<html><body>
I just love my job and sometimes it feels like the universe is aligning with me.
This seemed to happen the other day when I was delivered an awesome development site right into the palms of my hands.
Not only did no one else know about this land but I'd been focussed on securing a site in this very location for some time. It's a great suburb on the east side of Maitland, one of the large cities of the Hunter that we develop in. This city has experienced the highest population growth of any inland city of New South Wales and is earmarked for more growth with a new major hospital and $350 million upgrade to the local shopping centre in the pipeline to name just two of the infrastructure upgrades happening in this location.
Today, I thought I'd share how we 'attract' a development site.  For those not too sure about the Law of Attraction, I have to admit that whilst it's nice to be all 'spiritual' around this, it is actually the result of years of hard work setting up contacts and developing almost 100 properties over the past 12 years.  But I'm happy to credit the universe too.
So here's what happened: The phone rings, it's one of my builders, let's call him 'Bob'.
"Jo, I've just heard about a good dual occupancy site coming up" Bob tells me. My ears prick, "Fabulous, tell me more please" and Bob my wonderful builder went on to share the location and address. He'd recently constructed a duplex in the same street and so he knew it well. He'd had a chat with the owner and they mentioned they were thinking of selling and explained which agent they were going to list with. 
This land is over 1,000 square metres and will nicely fit two freestanding, three bedroom, two bathroom homes with double garages. We will subdivide by way of Torrens tile.  There will be good yard space and being able to build freestanding dwellings with Torrens title and double garaging will add more to the end values.
As we talk, I jot down the agent's name and ask more details about the project he recently completed. "What were the build costs?" I asked Bob. Once I knew these, I added in a margin for the additional costs to build freestanding and upgrades that we generally add to our developments.
Before I had said goodbye and hung up the phone, I had a good idea of what this dual occupancy project would cost and the amount of equity we were likely to create. I'd been tracking sales in this location and knew of two very recent comparable sales that would support the estimated end values.
I rang the agent and he gave me more details on the land and promised to email me the contract so I could check the sewer diagram, survey, 88B Instrument, planning certificate and make more enquiries.
I pulled the land up on one of my online platforms that shows me high resolution imaging of the land - much better than Google Earth and more recent satellite images. What's more I can add labels such as lot and deposited plan (DP) numbers to the images and include the lot boundaries so I can get an idea of the shape and estimate boundaries (which helps when there is no survey of the land available).  These tools we happily share with our clients so they can also learn and take advantage of what we've set up.
After viewing the land from outer space and my computer, I will now go and physically inspect it. I'll get an idea of the fall on the land and drainage pits and services available. I can measure the boundaries and get an idea of where I will position the dwellings on the lot. I'll drive around and see the type of housing already built in the area and the community facilities and public transport available and in close proximity. All this will help me determine the rental returns and again confirm estimated end values. I'll check the recently sold properties that we will base our estimates on.
All this information will be delivered to our client who has already signed up with us. Our job is to present every development site we locate and our client has a choice of projects. These are presented in a detailed report and analysis on the development project. If they like what they see, and after getting clearance from their accountant and lender, we will move to make an offer on the land before it even hits the open market next week. 
I can't wait to walk all over this site and take a million photos and while I'm there I'll let the universe - and my builder - know just how much we appreciate them.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
</body></html>

jochivers-wq5Bp59R5a

How to attract a great development site: Jo Chivers

<html><body>
This Sunday we celebrate International Women's Day and the theme this year is MAKE IT HAPPEN.
What a great theme. Yes, us ladies really need to make things happen for ourselves and for our families.
As women today, we are responsible for our own financial freedom but also we are role models to our children, teaching them the concept of being entrepreneurial and to invest early. Unfortunately, this is still not taught in school.
I wish I'd learnt to be an entrepreneur at school and wished I'd started on my property investment journey earlier than I did. I now clearly understand that time in the market is such a valuable thing. Property investing is not a short-term investment, although you can make some relatively quick gains by using development strategies to add value, by holding you avoid the exit costs.  If you hold property for the longer term - 10 years plus, you really see the results.
The start of my investment property journey coincides with the birth of my first son. He's turning 14 this year so it's easy to remember when I started to invest. My then husband and I had purchased the family home a good time before this and reaped the rewards of capital growth that a beach side suburb bought.
But it was my will to MAKE IT HAPPEN that started our investment portfolio. I wanted to plan for the future now we had a child on the way and I didn't want to depend on a pension in retirement like my parents had to.
When I was pregnant and after reading the famous book Rich Dad, Poor Dad by Robert Kyosaki,  I embarked on an intense property investment course because I wanted to become financially and property literate. I wanted to learn as much as I could so that I could make wise investment decisions rather than trust others with our money. I did this on my weekends and at night whilst I worked full time.
Just before my first son was born after much due diligence, I took a risk and purchased an off the plan property. Not long after my son was born, the completed property made me over $150,000 in less than a year and so my property investment journey began on a high note. I went on to buy, hold and add value to five more properties before my son turned five.
Whilst investing and being a mum, I found a way not to return to the gruelling corporate world by establishing my property development project management business; Property Bloom.
In 12 years we've developed exactly 92 properties for our clients.
I have worked hard and MADE IT HAPPEN. By the time my second son arrived seven years ago my business was established and I was doing what I loved.  Working in my own business gave me the flexibility to be with my kids when I needed and wanted to and to attend the school assemblies, special presentations and coach their soccer teams.
For me MAKING IT HAPPEN means that I am in a great place doing what I love for wonderful people that appreciate the guidance we can give through the property development process.  It also means having choices.
One thing that drove me on my journey of MAKING IT HAPPEN and to keep working whilst raising my kids was the thought of taking time off work which would leave me financially dependent on my husband not only during that period but also into my retirement. There would be no contributions made during this time to my superannuation and how could I keep investing in property if I had no income? 
According to The Association of Superannuation Funds of Australia (ASFA):
<ul>
<li>Women retire, on average, with $112,000 in super savings – $92,000 less than men 
</li>
<li>One in three women will retire with no superannuation at all 
</li>
<li>Around 90% of women will retire with inadequate savings to fund a comfortable lifestyle in retirement.</li>
</ul>
What's astonishing is that if we want to retire at the age of 60 and we live about another 30 years which is becoming more feasible each day as the average life expectancy is rapidly rising - right now there is a massive spike in people living to one hundred.   We will actually need in excess of $2 million in our superannuation to support an annual income of $70,000.
We all have a lot of work to do to build up our super but women in particular are on the back foot because of the pay gap and because women tend to be the primary caregivers for their children. We also tend to care for our aged parents which may limit our earning capacity at that time as well.
The gender pay gap is actually decreasing and is lower now than it was in 1985!  According to <a href="https://www.propertyobserver.com.au/https://www.dca.org.au/News/News/IWD-2015---Are-Australia%E2%80%99s-working-women-heading-back-to-the-future-/456" target="_blank">the Diversity Council of Australia's figures</a>, full time adult ordinary time earnings for women were 17.8% less than men in 1985 – now they are 18.8% less than men.
So what can we do?  Start with asking your boss for a raise, whilst that may not get you that two million bucks in super now, it may give you more serviceability to borrow. By leverage our incomes we can buy more property to hold.  Don't forget to look for property that you can add value to by using smart development strategies.
Finally,  we need to stop waiting and MAKE IT HAPPEN now! Let me know if you need a hand.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
</body></html>

Women, it's up to us to make our financial freedom happen: Jo Chivers

<html><body>
I've been working with our builder on a new range of duplex plans.
We wanted to offer something different to each of our clients, so their duplex would have a point of difference in the market.
Firstly, to clarify, a duplex is two attached villas/units. A duplex can be single or double story. Property Bloom duplexes are predominately single story, three bedrooms, two bathrooms with single garages. We also build a lot of dual occupancy projects with two freestanding dwellings but today we are just talking about duplexes.
Our goal was to make each side of the duplex, each villa, appear separate from the street.  We don't want the 'mirror image' look that many standard duplexes have.
We started by looking at the exteriors of our duplexes. We use a mix of materials rather than just brickwork. We may render or paint the bricks in sections and add some weatherboard or other cladding. Changing the exterior materials adds texture and interest.
We look at the roof design and try to steer away from a standard hip roof if possible. Adding a few gables will add interest to the roof. However, we did have an issue with one council as we couldn't allow any of the roof surface of one villa to drain to the other's side. This was to do with the subdivision drainage requirements, so always check this before getting too fancy with your roof design.
We may use roof tiles or colourbond roofing depending on the look we are wanting to achieve. Colourbond roofing offers a wider range of colour choices, roof tiles give a more traditional feel to the duplex and can be cheaper.
I like to try and make the front facades a little different too. Even though the villas will be attached, it's nice to give the main entrances privacy and by changing the size and shape of the front porches we can achieve a different look.
Another idea is to splint the garages, moving them, to the external sides of the duplex rather than attaching them at the garages. This then offers a double driveway which will be more expensive but gives the impression the villas are more separate than they actually are.
You can also look at locating one garage in the middle of the duplex, and the other to the side. Often service locations like gutter drains may determine the location of your laybacks and hence driveways.
Finally we use the soft landscaping to individualise the dwellings. It is amazing what a good landscape plan can do to enhance street appeal and style.
We take all the design elements into consideration when working on a new duplex project for our clients as well as the location and surrounding homes to ensure we are building the right dwelling for the area. Our aim is to also appeal to and attract the right tenants when it comes time renting them out. A good design can maximise the rent by making your project stand out from the rest.
<a href="https://propertybloom.com.au">www.propertybloom.com.au</a>
</body></html>

How to make attached dwellings look separate: Jo Chivers

<html><body>
With all the talk on the impact of the mining slow down, let's not forget the other strong Hunter industries that are quietly achieving and employing the locals: tourism, business conferences and wine production.
Property Bloom has been project managing property developments in the Hunter region for over 14 years now and my research began with a study on the local wine and tourism area and their contribution to the local economy. There's nothing like sipping on a chilled glass of Hunter Valley Semillon whilst studying economics!
As reported by the Hunter Valley Wine and Tourism Association: "The Hunter Valley is the oldest and most iconic wine region in Australia with a heritage of over 180 years. It is the most visited region in NSW after Sydney attracting 2.2 million overnight visitors per annum. The Hunter Valley is one of the key pillars of the NSW visitor economy. The total impact of the local tourism and wine industry is worth $520.6 million, generating over 2800 jobs."
Tourism in the Hunter Valley is benefiting from the massive industry of holding concerts in the vineyards. There's been an impressive array of high-profile performers that have played in the Hunter Valley over the past 10 years: Elton John, Lionel Ritchie, Burt Bacharach, Blondie, Neil Diamond, Crowded House, the Beach Boys, Leonard Cohen, Alicia Keys, Tom Jones and Fleetwood Mac.  If you want a bit of the action get up there to see legendary Swedish pop-rockers ROXETTE on the 28th of February, their special guests include Eurogliders, Dragan and Boom Crash Opera. These bands are straight out of my youth and Joyride was one of my first albums (I'm showing my age)!
When Elton John performed at two shows at the Hope Estate in 2011, it was one of the busiest weekends the region had seen. Thirty-two thousand people attended over the Saturday and Sunday.
A BA Market Surveys report, commissioned by Cessnock City Council and Hunter Valley Wine Country Tourism, showed accommodation over the Elton John weekend was at 99% capacity.
The average daily case sales from cellar doors rose from 41 to 122 across all wineries on that weekend.  The recently signed Chinese-Australian free-trade agreement is likely to boost the Hunter economy and wine exporters will benefit from reduced tariffs.
A separate BA Market Surveys report showed the 2009 Fleetwood Mac concert contributed $13.28 million to the local economy, not including ticket sales. Hope estimates the figure for the 2011 Elton John concerts at around $20 million.
The benefits flow through to other industries as a result of the concerts like the oyster farm in Port Stephens (also part of the Hunter Region) who provided four hundred dozen fresh oysters for picnic baskets. Supermarkets and other retailers in Cessnock see sales boosted by weekenders stocking up on their way to the vineyards.
While concert-goers lead to spikes in cellar door sales and accommodation bookings, so does the strong business tourism and large midweek conference industry. There is also the wedding and in-bound tourism markets that bring a lot of money into the region.
A new $6 million conference and event centre has just opened at the Crown Plaza and General Manager Robert Coates said: “The new Conference and Events Centre will position the Hunter Valley as a leading Australian conference and events destination. Offering guests the latest technology and a light-filled design in a state-of-the-art venue with a combined 2,000 square metres of pre-function, meeting and exhibition space coupled with a unique wine country destination. We have already received large scale group bookings for 2015 resulting in 20 percent growth in business events and many in the pipeline for 2016 – it looks set to be a very busy year for us.”
All these tourists need good roads to drive on and so the New South Wales government has just announced $16.7 million in 'Resources for Regions' funding to upgrade roads in the Hunter's wine country region.
The project, to upgrade Hermitage and Broke Roads, will see more than 12 kilometres of roadway rebuilt, improvements at intersections, new tourist signage and lighting.
The money will also fund construction of a new on-road cycleway connecting the Hunter Expressway and New England Highway with Broke Road.  Infrastructure upgrades such as road works brings contractors to town and they need to rent properties.  We've noticed an increase in demand for our granny flats and villas as single contractors (usually men) want small, low maintenance properties to rent. We have just completed a duplex which was leased immediately to tenants working in the tourism industry.
Understanding the current and future industries in the locations you choose to invest in property is very important.  Finding locations with industries that not only endure but recreate themselves is like finding gold.  The property market’s long-term performance is very closely tied to industry and employment opportunities and the more diverse the local economy the better.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
</body></html>

There's a lot more to the Hunter Valley's economy than mining: Jo Chivers

<html><body>
When running your feasibility on a development project, it's important to make sure all costs are covered off.  There are set up costs, design costs, planning costs, construction costs, selling or leasing costs and of course, the dreaded holding costs.
You must calculate holding costs correctly. I've spoken to many novice property developers about their holding cost calculations. The most common mistake is to simply calculate the interest cost over the total cost of the project for the total time a project will take. 
This results in a gross over calculation of interest costs. In addition, they then don't take into consideration the tax benefits on the interest payments.
Admittedly, It's not an easy calculation because of the various timeframes and draw downs applicable over the life of the project. So I thought I'd put a case study together to demonstrate the holding costs on a dual occupancy project.
I was discussing this with my friend Shukri Barbara, who is a property tax specialist accountant at the aptly named <a href="https://www.propertytaxspecialists.com.au/" target="_blank">Property Tax Specialists</a>.
I asked Shukri if he would help me with a case study showing what the holding costs and the tax advantages on a typical dual occupancy project would be.
"The basic rule is that when an expense is incurred in earning income, it will be allowed as a deduction as long it is not capital in nature or private." Shukri said.
With this clarified, I gave him the details and assumptions for the case study. It is based on a dual occupancy development.
A property investor is buying as an 'individual' (i.e. not in a trust or company structure). The investor's taxable income is $95,000 per annum and she has purchased land that will be developed and once completed, be income producing.
Exchange on land took place on the 1st February 2015 using $5,000 deposit.
Settlement on the land occurs 1 May 2015.
The development will be completed 1 of December 2015 when tenants will move in.
Interest rate is 4.5%, and we assume the project will be 100% financed.
The land cost is $265,000 and stamp duty is $7,765 but after a NSW government grant it is reduced by $5,000 and is $2,765. Legal fees are $1,800.
The builder's contract is $460,000 and includes all costs relating to design, planning, subdivision and construction. 
The draw downs occur as follows:
<ul>
<li>1 April 2015 -  $5,000 deposit paid</li>
<li>1 Aug 2015 - slab down</li>
<li>15 Aug 2015 - Frames and trusses completed</li>
<li>15 Sept 2015 - Brickwork completed</li>
<li>1 Nov 2015 - Interior linings completed</li>
<li>1 Dec 2015 - Completion</li>
</ul>
Below is the builder's drawdown schedule:
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="272">
DESCRIPTION
</td>
<td valign="top" width="134">
PERCENTAGE
</td>
</tr>
<tr>
<td valign="top" width="272">
Deposit paid after concept plans agreed on
</td>
<td valign="top" width="134">
$5,000
</td>
</tr>
<tr>
<td valign="top" width="272">
Installation of concrete slab (less deposit paid)
</td>
<td valign="top" width="134">
20%
</td>
</tr>
<tr>
<td valign="top" width="272">
Erection of Timber Frame and Trusses
</td>
<td valign="top" width="134">
20%
</td>
</tr>
<tr>
<td valign="top" width="272">
Brickwork, Windows and Roof Coverings to Main Section
</td>
<td valign="top" width="134">
25%
</td>
</tr>
<tr>
<td valign="top" width="272">
Interior Linings and Mouldings
</td>
<td valign="top" width="134">
25%
</td>
</tr>
<tr>
<td valign="top" width="272">
Completion
</td>
<td valign="top" width="134">
10%
</td>
</tr>
</tbody></table>
I asked Shukri what the tax benefits on the interest holding costs may be.
He explained "Interest expenses incurred while constructing properties which will produce rental income will be allowed as a tax deduction in the year it is incurred.
In the case study provided, even though the construction won't be completed until the following tax year, the interest incurred in financing the land and any progress payment will be deductible. Also deductible will be any council and water rates.
Using the case study details, we have calculated the
<ul>
<li>Amount of interest which can be deducted and </li>
<li>Tax savings which can be obtained at the end of 2015 – assisting with cash flows.</li>
</ul>
So what were the results? 
Deductible interest expense for 2015 financial year is estimated at $2,015 with tax benefit of $786.
For the 2016 financial year, the deductible interest amount is estimated at $28,197 with tax savings estimated at $10,997
The total interest holding costs for the project is $18,429 for the eleven month period that the project will take to complete. 
This particular dual occupancy project was projected to create approximately $153,000 in equity. Even after the holding costs are deducted it's not a bad return for just under a year's work. What do you think?  
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
</body></html>

Holding cost calculations and considerations: Jo Chivers

<html><body>
Creating a system can be quite simple and helps you achieve more in less time.
Not too long ago I met with one of my builders.  The builder and I started working together when I introduced a particular type of development and in a short period of time we’d already completed five projects together. But I knew we could still fine tune our process.  He’d had some recent staff changes, so it was the perfect time to gently tell him exactly how I wanted my developments to run. 
Before the meeting I prepared a draft procedures document which was based on the way we had been doing things up until then.
But it wasn’t until I started documenting pretty much everything we did that I realised how much was involved in this somewhat basic development strategy.  What started in my mind as a one pager has turned into four. It’s funny how we simplify in our minds a process because we’ve done it time and time again.  But when you really break it down in writing, you can see all the fine details.
Using a system or procedure keeps me on track with our projects .I now literally have a written system for everything I do.  It gives me something tangible to show to my clients and helps explain exactly what I really do when managing their development.   It’s also an important tool to use when training new staff as they have a documented procedure to follow.  
By the end of the meeting with my builder, we had agreed on a three very important changes that impact the bottom line of all my developments:
<ol>
<li>We changed our standard floor plan slightly to make it more cost effective to build, without reducing the size. Now I could offer my clients a cheaper build price that will not impact on the end value or rental return.</li>
<li>We changed the payment schedule so my clients would pay less in the first half of the build phase, saving them valuable holding costs.</li>
<li>We minimised choice to save time. By setting up standard inclusions plus a list of ‘optional extras’ it meant that clients would not feel overwhelmed by choice on fittings, fixtures and colour selections and we could manage this process faster moving to the next step and saving time.</li>
</ol>
I put the new system into action immediately and we started getting more done, in less time.  As they say, time is money.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
This article previously appeared on Property Observer in June, 2014.
</body></html>

Creating a system for your development process will save time and money: Jo Chivers

<html><body>
There is always something to learn when it comes to property development and this week was no exception. 
My new lesson was to do with drainage and subdivision. We'd designed what I thought was a fabulous looking duplex (two attached dwellings).
My brief to our draftsperson was to make the duplex look exciting and interesting from the street, making sure each villa/unit whilst attached, has a different front façade.
This duplex was to be built in a premium estate and I really wanted to create the look that each villa was unique even though they will be attached. 
We came up with a great look using various gables to break up the roof line. This offered an interesting contrast to the usual large hip style roof commonly used on duplexes. Generally speaking, the more detail in the roof design, the more interesting but also the more expensive.
With our development application (DA) we were also applying for a two lot Torrens title subdivision.
We lodged out DA and it wasn't long before council came back with what we thought at first, to be a weird request.  Included with our DA a detailed stormwater design had been lodged showing a stormwater  drainage easement system to drain water from the roof.  
Here's what council said...
"The Development Control Plan (DCP) requires roof and gutter systems to be graded as such that each lot drains independently of each other. The current roof form does not meet this requirement. I note that the subdivision plan includes a Proposed Easement to drain roof water over whole of lot. The easement to burden the whole lot for roof and gutter drainage is not considered appropriate and each roof is to drain independently of the other lot. Council will require an amended roof design to this arrangement. A simpler Hip roof design should be considered."
Our surveyor responded by arguing that it should not matter given the appropriate easements were in place to drain the roof water adequately and that there have been recent presidents set where this has been approved by council.  
Council’s response was that it is still an issue and any previous approvals were in error.  We found this interesting as we'd just received a DA consent on a duplex with a similar, multi gabled roof design. When you consider that there is possibly a number of factors that determine where the water on any roof, even a simple hip roof, drains to wind factors being one.
My question was: In a case like this, shouldn't council weigh up the benefits of a better design and street appeal over pedanticism around water drainage?  Remember, our engineer's drainage plan met all requirements regarding water volume flow rates to the street.
So what were our options?  We could argue our point and draw out the planning process and perhaps even end up in the Land Environment Court.  This would add to holding costs not to mention court costs and added risk to the project. 
Or, we could design a simpler roof, resubmit plans to council the next day and have our DA approved quickly. The later would bring cost benefits to the project in time and in roof costs.
As project managers, we need to quickly assess what the best outcome may be for our clients, present it to them and keep the project moving forward. At the end of the day, the roof redesign was not a deal breaker and may not even add actual value in itself to the project. The savings we will make on a simpler roof design was more appealing to our clients.
<a href="https://www.properetybloom.com.au" target="_blank">www.properetybloom.com.au</a>
</body></html>

Is a hip roof as groovy as it may seem?   

<html><body>
Property developing can throw many different challenges at you and one thing I have learnt in this industry is there is always a solution to a problem.
The trick is to understand what possible problems may arise and preparing yourself for them. Unfortunately things don’t always go to plan and as a project manager it is up to us to make sure the development gets through as efficiently as possible.
One of the biggest areas for problems is not allowing enough for building works. 
When pricing a development and running feasibilities, it is important to understand that your building estimate is an organic creature. By this I mean the building estimate you start with will nearly always be different to the one you end with.  It will evolve throughout the process as you obtain more and more details.  Once you have all the fine details, the building estimate can be finalised to the fixed price builder’s tender. 
If architecturally designing our villas, we generally follow this process:
<ol>
<li>Concept plan – this will show the number and size of villas on the land, but not much detail. 
</li>
<li>Development application (DA) plans – enough information is included on the plans to satisfy council. 
</li>
<li>Construction certificate (CC) plans –more detail, including engineer drainage and slab design.</li>
</ol>
The starting point for our build estimate will be based on similar projects that we have recently completed and an allowance for the different site.
This progresses to an estimate based on the Concept Plan.  Still a very ‘loose’ estimate as there is usually not enough detail on the concept plan for the builder to have all information he needs.  The build estimate we have at this stage will tell us whether we are tracking within budget.  If not, we can make the necessary changes required, perhaps reducing the size of the villas working with both our builder and architect to design the right dwellings for our project to be successful.
Once the Concept Plan is approved, the architect will proceed to full DA plans.  It is here that much more detail is added and we will have our builder price the DA plans.  Again, this does not give us a final build cost but we will be getting closer to the expected outcome.  Once approved by our client, the DA plans are finalised and the DA is prepared.
During the DA process, council may request some changes to the plans, so it is important to understand we are still ‘evolving’ at this stage. We also need to review the Conditions of the DA Consent before we have more detail to finalise the build costs.
Once council have approved the DA, we will start to prepare the CC plans.  Engineers will be briefed and a drainage and engineered slab design or footings for the foundations will be produced. More detail is added to the CC plans, finalising levels and double checking schedules. 
Before we lodge the CC plans with our private certifier we will have our builder issue a third costing. It is this costing that will give us the final build costs...well almost.  We still need to have the CC approved and ensure there are no further revisions to the plans required.  
After we have the CC stamped plans, our builder will issue their final tender and building contract. This will be a fixed price contract; however, there may still be a few items that will be ‘provisional’. They are usually some site works, removal of fill and retaining walls.  The builder may mark these items as provisional as they won’t know until works proceed exactly what the cost is. For instance, if rock is hit during the site cut, this will increase the site costs. If the site cut differs slightly to the plans, this may impact on the height of retaining walls.  So these ‘provisional’ items will be charged at actual cost whether it is lower or higher.
So you can see how the build estimate must evolve through the development process and until your development is completed, you really won’t know the exact cost.  It’s important you allow a contingency amount for any variations that may crop up along the way. 
As a developer, you will embark on a challenging journey from start to finish and the path you choose can be simplified with the help of a project manager to guide you along the way.  Always take the time to have full builder’s estimates done at each stage to avoid any nasty surprises. 
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
</body></html>

Making sure building costs don't push your property development over budget: Jo Chivers

<html><body>
Hi Jo,

I am considering converting an existing block to dual occupancy.

I own the block (and house on it) outright. The block is 1,100 square meters in area.

The existing house is at one end of the block and dividing the block in half would still leave a meter between the existing house and a dividing fence.

The block is a corner block and there is provision for a second driveway in the other street.

The zoning in ACT almost precludes subdivision from most blocks. On the ACT Land map it actually has an address for both halves of the block, so my guess is that it was originally proposed and two blocks.

I have verbal approval to commence “the journey” from the ACT authorities.

But I have a question: Where to from here?

Regards,

Jeff

Australian Capital Territory

Hi Jeff,

It is interesting that there are already two driveways and street addresses, you may find there was a DA approved to subdivide at one stage, was not registered and may have lapsed. If so, then there may also be service connections.  It is worth making enquiries with council on this as it will save you money if some of the works have already been completed. 

If you were allowed to complete the subdivision of the land, including having it registered, this may save you paying a Section 94 Contribution that may be payable on a dual occupancy project. You can then build a new dwelling on the newly created lot without it impacting on the original house lot.

The best way forward for you is to use a local surveyor to manage the subdivision of your land. They will understand your local council's requirements.

You will need to allow for adequate private outdoor living space for the existing house and the surveyor can advise you on this and potential setbacks.

[smartcode_project:default project_id=5873]

The surveyor will be able to quote to manage the entire process, including getting quotes to extend the sewer and other service connections (if they are not already in place). It's important you understand the costs of subdividing.

To give you an idea, Property Bloom usually allows around $30,000 for a Torrens title subdivision of a large corner lot like you have described.  The cost will of course vary based on service connection works required, how far the sewer needs to extended and any upgrades to services that may be needed (if it is in a really old suburb).

Is the land kerbed and guttered on both sides?  If not, then one thing to look out for having council request you do these works. It's something you can check with the council town planner.  You will also need to provide drainage for the newly created lot, so the slope of your block is important. The surveyor will advise you on this.

[smartcode_project:default project_id=24767]

If you are going to lodge a DA for a dual occupancy and subdivision then a good builder may include the subdivision as part of their works and contract. This will mean you can finance works by way of a construction loan.  This is also a faster process than subdividing up front (which you cannot do anyway based on zoning) and you can lodge one DA for the building and the subdivision works. Again, check this with your local council as they all have different requirements.

I would also look at building a duplex (two attached dwellings) on the new lot rather than a single house as this will add more value and should create some good equity.

Good luck, I hope all goes well,

Jo

<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
</body></html>

Reader question: I want to subdivide my block of land, but where do I go from here?

<html><body>
Happy New Year!
I hope you have made some awesome New Year resolutions around property.
My year is off to a great start, I'm happy to say. Do you remember the <a href="/expert-insights/investing/i-have-a-confession-to-make-i-tried-to-sell-a-poorly-presented-home">apartment I was selling</a> late last year?   
I tried to use the hot Sydney market as an excuse to not present it in its very best light. Trying to sell an apartment with messy tenants in place was a real mistake.
This was reinforced when I attended one of the open houses and actually saw how cluttered it was. After this, my selling strategy completely changed.
We immediately took it off the market for a few weeks until the lease expired on 3 December.
<img src="/images/2015/01/09/lounge%20room%20before.jpg" alt="">
The lounge room before it was styled.
It took literally two days to do some small repairs, replace a few old fashioned light fittings and have my professional stylist, Kylie from <a href="https://propertyrevamped.com.au/" target="_blank">Property Revamped</a>, give it her magic touch. 
The exciting news is the property exchanged within 17 days of going back onto the market.
<img src="/images/2015/01/09/lounge%20room%20after%20styling.jpg" alt="">
The lounge room after it was styled.
I've got some impressive stats to share with you, which really go to show that styling a property can make a massive difference.
First campaign performance on one of the real estate portals: 3,407 views with 6,795 engagements.
A view is someone opening the advertisement in full and an engagement is opening just one element, perhaps a photo, floor plan, map view, or video.
During the second campaign the views increased to 6,688. That's a 96% increase, or basically double the views. Engagement increased by 121%, to 15,023.
Our agent Felice Cotroneo from <a href="https://www.innercity.com.au/" target="_blank">Innercity Property Agents</a> said: "Whilst enquiry was a lot stronger, the big shift was in the vibe or feeling at the open homes. Before the apartment was styled we received a lot of negative feedback. After it hit the market again with the staging in place, there were many nice comments and a lot of 'wows' which is always a good thing to hear at your opens. People enjoyed just being in the apartment and spent on average two thirds more time at the property."
In the first campaign we had a total of 29 people through the apartment. In the second campaign this increased by 41% to 41 people.  The offers were no longer low and we sold it at full asking price, which was $65,000 over the offer we received on the previous campaign's auction day.
We paid about $2,000 for Property Revamped to do the styling, so that's a return of $63,000 for 17 extra days – a good lesson learnt.
</body></html>

How I increased my property’s value by $65,000

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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

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."

[smartcode_project:default project_id=135096 project_image_fid=356829]

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."

[smartcode_project:default project_id=135096 project_image_fid=351104]

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

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News