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Each week I receive phone calls from people who have started a property development and then fallen into trouble.  
I can't help taking these SOS calls from fellow developers but I've noticed a pattern...there seems to be three different areas in which the issues fall:
<ul>
<li><a href="/expert-insights/the-three-most-common-first-time-property-developer-mistakes-site-selection">Site selection</a></li>
<li><a href="/expert-insights/the-most-common-first-time-property-developer-mistakes-team-selection">Team selection</a></li>
<li>Not understanding the development process</li>
</ul>
The development process is complex - there is no two ways about it. Even what may seem the most simplest development can turn into a very time consuming project.  Although Property Bloom has completed over 80 developments, all of which I have personally overseen, I still find tiny nuances that make each development unique and challenging. 
However, if you have some understanding of the steps needed to be taken on your property development journey, then the development process can be simplified.
The development process can be broken down into a number of steps:
 
<ul>
<li>
Research or due diligence  Most of your research should have been done by now because choosing  the right location for your development cannot be underestimated. Once you've narrowed down the area you're going to work in, you need to research the needs of your target market.  Your target market is either the people you'll be renting to if you hold onto the dwellings you build or the people you'll be selling to. What do they want in a property? You need to balance this with what you can afford to build, always be careful not to overcapitalise by assuming you have to give everything. 
</li>
<li>
Designing your project is the next step in the process. Use either a builder's design and make some minor changes to suit your needs or use an architect or drafting service to design exactly what you want. In more upmarket areas, you may want to deliver something more unique so spending time and money on coming up with the right design is important. 
</li>
<li>
The planning process is another very important processes. Ensure you are meeting the requirements of the local council's Development Control Plan and Local Environmental Plan. This is complex and unless you want to spend days studying these enormous documents, engage a planning consultant or architect that understand these local requirements. This should save time so when you lodge your DA there should be little hold up in having to make changes to your plans. 
</li>
<li>
Engineering for storm water management, driveways and slab design is required to obtain the final approval of your Construction Certificate. Again, engage a good engineer but make sure you have a basic understanding of what they are designing.  Don't be afraid to ask questions. I was able to reduce some costs on a three villa project by questioning the number of storm water detention tanks required under the driveway. I knew each tank meant more costs so just by asking the engineer to check the water volume calculations meant  if we could cut two of the eight tanks required in that project. 
</li>
<li>
Once you have all your Planning Consents, then it's important to have a good understanding of the building process which will help you as you review your builder's contract. You need to understand terms such as 'Provisional Items' and 'Excluded items' as if one of these blows out, so can your development profit.  Check the contract and discuss with the builder so that they can explain clauses to you. You can also have your solicitor look over the contract. Many builders will use a standard Housing Industry Association contract. Check the drawdown schedule as this will impact on your holding costs. 
</li>
<li>
Maximising your finance and getting the best deal is an important step in the process.  Your bank will need a number of documents such as the consents and builder's contract before they can give you unconditional finance approval. Make sure you allocate four to eight weeks in your schedule to get your finance in place. This often draws out depending on how slow your bank is. The longer they take, the more holding costs you are paying waiting for finance. Your builder cannot start construction without a Letter to Commence from your bank. 
</li>
<li>
Once the builder has this permission to commence work, you move into an exciting but still risky part of the development - the build phase. The main area for cost variation can be in the site preparations and slab work. Until your site is cut, retained and slabs are piered and then laid you will not really know the true costs of your building works as most Provisional items are loaded into this early stage of building works. 
</li>
<li>
It's exciting to see your project come out of the ground and as the building works draw to a close, the process then moves into the completion stage. Now you need to maximize your rental and depreciation benefits or sale return. You will need to choose your management or sales agent carefully. Brief your quantity surveyor at this point to start work on your depreciation schedules and make sure you include all consultant fees, including project management if you have used a professional project manager.   
</li>
<li>
You cannot relax just yet. You need to, attend the practical completion and handover inspections with your builder and have a good understanding of their warranty periods. You need to obtain Occupation Certificates which will not be issued unless everything is complete.
</li>
</ul>
 
As project managers, our job is to manage all the fine details of the development process. There are many areas that need your undivided attention at the time. 
As part of our project management process, we prepare a detailed weekly report for clients including milestones met that week, goals for the following week to achieve and photos showing the progress. Also included is news reports in the local area that may impact on the end result. Our job is to focus entirely on the process so that our clients don't have to. It can be beneficial for inexperienced developers to use a project manager to minimise and help them through the challenges a property development can bring.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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The most common first time property developer mistakes: Not understanding the development process

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Carrying on from our last column, this week we'll look at what can be an area of contention for a property developer - team Selection.
Each week I receive phone calls from people who have started a property development and then fallen into trouble.  I can't help taking these SOS calls from fellow developers but I've noticed a pattern... there seems to be three different areas in which the issues fall:
<ol>
<li><a href="/expert-insights/the-three-most-common-first-time-property-developer-mistakes-site-selection">Site selection</a> </li>
<li>Team selection</li>
<li><a href="/expert-insights/the-most-common-first-time-property-developer-mistakes-not-understanding-the-development-process">Not understanding the development process</a> </li>
</ol>
Not selecting the right development team is the next most common cause of grief to developers.
Who do I need on my Development Team? 
<ul>
<li>Property specialist accountant and solicitor - don't scrimp on important advice.</li>
<li>Finance broker or personal banker - to get the best finance deal possible.</li>
<li>Surveyor - for your identification and contour surveys and to manage subdivisions.</li>
<li>Architect/draftsperson - look for a cost effective construction design.</li>
<li>Builder and other tradesmen; plumber, electrician, carpenter.</li>
<li>Consultants such as an engineer and private certifier.</li>
<li>Quantity surveyor for your depreciation schedules and cost reports.</li>
<li>Development project manager  – to guide you through the process, share their experience and bring savings to the project. </li>
</ul>
A lovely lady called Lily phoned me recently to tell me all about her incredibly bad experience with a builder she'd used on a large renovation project.
I was absolutely astounded by some of the things she told me. She'd reached the stage where the renovation was finished but there were so many ongoing issues that she decide to take the builder to court which was an expensive process. All the points she raised were very valid, however she did not win the case as she had 'insufficient evidence' to support her case. 
It is hard to know what builder to choose, and I have used a number of different builders over the years Property Bloom has been managing developments. Funnily enough, the very first builder I selected and used on our very first development project is still my builder of choice.
But over the years, I have tried a number of different builders and had numerous builders tender on our projects. The worst experience we've had was when one of the builders we used, on their fourth construction project with us, went into receivership without any warning.  That was not a great situation to have to manage.  In hindsight, there were warnings; slowing down on progress, disgruntled tradies and lots of vague responses to our investigative enquiries. We would turn up on site for our weekly site inspection only to find the site manger 'off sick'. When this happened twice in a row, we really started to hound the builder's head office, with most calls going to voice message.
I tracked down a carpenter I knew worked for the builder and asked if he'd seen the site manger lately or knew what was going on?  He very quickly let out a stream of obscenities and I soon gathered he had not been paid for the past four weeks!  
Now alarm bells were ringing in my head.
Sure enough the next week we were informed building company had collapsed. I could not get hold of the managing director who only a month before met me for coffee to see when the next project may be coming on.
It's hard to know what's going on inside a business but keep a look out for any small signals. Before you engage a builder, interview them not just about their track record in completing projects but ask about their financial position.  Ask what kind of 'float' they have in the bank and would they mind passing on their bank manager's phone number for you to make enquiries. These are very direct questions  and not many builder's will like it but the ones that have no issue with you making these enquiries in general should be OK to work with. Check they are an active member of the Housing Industry of Australia and check in with the Department of Fair Trading to ensure there has been no complaints lodged against them.
Also, ask the builder for a list of the current contractors or tradies and contact them to ask what the builder is like to work for? Does he pay promptly?  And are they planning to continue working for this builder?  If a tradie has been crossed, he will tell you all about it!
 After my bad experience with the liquidated builder many years ago, I rang my 'old tried and trusted' builder and said that I needed to know if they were OK financially. The next thing I know, there's an email in my inbox from the local Commonwealth Bank Manger just letting me know that this builder is in a good financial position. 
Our builder is like a business partner in a way. They offer our clients a good deal based on the volume of business we bring them and we know by working closely with them that their systems and processes are efficient. Our long standing relationship means we have open access to their entire team and we can always find an answer to a question or solution to a problem within a short time.
As project managers, our job is to manage our clients projects to bring in the best results. I know that nurturing relationships is important. By letting our team know how much we value working with them and continuing to nurture our ongoing relationship we get the best results for everyone.
<a href="https://www.propertybloom.com.au" target="_parent">www.propertybloom.com.au</a>
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The most common first time property developer mistakes: Team selection

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Each week I receive phone calls from people who have started a property development and then fallen into trouble.  
I can't help taking these SOS calls from fellow developers, even if we are not likely to do business together. Talking to them gives me a little perspective of issues others are facing.
 I've noticed a pattern.
There seems to be three different areas in which property development issues fall:
<ol>
<li>Site selection</li>
<li><a href="/expert-insights/the-most-common-first-time-property-developer-mistakes-team-selection">Team selection</a></li>
<li><a href="/expert-insights/the-three-most-common-first-time-property-developer-mistakes-site-selection">Not understanding the development process</a></li>
</ol>
This week, we'll look at the first area of contention - site selection.
Site selection in my opinion, is the most important process. If you don't choose the right site, then issues can snowball and no matter how good your team of understanding of the development process, you may not make up for the costs of buying the wrong piece of land.
The last call I received was from a lovely man called Sebastian, who I chatted to for more than half an hour about his development site. I don't normally offer a 'sob on my shoulder' service but I do honestly care about others and find it hard to ignore a fellow developer in need.
Sebastian explained that he'd purchased what he thought to be, a very good development site. It did tick a number of good criteria 'boxes' but then he told me that after he'd purchased the site, that council had 'all of a sudden' deemed it to be in a flood area.  He said when he'd purchased it, the Section 149 Planning Certificate in the Sales Contract had said it was not flood effected, although he had noted a creek a couple of kilometres away.
What Sebastian didn't know was that council had commissioned a flood study in this area. A flood study is usually commissioned out to a surveying company and can take months depending on the complexity of it. It’s a comprehensive technical investigation of flood behaviour for a particular catchment, river or creek. It is the technical part of the floodplain management process for councils.
By the time he was ready to lodge his DA, the study was completed and his land had changed to non-flood effected to flood effected.  Council would not allow additional dwellings (over and above the one house already on the large piece of land) on the land as in their words "it could add pressure to council's systems IF a flood was to occur".  They did, after further consultation, agree to review plans where the dwellings were built to a certain height (over 1.5 metres) and of course this would heavily impact on the development costs. The other major impact was on the potential end values of the new dwellings being located within a flood zone. 
So just how can you avoid this? Well, Sebastian's initial observation was good as he did note the nearby creek. But when he reviewed the planning certificate he let down his 'property developer' guard and did not question it. This is extremely common and some will say they rely on council's information. Never rely on council's information, do further research.   
Always check the date of the 149 Certificate, if it's not very recent, like within the last few weeks, request the vendor update it.  Remember within a few weeks a flood study could be completed and changes made to council flood areas. Your solicitor or conveyancer should be onto this for you as well.  If Sebastian had made an enquiry with council's flood engineer, he could have asked if there is likely to be any change to the flood zoning in the near future. The engineer would be aware of any investigations or studies being conducted in that area. 
Because we know the areas we work in so well now, we bring a level of experience - managing over 80 developments -  to the table but despite this we always conducts a thorough site investigation, inspection and review of council documents and the sales contract before we present a development site to our clients.
Stay tuned next week for part two...
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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The three most common first time property developer mistakes: Site selection

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I think the beginning of a new financial year brings much hope and optimism, a bit different perhaps to the start of a calendar year when we are usually still in holiday mode.  
Now is a good time to reflect on our investments and think about how we can continue to grow our property portfolios.
This week I've received a few depreciation reports that I'd ordered for clients, as we'd recently completed their property development projects. I love reviewing a project on completion. As part of our project management process, as a development nears completion we arrange rental appraisals, order market valuations and analyse the project. We check the builder's final payment and the credits or variations received during the build phase then we add the actual build cost to our Project Analysis.
I love watching my spreadsheet change as we add the actual results. We remove any contingency we had left in the project and see the real cost. The actual rents are included and we can see the real yield and when the valuations come back, we replace our estimated end values with the market valuations to see how much equity has been created. 
The final costs and the handover date is confirmed with our quantity surveyor so they can finalise the depreciation reports. In the last dual occupancy project there was  $20,340 in year one using the diminishing method. This combined with the rental return will almost always make a dual occupancy project cash flow positive for our clients as gross yields are around 6-7%.
Did you know that these items are also taken up in the depreciation schedule?
<ul>
<li>Preliminaries such as architect and engineering fees;</li>
<li>Contractors margin;</li>
<li>Authority fees; and</li>
<li>Consultants fees.  A project management fee can also be included here.</li>
</ul>
Once we determine our final project management fee, we ensure that it is also reported to the quantity surveyor to include in the depreciation schedule.
In this dual occupancy project, our client was pleased with the $107,782 of equity created in 11 months and the high depreciation benefits and decent rental yield....well who wouldn't, considering they have never even seen the land or completed villas and let us project manage all the work for them?
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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End of financial year is a good time to reflect on your investments

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I had learnt a little about suburb lifecycles recently  - how a suburb can change over time.
Generally speaking new areas usually attract young couples and families, but also some mature aged people like grandparents wanting to be close to their grandkids and who can help support and care. So it's important that new areas do have a mix of housing available. 
I've recently been researching a new location after finding a good dual occupancy development site there. 
In the past, I have put this suburb aside as the land was expensive and generally lot sizes smaller, however a large enough site came up and as I ran the figures on it, my heart beat increased!
This suburb was experiencing fast growth due to new land estates opening  and there was a fair amount of land to be released in the location. Because of this, the government had allocated money for community services, facilities and infrastructure.
The suburb is also very well located being only 20 minute drive into Newcastle CBD.  In the new estates, it was predominately large four or five bedroom family homes being built and even though the land was expensive reflecting the facilities of the master planned estate, after some research I could see the opportunity for good demand for smaller dwellings.
The area was popular with families building new homes and wanting to be close to good quality schools - there is a well regarded primary and high school within walking distance. Parents could work in Newcastle and be home early for the family.
The estate offers a bushland location with beautiful views over wetlands, quality sporting fields, a community centre and a new shopping village had popped up within five minutes with a shiny new Coles open and Aldi store under construction.
The M1 freeway access to Sydney is just a few minutes drive away. This estate was well placed location wise and also for future growth.
For me, building three bedroom villas in a location that is dominated by four or five bedroom houses makes a lot of sense. There would be several markets for these villas on completion; young people who can't yet afford to build the larger homes, separated people looking for smaller dwellings, single parents and empty nesters looking to downsize. I think if the location and facilities are good, a lower entry point for rent and sale prices - can be a good differentiation for your development.
Also sales of the larger, more expensive dwellings could impact positively on the values of smaller dwellings if there are no direct comparable sales.  There could be good demand from renters wanting all the benefits of the estate for a smaller outlay.
<a href="https://www.propertybloom.com.au" target="_blank">www.propertybloom.com.au</a>
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A good mix of dwelling size is important

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If you had seven hundred and eighty two odd thousand dollars, or the median price of Sydney to spend, how would you spend it?
I was reading an article recently about finding a suitable property in Sydney and paying just the median price, which was around $782,000 at the time.
The story continued as property experts put forward their ideas. One suggested a small house in outlying Sydney suburbs like Rockdale, but most properties in this price range would be on busy roads and that would be the compromise.
Another expert recommended inner ring apartments over old terraces or townhouses that would need substantial renovations. He said you could pick up a one bedder for $600,000 to $700,000, or a two bedder for $775,000 to $900,000, with expected yields around 4.5%.
Reading about this expensive Sydney property mentioned in the story got me thinking about what you could buy for the same price if you drove two hours north of Sydney to the Lower Hunter Region of NSW. Depending on which city you chose, your $782,000 would stretch to an impressive acreage or farm. 
In the city of Cessnock you could buy three houses, each for $260,000 (around this city’s median price). They would be on large 800 square metre blocks with 3 bedrooms and each rent for around $300 per week delivering a 6% or more gross yield. Or you could buy two larger, newer homes or a really beautiful house within a golf resort and even a commercial property.
In the city of Maitland you could buy a luxury restored heritage home built at the turn of the century with manicured gardens, a 6 bedroom homestead on acreage, or two substantial, almost new houses in new land estates each on 750 square metres of land.
Or you could develop land and build a dual occupancy – for around $782,000, your budget would cover building two four bedroom homes on a larger corner block with a Torrens Title subdivision.
The big difference between buying multiple or larger properties with your budget compared to building two dwellings yourself would be the equity creation and depreciation benefits. You see if you used your $782,000 to add value, you would create about $120,000 in equity within a year and get around $25,000 in depreciation in year one (using the diminishing method).
I know what I’d chose if I had a lazy $782,000 to spend particularly if I was an investor...hmm a two bedroom unit in Sydney or a four bedroom dual occupancy project in the fast growing city of Maitland? 
Oh, and another very important thing to note. The Hunter was a big winner in the New South Wales budget. This week it was announced that the <a href="https://www.hunterinfrastructure.nsw.gov.au/" target="_blank">Hunter Region gets $100 million to top up the Hunter Infrastructure Fund</a>.
Plus more than $300 million had already been announced for Hunter projects ahead of the budget including $280 million for the last link of the Newcastle inner-city bypass, $20 million to rebuild the Hunter Sports High School, $6 million allocated towards the Glendale interchange and $3 million for the planning of a new Maitland Hospital, among many others.
Infrastructure spend is one of the key indicators that an area is earmarked for growth.
<a href="https://www.propertybloom.com.au/">www.propertybloom.com.au</a>
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What would you buy with Sydney's median price?

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This week I was speaking with one of the land developers we source our development sites from and was interested to hear her say that they’d been told that the NSW state government were currently fast tracking land releases to meet their housing acceleration goals. Music to my ears as we are always on the lookout for good development sites in well planned areas.
One of the most important roles the Department of Planning and Environment is to work closely with other agencies, councils and communities to plan for housing supply and delivery in "greenfield" or undeveloped areas, and "infill" housing in existing areas.
The NSW government has allocated more than $300 million from the HAF in the 2013-14 NSW budget to drive housing growth.
This includes:
<ul>
<li>$141 million towards eleven water, road or electricity projects in Sydney and the Lower Hunter which can accelerate 42,900 new housing lots.</li>
<li>$70 million towards an upgrade of Old Wallgrove Rd in the <a href="https://www.planning.nsw.gov.au/StrategicPlanning/Employmentlands/WesternSydneyEmploymentAreaWSEA/tabid/366/language/en-US/Default.aspx" target="_blank">Western Sydney Employment Area</a> to deliver jobs near major housing growth centres</li>
<li>$99 million towards the <a href="https://www.planning.nsw.gov.au/StrategicPlanning/FundingPrograms/LocalInfrastructureGrowthScheme/tabid/653/language/en-US/Default.aspx" target="_blank">Local Infrastructure Growth Scheme</a> to assist councils fund local infrastructure needed to support growth above the developer contribution cap.</li>
</ul>
With our focus on project managing property developments in the Hunter Region of NSW, I delved a little deeper into the NSW Planning website which is a fantastic source of information. I wanted to see where the $141 million spend on infrastructure and where the new housing was planned for, although I already had a very good idea.
<a href="/news">Maitland</a>....it’s one of Property Bloom’s favourite cities to build and invest in throughout the Hunter. This city has experienced solid population growth, has a diverse economy and the planned growth of the city is no secret.  Council has identified several areas for new land release.  It’s an affordable yet established city and benefited from some recent infrastructure projects such as the Hunter Expressway opening this year, a new hospital being announced, road and bridge upgrades and an aggressive planning program to accommodate one of the state’s highest population growth projections.
Maitland’s population is projected to grow by 42% from 2011 – 2031. It’s one of the highest projected growth areas of NSW. The main drivers will be net internal migration from within the state – people moving perhaps from Sydney or other areas and interstate migration. Also from high fertility rates, apparently they make lots of babies there. Actually what that means it that it’s a nice place to raise a family with good schools and facilities. Housing is affordable and there is solid rental demand.
<a href="https://www.planning.nsw.gov.au/projections" target="_blank">Check out the website</a>, it also gives you the age profiles of the community, household types and size and my favourite, projected dwellings – this shows the number of dwellings needed to provide private housing for all projected households. This is a fabulous tool and we are using it to understand the local councils and NSW Planning expectations. We can then help our clients develop their property development strategy targeting the right locations for their developments.
Property Bloom project manages villa developments; dual occupancies or larger medium density developments as well as granny flat complying developments. One of the points raised on the NSW Planning website is that in 2011, couples with children were the most common household type in the Lower Hunter. However by 2031, most households will be occupied by couples only or those living alone, together making up 56% of all households in these regions.  Also the 65-84 year age group is projected to almost double in NSW. So the low maintenance villa dwellings that we are producing will meet the demands of this emerging market.
<a href="https://www.propertybloom.com.au/" target="_blank">www.propertybloom.com.au</a>
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Planning for the emerging market - low maintenance, smaller dwellings

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As I was dicing onion for tonight’s dinner, I saw some news on TV that made my ears prick.
A house in Swansea, a suburb of Newcastle <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-05-28/sink-hole-opens-up-under-nsw-home/5482498" target="_blank">was seemingly sinking into a hole</a>. The cause? An old mine shaft laying approximately 25 metres below.
This is mine subsidence – very unusual, yet something we do prepare for in our development process.
The area underneath the neighbourhood was once part of the Swansea Pit, a coal mine abandoned in 1953.  It was reported that Mine Subsidence Board officers believe the sinkhole appeared above an old vertical furnace shaft. Today they were pouring concrete into the hole to stabilise the area around the house and hopefully they can secure the area and save the house.
There is one comfort for the house owners; the cost for this work required is covered by the Board.
The <a href="https://www.minesub.nsw.gov.au" target="_blank">Mine Subsidence Board</a> is a NSW government department funded by the current mining companies today. The mine companies pay a levy that goes into a trust account and is to be used for any repair works that are a result of mines located beneath the property. It operates for the community in coal mining areas of New South Wales and is responsible for administering the Mine Subsidence Compensation Act.  The Act provides for compensation or repair services where improvements are damaged by mine subsidence resulting from the extraction of coal. 
In an area where you are building new dwellings and that has been identified as undermined, there is a process to follow.
The Mine Subsidence Board is very helpful and provides strict building guidelines on what can be built and the construction methods.  They need to approve and stamp the engineer’s plans for the footings that will support the dwelling. They inspect during the building process to ensure the builder is meeting the engineering requirements and they keep a copy of the approved plans on file. 
If any problems arise in the future that relate to the undermining of the site, the Board make all repairs at their cost, kind of like an insurance company for your development but you don’t pay any premiums.
There is no time limit on the coverage so they basically guarantee the project as long as they have approved the engineering.
As part of our research process, one of our first checks on a potential development site is with the Mine Subsidence Board. They can tell you over the phone if the land our client is purchasing is within a proclaimed Mine Subsidence District.  The purpose of a District is to prevent damage through surface development controls that take account of the risk of damage by subsidence from old, current and future mining.
With detailed geo technical reports and the assistance of the Mine Subsidence Board, a development in an undermined area can be very successful. We have used ‘<a href="https://www.minesub.nsw.gov.au/SiteFiles/minesubnswgovau/MSB4ppA4Potholes07.pdf" target="_blank">pot hole</a>’ construction methods on a duplex development and the construction costs were not very much more than normal construction. But we did secure the land at a discounted price which meant more equity was created during the development for our client.
If you own a property in Newcastle, chances are its undermined, but the type of sinkhole activity reported this week is very uncommon, so don’t lose any sleep over it.
If you are building in a new estate, always have a geotech report completed and use the resources on hand at the Mine Subsidence Board to ensure your building process is correct for the location.
<a href="https://www.propertybloom.com.au/">www.propertybloom.com.au</a>
Feature photo: Guatemalan sinkhole, 2010. Courtesy of Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_parent">Creative Commons</a>.
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Sinkholes -  How to make sure your development doesn't get swallowed up from beneath

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The next time you look at buying a piece of land within a land estate, spare a thought for the land developer.
A few discussions this week with different large scale land developers reminded me of the number of layers they need to work through when developing raw land. Raw land is land that remains in its natural state and has had no development improvements, service connections, road works or other developments done to it so that you can build a dwelling there.
I certainly don’t envy the job of a large scale land developer as it takes literally years of work before they see any profits.
One developer told me that they’d been working with council for several years to get their development application (DA) for the land subdivision approved...and that was the easy bit.
Once a subdivision plan is approved the land developer then starts the real work in meeting the conditions of the DA consent so that they can apply for the construction certificate and then finally the subdivision certificate.  Then the final step is to have the individual lots that have been created, registered.
Once registered the purchaser can buy their piece of land and commence their own development journey. For Property Bloom it’s usually an application for a dual occupancy or a multi villa development.
Another land developer explained the stage they were at in one of their current subdivisions. After waiting longer than ever anticipated for the land to be rezoned there other major hurdle was seemingly simple.  
After obtaining the DA consent and in order to commence their civil works, drainage, sewer connections, road and other service connections, they needed permission to put down a 20 metre access crossover.
The owner of the land they needed to use to access their subdivision is the Catholic Church. The levels they had to work through to obtain this small 20 metre access gave the impression it was going all the way to the Pope for approval. Of course it wasn’t, but it was just an example used to convey the time some things can take.
It’s a great thing for us to work with these developers and our established relationships mean Property Bloom gets the low down on land that will be coming up in the near to medium term. We get a sneak preview of the subdivision plans before others so we can choose the lots most suited to our type of development. It gives us time to prepare our DA whilst waiting for the final registration of the land saving on valuable holding costs.
<a href="https://www.propertybloom.com.au/">www.propertybloom.com.au</a>
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The long road to large scale land development

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Whilst there has been so much commentary last week on the federal budget, I thought we could talk about a different type of budget - one that can be just as important, particularly if you are a property developer.
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 problem areas 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 ‘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 and review the supporting documentation.  Again, this does not give us a final fixed 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 and lodged with council.
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/">www.propertybloom.com.au</a> 
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A different type of budget talk: The development budget

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 international 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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