%20with%20concrete.JPG" alt="">
The engineer uses the data from the geotechnical report to design the slab. The slab plan will show the number of piers required to structurally support the slab and their location.
As part of the slab preparation works, the concreter will drill each pier hole and then fill it with concrete.  Each hole may vary slightly or considerably depending on what is beneath the surface and how far they've needed to drill.
<img src="/images/2015/04/10/completed%20piers.JPG" alt="">
The cost for the concrete piering is based on the volume of concrete required to fill the holes. The builder won't know this until the concreter issues his invoice or reports this information to the builder from site.
As part of the builder's contract amount, an estimate or provisional sum is used by the builder.  In Property Bloom's experience, our builder almost always over estimates the amount required. This is a good safety net technique to ensure that there are no nasty surprises and additional funding required. We love to report back to our clients that they have received a credit on this provisional amount.
It's easy to cross check so you know what the actual cost was. Just ask your builder for a copy of their concreters invoice, add the builder's margin to this and you'll be able to see the exact cost of the piering.
Most provisional allowances are around the initial site works. Once your site is cut, site works, retaining walls and slabs are laid, then the rest of the construction works are far easier for the builder to calculate and can be included as fixed costs.
www.propertybloom.com.au
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Planning for your provisional allowances: Jo Chivers

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My last Saturday was spent by securing development sites in a new land release, then meeting with a potential new client, followed by working on the lolly stall at my son's school fete and then finally casting my vote.
In New South Wales, we had a state election and the Liberals won.
I was happy with this result. Now they say never to discuss politics or religion at a party, but there's no mention of what to include in a blog.  Look, I'm not very politically minded and I know there are great things that other parties stand for. I was interested to see a party by the name of No Land Tax, that tickled my fancy and I believe they got a fair whack of votes. But I have to say, when the Libs are in it usually means that some big infrastructure funding will take place.
And this is what I'm most interested in.
Infrastructure spend is music to the ears of property developers and investors. It means money will be ploughed into the local communities. The benefits of large infrastructure projects such as road upgrades or new hospitals, means local employment is boosted and workers are attracted to the area, boosting rental demand. These workers spend money and so we see a flow on effect into retail sales as the works are undertaken.
For example, in Maitland City, one of the locations in the Lower Hunter Region that Property Bloom develops in, there was a nice list of government spending confirmed. These planned infrastructure investments were confirmed after the election and include a $7 million investment in a the New England Highway upgrade, one public school will receive a $5 million upgrade and another $1 million; Maitland PCYC will receive $1 million expansion to support youth activities. There will also be $25 million spent on planning for the new Maitland hospital and $3.8 million for a new ambulance station.
These announcements are all good indicators that the city is dynamic and there are solid plans for future growth. It may also indicate that it's a good place to buy or build an investment property. Of course you need to do your due diligence to ensure you are investing in the right suburbs that will enjoy the impact of these works and where there is good demand for rental properties, but that's not a hard thing to do.
When the Sydney market is over inflated, it seems like a no brainer to turn to these large regional cities as an affordable alternative.
When this kind of money is invested into a community it has a trickledown effect. It builds business confidence and encourages other investment spending.
So after Saturday, this city is celebrating the good news. So are our clients who have invested and developed property in the area. We are happy that we've completed a number of development projects in this location and have just been notified of some new development opportunities.
Wishing you all a happy and safe Easter break.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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Why the NSW Liberals win is good news for property developers and investors: Jo Chivers

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This week we did a little back flip on a development project and I thought I'd talk about what to do when things don't necessarily go your way.
We found a wonderful property for our clients well located right in the CBD of a town.  The project would eventually end up as a three unit development which would include the existing house. Our plans are to renovate the house (which we have now completed) and build a duplex (two attached dwellings) behind the house. It's termed 'three unit' by council as when you lodge your development application (DA) they assess the house as one of the units.
We had a few options to explore on this before we lodged our DA. The property backed onto a laneway which for all purposes is used as a road. It's bitumen sealed with kerbing and used mainly by retailers for deliveries and to access the shopping centre nearby.
We met with council with the proposal to face the duplex to the laneway and have direct vehicle access onto the laneway considering it's condition. Mostly laneways in this suburb are gravel tracks unsealed with no kerbing or drainage.
A few weeks after an over the counter meeting at council, we finally received feedback from the town planner we'd met with. She explained that council probably would not support vehicle access to the laneway as they didn't want to set a precedent. Whilst disappointing, we switched to our back- up plan of a 'battleaxe' style development with vehicle access from the road. This is more costly due to the long driveway. There were also added  costs to fill and retain the rear of the site to get the right fall for the stormwater to drain to the street.
We lodged the DA and received a letter from the planner requesting some ridiculous changes around our stormwater drainage. Without going into all the detail, it would have a big impact on costs.
I pondered over this for a few days, we can argue and fight but thinking about this particular site and its location and my client's goals which are to build their investment portfolio and create as much equity as possible in the process.
I set up a meeting with our clients to present an idea I had. Our DA is still in council, but I wanted to present another development strategy to them. The strategy included withdrawing the DA and building a granny flat on their property. The granny flat tenants are allowed to use the laneway for access and so we could have it completed quickly - within three months - and their yield would be increased. Then, to replace the equity creation that the three unit project was to deliver, I presented a dual occupancy project to them on land we'd just located. This project would actually create more equity than we estimated the three unit project would for them.
They were happy to change tact. But we are still investigating whether we complete the DA and then they sell the property in a few years time with a DA approval in place or whether they proceed with the granny flat construction. Either may have good outcomes for them.
So when an unexpected hurdle pops up, it's important to investigate other options and not just stay with the original plan for the sake of it. By looking at a different project to deliver one of their goals we are still fulfilling the goal of building a portfolio. There can be many hurdles to jump as property developers but sometimes investigating a different path is better than trying to jump a hurdle that keeps moving.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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What to do when a development doesn't go to plan: Jo Chivers

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This week I experienced the hot Sydney property market from two different perspectives. The first perspective was from a friend buying her first home and the second from a friend selling one of her investment properties.
I'll start with my first home buyer friend who with her husband have a budget of around $750,000 and on Sydney's northern beaches this should buy them a two bedroom apartment. It wasn't that long ago that they'd get a small house for this budget but now we are seeing many median prices reach and exceed the magic million dollars. In the Hunter $750,000 would buy them a fabulous mansion or Property Bloom could build them two x three bedroom villas, but they want to live in Sydney.
They've attended several auctions and  seen sales achieved well over the agent's price guides. So they switched to only looking at properties for sale by private treaty. But alas, they are coming up against a similar situation.
My friend asked if I'd inspect a two bedroom apartment that she'd found and had her heart set on. It was a good apartment, two bedroom, two bathroom with a double garage, one with security caging, about 12 years old. It was the second open house and there were about 20 people inspecting when we went through. The property was advertised at 'offers over $690,000'. I did a little research and saw what the vendors had purchased for and found a comparable sale within the complex about four months prior. The sale was at $690,000. So of course the vendor wanted more. Much more we would soon find out.
The agent said the vendor would sell that day and the procedure was to go into the agent's office, write your offer on the front page of the contract and be prepared to exchange contracts if the vendor accepts your offer. They would have a five day cooling off period and pay .25% of the purchase price which is non-refundable. The cooling off period gives you time to complete a strata search, pest and building report and have the contract reviewed in detail by your solicitor or conveyancer.
The agent also explained they'd have a chance to increase their offer if there was a higher one. After the written offers were in, the highest purchasers were contacted by the agent to ask for an increase. My friend's offer was $720,000 and then a bidding war started and ran until 11pm that night when she and her husband bowed out at $780,000. Their budget was $750,000 and so it was lucky they missed out and shows what can happen when emotional buying is at play. The property sold for $785,000 or $95,000 more than the 'offers over' advertised price.
She was of course disappointed but more frustrated than anything else. Being a part of her journey gave me an insight into what owner occupier buyers are going through right now. They want to buy a place to live in and make their home but they are constantly missing out. This is causing people to push their offers higher that perhaps they should and perhaps they can afford.
My second insight came last night as a friend took her three bedroom apartment, an investment property she'd held a while in the inner city, to auction.  We'd spoken earlier in the week and she had decided on a price she wanted to achieve. I thought it was pretty fair considering the location and size of her property, it would appeal to those who couldn't afford a house.
The afternoon of the action she told me her 'expectations had been managed down' by the agent. She'd set her reserve a lot lower than what she actually wanted to sell for and what her research had told her the property was probably worth. She was losing some of her confidence.
She needn't have worried as her property sold within 5% of what she'd originally wanted yet 20% above the agent's recommended reserve price. So why did they want to set the reserve so low?  Was this the range they were quoting to potential buyers, a marketing ploy to attract buyers with lower budgets? Or just a safety net for themselves to ensure it sold at auction and then they could boast that their sale achieved 20% over the reserve?
What do these selling strategies achieve?  Confusion.
In both instances we have buyers trying to work out if a property is within their price range and whether to waste time and emotional energy on pursuing it.
I understand that the agent wants to target the widest market by underquoting or under listing but my first home buyer friend said "Jo, I wish they'd just tell us what they want for the property!"
My seller friend said "I just want to tell them what I want for my property!"  Maybe if she had of done this, she may have achieved another 5% by letting the market know? Nonetheless, she is happy with the result.
<img src="/images/2015/03/20/property_bloom_hi_res%20crop.jpg" alt="">
Whilst I don't understand some tactics, one thing I know for sure is that it's not a good time to be buying property in Sydney unless you absolutely have to. We have reached 'midnight' on the property cycle clock. We're seeing rents coming back as more renters convert to buyers due to the low interest rates and more apartment towers and new land is released.  
It reminds me of a game we played as kids....What's the time Mr Wolf?  How soon will we see an oversupply?  One o'clock?  Two o'clock? Only time will tell.
If you are an investor, look for markets that are still at or below the nine o'clock mark.  Ask me, I know a few.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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What's the Time Mr Wolf? Sydney's property clock has struck midnight: Jo Chivers

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Jo Chivers

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