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Today I met with an old friend. I’d coached his son in soccer (yep I am a junior soccer coach – but only up to under 10s!).  He is a very successful local real estate agent. His business on Sydney’s Northern Beaches has been growing from strength to strength over the past few years.  But he was here to see me to discuss his personal investment options.
He said “Jo, despite me being in the industry, my focus hasn’t been on growing my own wealth – more growing my business and getting the best results for our vendors and landlords – I’ve been selling property not buying it.  Now I need to start planning for my retirement”.  Whilst still a way off, retirement is rightly so on his radar.
Property on the Northern Beaches of Sydney has become expensive; it’s hard to consider it from an investment perspective as the entry point is high. The rental yields low but capital growth prospects are ok tracking at around 5% but on a high base, this can be impressive.  So if you are investing in this location, it means you need to be able to support your investment with surplus cash as the rent just won’t cover the costs. The costs include interest payments, council and water rates, insurances, repairs and management fees. It’ll be a negatively geared investment.
My friend was looking for was a project where equity can be created but also an investment that would be cash flow positive. This would let him keep moving forward on his investment journey and continue to focus on growing his real estate agency business.
I presented an affordable dual occupancy development concept to him. We looked at the numbers and he said “Jo, I don’t think you can create that kind of equity within one year by just buying and holding.”
Within a year we can create around $100,000 in equity through a development like this.  I said, "Of course not because what we are doing is creating equity via the development process – from adding value and building two dwellings on one piece of land and subdividing it to create two properties.”
Not only are we creating equity, the gross yield from the rents on completion means the properties are easy to hold as they may be cashflow positive. So the rent combined with the tax benefits means that you shouldn’t need to contribute extra cash (depending on your taxable income – seek accounting advice).
But another important element to this dual occupancy development opportunity is that the regional cities we develop in have good capital growth rates currently tracking at 7% + annualised.  As a comparison, the historical growth rate of the Northern Beaches suburb I live in is 5%. Hmmm, this is looking more interesting.
This dual occupancy project would be valued at approximately $760,000 on completion – that is two freestanding three-bedrooms, two-bathrooms, single lockup garage villas at $380,000 each.  If the properties receives 7% annual growth then around $53,000 capital growth should be realised in year one. This will increase year on year based on the annualised growth rate.
Creating some equity, a strong yield and good depreciation benefits with a small development in a location with good growth prospects seemed to make sense to my real estate friend.  His next step is to take a drive around and conduct his own due diligence. I’m expecting his call back soon.

<hr>
Jo Chivers is director of <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.propertybloom.com.au/" title="Property Bloom">Property Bloom</a>, which manages property development.
 
 
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jochivers-wq5Bp59R5a

Is it quicker to build equity from development or buy and hold in a high capital growth location?

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I found a really cool message on YouTube from a young entrepreneur called Vik Nithy about procrastination.  I was web surfing instead of writing this article...I guess I was procrastinating!
I think procrastination can be our number one enemy when it comes to moving forward not only on a property transaction or strategy but in life in general.
Procrastination is choosing whether you’ll do it now or do it later.
Often our heads are in conflict – lie on the lounge or research that property deal?  Go to the beach or phone the solicitor to discuss the contract? Catch up with friends or attend that open house?
Mostly we procrastinate on things that we are not sure about or committed to.  From my own perspective, I never procrastinate if it is work (well...maybe over some little things!) or investment related because I love what I’m doing in these areas and I have specific goals. The other reason is that if I procrastinate over a potential development site, someone else will get it.  There is no time to waste when you’ve located a good deal.
But I’ve been going through some procrastination lately on another level and it’s because I really have not known what I want. This has prompted me to delve deeper and find out why – identify the reason I’m avoiding things.
That’s the secret...knowing what you want. Sounds easy and it can be if there is passion and belief behind what you do.  If you can sit down and plan your goals and make a commitment to them, then there will be less what <a target="_blank" href="https://www.youtube.com/watch?v=WD440CY2Vs0">Vik calls “monkey mind”</a>.
“Monkey mind” is the part of your brain, or the voice in your head that reacts to a threatening stimulus. Perhaps, it’s really not knowing where to start researching for your property investment or questioning whether you should actually buy the property you’ve been researching for weeks?  Or if you should develop one of your properties because you know it will add value but you just don’t know where to start.
Decision making shuts down procrastination.
Being focussed and motivated is another weapon you can use. I always come back to the core reason I’m investing in property which is to set myself up for retirement and there really is no time to waste. My financial planner says we’ll need around a million dollars in our superannuation to live comfortably - not luxuriously - when we retire.
Procrastination is an anxiety response. Make a decision and have faith in yourself and there will be no procrastination.
Ask “What is it that you’re afraid of?”  Once you can identify your fears, you can overrule them with facts.
For instance, “I’m afraid I’ll lose my money” Answer: if you’ve researched well, you will only lose money if you sell at a loss. If you have the capacity to hold over the long term – ten years or more - then generally you will be OK, as property in good locations doubles in value every ten years.
I love this quote by Napoleon Hill: “Don’t wait the time will never be just right.” 
I can confirm this with my own investments; in fact some have tripled in value over this time. But to take out any fear, make sure the investment is within your means.
But often our means can stretch if we need it to. As Oscar Wilde said “Anyone who lives within their means suffers from a lack of imagination.”  There is always ways of making more money.  If your goals are to build wealth then you may need to put yourself out there, we can usually cut spending in other areas or find new ways to support our investment.
We must plan. Write down what you are expecting from the investment and remember that if things don’t turn out the way you wanted, failure is a positive learning experience. It’s better to learn from our mistakes than not to have tried at all.  “Anyone who has never made a mistake has never tried anything new.” - Albert Einstein
If you take on this attitude, fear will dissipate, procrastination will disappear and you will move in the direction of your goals and dreams.
 
<hr>
 Jo Chivers is director of <a title="Property Bloom" href="https://www.propertybloom.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">Property Bloom</a>, which manages property development.
 
Check out our new website <a href="https://www.propertybloom.com.au/">www.propertybloom.com.au</a>.
 
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Planning, research and then taking action are the keys to successful investing

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The very first thing I do after finding what I think is a good development site is ask for the sales contract to be emailed to me. It’s the starting point for my due diligence and research. At this stage I may not have even physically seen the land.
I thought I’d share the five most important things I look at as soon as I get my hands on that sales contract.  As developers, there are so many checks that we need to do, but to keep it simple, here’s what I recon needs to be done first...
I’ve opened the sales contract and start to scan through it.  I’m no solicitor that’s for sure, so it’s very important you have a solicitor ready to review the contract after you’ve had the first look.   There is really no point sending a contract to your solicitor and starting to incur legal fees until after you’ve reviewed it and then had an offer accepted.  However, if you are not confident or familiar with sales contracts, then definitely let your solicitor know what your development plans are and ask them to review it in this light.
Front page
A quick look at the front page of the contract confirms exactly what is for sale - this may sound strange – surely what is being advertised is what you’d be buying but this is not always the case. I’ve been offered land that the agent is advertising as two titles but on the contract only one lot is listed. This may mean the land has a subdivision approval however it is not yet registered so there could be costly work still required to complete the process.  Perhaps the agent was told there were two titles by the vendor. Or, I’ve been offered two lots of land that have to be sold under the one contract.  In this case it was because council would not allow a separate access to one of the lots – it’s a long story so I won’t go into it now.
Sometimes the sales agent had been told one thing by the vendor but the reality is different. It’s our job to sift through and check what’s on offer.
Deposited plan and/or survey
From the front page I usually skip straight to the deposited plan (DP) or if I’m lucky there may be a survey in the contract. In about 99% of the cases, there is no survey which is my number one bug bearer. If you are selling land people, please include a survey in the contract!  It will assist purchasers to quickly evaluate the land. 
A survey reveals the width of the frontage, the depth of the block, what structures and trees/foliage are on it and that may need clearing (a cost to include in your budget). A survey will also identify any easements affecting the land.  If you are very lucky, there may even be a contour survey. In new land developments, I can usually get hold of a contour plan. This shows me the fall on the land. The amount of fall will give me an indication of how much site works and retaining the development may require.
Planning Certificate
Next, I look for the section 149 planning certificate as it’s referred to in NSW. The first thing I check is the date it is issued, it’s extremely important that it has been recently issued by council. An old 149 is not worth the paper it’s printed on as council requirements/zonings can change.
I just checked two certificates, one was issued the a year earlier and the second more recently. In the first certificate the land was in a bushfire zone, in the second certificate it wasn’t.  This zoning had obviously changed over time. I then check things like the land zoning – most important if you want to carry out medium density development but the land is zoned low density then the site is not suitable for you. 
For our granny flat developments, we make sure that complying development may be carried out (so we can have our approval received within ten days), I check if the land is in a proclaimed mine subsidence district (this is important as there are many under mined areas in the Hunter Region of NSW however, it still may not rule out a development site for us as you can build on undermined land but further checks on building requirements are made with the Mine Subsistence Board), I check if the land is flood effected (we don’t usually touch floor effected land as it’s too expensive to build to the requirements), bushfire prone (this is ok but does add  a little to the build costs) and any restrictions that may impact on my development plans.
Section 88B instrument
I check to see if there is a Section 88B Instrument in the contract. This is usually only included in newly created subdivisions or land releases.  A section 88B instrument is part of a deposited plan which upon registration:
<ul>
<li>
Creates easements, profit à prendre, restrictions on use of land, and positive covenants. [cl.35 Conveyancing (General) Regulation 2008]
</li>
<li>
Releases easements and profits à prendre. [cl.36 Conveyancing (General) Regulation 2008]
</li>
</ul>
For more information go to the website for the <a target="_blank" href="https://rgdirections.lpi.nsw.gov.au/deposited_plans/easements_restrictions/sec88b_instrument">NSW Registrar General's directions about section 88B instruments</a>.
I will check to see if there are restrictions to multi unit or dual occupancies on the land. I understand that council may still approve a development contrary to a section 88B instrument restriction such as dual occupancy. For instance, if the land zoning allows for dual occupancies under council’s local environment plan and development control plan, then council may approve your DA. However be prepared for some retribution from the land developer or opposition from neighbours.
Sewer diagram
This can be the most important check. The water authority will issue a sewer diagram. I opened a contract for a house on a large block this week only to see it had no connection to the sewer.  This may seem odd but it was an older property and was built before sewer was available to this location.
To connect the property to the sewer may be very costly. The connection point can also indicate the fall of the land as the sewer connection will always be at the lowest point. Depending on your development plans, you may need to extend the sewer line a considerable way and this will impact on costs. Also, look out for sewer junctions and manholes which will add complication to a development site.
I assessed a property that looked like an awesome development site; it had a good house facing one street on a large block with a second street frontage. There was room to build a duplex facing the other street. But after seeing the sewer diagram I just laughed, there were three sewer lines all connecting to one junction in the back yard.  You couldn’t build over that.  Or even if you could, the amount of piering around the sewer lines required would add crazy costs to the project.
So that’s my five main areas I look at in a sales contract, it only takes a few minutes but I can tell in a flash if the site is worth pursuing or not.

<hr>
Jo Chivers is director of <a title="Property Bloom" href="https://www.propertybloom.com.au/" rel="nofollow" target="_blank" style="font-size: 14px;">Property Bloom</a>, which manages property development.
 
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Contract of sale - five vital checks to see if your development plans are worth pursuing: Jo Chivers

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A few weeks ago we completed a dual occupancy project for our client. It was a typical corner block development where we built two freestanding, three bedroom, single story villas and a two lot Torrens title subdivision (pictured below). Our very studious client chose to sell one and keep one as after completing a law degree, she decided she’d like to start a degree in medicine (bless her).  So she asked Property Bloom to help her appoint a selling agent and assist in the process of sale.
<img src="/images/stories/2013/10/17/chivers-oct-17-one.jpg" width="470" height="231" alt="chivers-oct-17-one">
The villa she kept was leased quickly. I’ve calculated she took about a 15% discount in rent than she would have achieved about 18 months ago (before the ‘mining slowdown’). Not too bad really.
For the villa she was selling, the first thing we did was get three sales appraisals.  Not surprisingly, they were all a little pessimistic (due to the ‘mining slowdown’) but one agent was more optimistic and open to achieving the valuation figure than others.  Next we managed the styling of the villa to present it in its best way.  I’m a strong believer in styling or staging when selling.
Within one week of listing she had an offer very close to the asking price which was higher than the independent valuation. I was very pleased and it made me reflect on reports that the Hunter Region was now at the mercy of what everyone seems to be referring to as the 'mining slow down'.
Terry Ryder <a href="https://www.propertyobserver.com.au/news/do-your-research-newcastle-is-still-a-great-place-to-investterryryder/2013101465694?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=copyofhotspotting'sterryryder" target="_blank">most eloquently addressed</a> this week a question from an investor asking about what to do given the ‘end of the mining boom?’
The end of the mining boom?  Property Bloom has worked in the Hunter Region for over 10 years and I love to research the local economics closely.  What I’ve found recently is interesting.  I’ve heard comments bantered about: "we’re headed for recession”, “there’s no jobs”, “the mining boom is over” and the most bizarre: “China’s stopped growing!” 
In the meantime, every time I drive to Muswellbrook, I am seeing nonstop coal trains heading for Newcastle Port. Someone is digging this stuff out of the ground and loading it on the trains.
What the Hunter Region is doing is adjusting to the ‘new normal’.  
We’ve seen over the past few years a response to the large increase in commodity prices and the terms of trade, and investment and employment in the resource sector grow strongly. This placed upward pressure on prices and wages. Wages rose more rapidly in the mining industry than in the rest of the economy since the beginning of the terms of trade boom.
All of a sudden, young trade apprentices were being lured to the mines by outrageous pay; this was key in facilitating the reallocation of labour between sectors.  The mining industry could afford to pay the higher wage rate and so draw labour away from other sectors.
This saw builders and other industries that utilised tradies suffering the loss of labour.
Now the mines have moved from the more labour intensive expansion phase where we saw a vast investment in transport infrastructure, such as the soon?to?be?completed Hunter Expressway and the upgrading of the rail links for coal, and considerable private investment in community infrastructure such as shopping centres and also in the expansion of some mines.
Now that phase is coming to an end, we move to the less labour intensive supply phase. I hear that the other sectors, mainly construction are enjoying a choice of highly skilled labour (thanks to the training in the mines) which may mean these other sectors now have capacity to increase production.
So I think there is a redistribution of labour going on, rather than a drain on the region. Whilst some mining employees will move away to other mining locations, others will stay and find new employment (or go back to their old jobs). Their new jobs may not be paying the high rates as the mines had in the past and so the property rental market must adjust, tenants can no longer pay the ever increasing high rents investors were happily achieving over the past few years.
The region is effectively experiencing the downside of the preceding exceptional upturn. The purchasers of our villa are first home buyers who are happy to get the $15,000 NSW First Home Owners Grant as they are buying a new dwelling, and both are working in good, local jobs that are not in the mining industry.
In reality what we are seeing is less growth than we’ve had over the past few years, but still growth.
And investors are also adjusting their expectations. But you know what? The yields being achieved now are still higher than they were before the mining boom, plus there has been some good capital growth so what’s the big deal?  We all need to adjust to the 'new normal' and put things into perspective. Simon Deeming, director of Research of the Hunter Valley Research Foundation, coined the phrase ‘new normal’ in the <a href="https://hvrf.com.au/images/HVRF_Publications/UHEI_June2013.pdf" target="_blank">Upper Hunter Region Economic Indicators, June quarter 2013</a>.
As my friends from the <a href="https://hvrf.com.au/download-publications" target="_blank">Hunter Valley Research Foundation</a> so well summarise below:
“The economic outlook for the Upper Hunter requires perspective. Relative to the construction phase of the coal industry’s expansion, the prevailing period and the short term outlook, feels profoundly soft, as the stimulus for suppliers and construction employment wanes. The passing of the construction phase is being overlaid with the cost efficiency drive...The Region is effectively experiencing the downside of the preceding exceptional upturn and the indirect benefits for other sectors are now being felt as losses. In line with this transition, business expectations for the Region’s economic outlook over the next three and 12 months remain pessimistic. However, relative to business activity prior to the boom, this perspective seems exaggerated.
“The Hunter Region is emerging from this cycle with a larger productive capital base in the mining, trade and accommodation sectors, a more highly-skilled workforce, which is increasingly cost-sensitive, and a larger employment and population base from which to progress. In the meantime, a period of adjustment remains before the ‘new normal’ becomes established. Assuming this rationalisation is modest, the economy will emerge larger than pre-boom, albeit that this base, the ‘new normal’, is yet to be found.”  
Here’s to the new normal, a strong emerging economy and to my studious client for such a quick sale on her villa. Now all she needs to think about are her medical studies.
 
<hr>
 Jo Chivers is director of <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.propertybloom.com.au/" title="Property Bloom">Property Bloom</a>, which manages property development.
 
 
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The next phase of the mining boom, Hunter Region adapts to the new normal: Jo Chivers

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Property developing can throw many different challenges at you and one thing I have learnt after managing over 60 developments is that there is always a solution to a problem. The trick is to understand what possible issues could arise and preparing yourself for them.
You see, the development process is not an exact science because every development site is different.  So the construction costs will rarely, if ever, be the same from project to project, even if you are using the same plans.
Some sites will need more retaining than others based on the fall of the land, others may need more concrete due to the length of the site and then there are the projects that have things lurking below the surface that could never have been imagined.  We once uncovered an old asbestos shed that had been buried many years ago. This did not come up on our geo technical report and had to be removed as contaminated rather than normal waste.
Sometimes if you develop in the same areas, you can work out after a few developments, what is likely to happen.  You may be able to base your estimates on say the soil type as you’ve developed in that same estate.  This can mean similar slab piering will be required as an example. You understand what council is likely to approve and the fees and charges. That’s what experience brings to the table.
But sometimes things don’t 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 the allowance 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.
When designing our villa plans, 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.  
<img alt="chivers-oct-3-one" height="263" width="470" src="/images/stories/2013/10/03/chivers-oct-3-one.jpg">
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 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.
 
<hr>
 Jo Chivers is director of <a title="Property Bloom" href="https://www.propertybloom.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">Property Bloom</a>, which manages property development.
 
 
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Determining your construction costs at the outset of your development: Jo Chivers

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This week I’ve been renovating, not for a client but my office.  It really needed a clean out and freshen up. Lots of files – the old kind filled with paper – have been archived and I had our painter come in and in one day the office was transformed. As part of the process, I purchased some new furniture - a sofa and storage cabinet from IKEA.
I had already been pre-warned by my husband not to buy IKEA as he wouldn’t help putting it together. Alas, the project manager came out in me and after I fell in love with one of their sofas and I thought I’d just hire someone to do it.  I knew the frustration is just not worth the effort. Or is it?
<img src="/images/stories/2013/09/27/jo-chivers-sept-27-chair.jpg" width="470" height="288" alt="jo-chivers-sept-27-chair">
Have you heard of the phenomenon called the ‘IKEA effect’?
It’s when you put your own blood, sweat and tears into assembling something, but once completed you sit back and admire your work, taking pleasure in knowing you helped create it. Most importantly, you then put a higher value on that product than if you walked into a shop and purchased it off the shelf. This is what researches have dubbed the ‘IKEA effect’.
Research conducted by Daniel Mochon, of Yale University, and Dan Ariely, of Duke University showed that the increased value is not just about effort, but about completion.  An experiment had subjects given a task of building an IKEA box. Researchers then implemented prices on the objects built with the intention of observing if the test subjects were willing to pay more for the boxes they built themselves as opposed to those already built.
When subjects had to build-then-disassemble the box due to error or didn’t finish the project they received no such value benefit.
It’s important to know that the boxes being built in the tests were fairly straight forward, but what would happen in more complex situations?  Would someone even try and attempt assembling an item if they thought it was going to be too hard?
This got me thinking about property development.  A lot of people believe developing is hard as there is a perception of risk associated with the word ‘developing’.  What Property Bloom does as property development project managers is to remove a little of the perceived risk by offsetting it with our knowledge and experience.
Client satisfaction is a benefit of our service as our clients have the opportunity to be involved in their development project but not to the extent that it would overwhelm them. Clients decide on the site purchase (after our feasibility is presented to them), they decide whether they want any changes to the floor plan (after we design the optimal plan to work on their site), they may choose a colour scheme for their project and then we manage all the fine details; that can at times be as frustrating as putting together a lounge from IKEA.
At the end of the project, our clients can sit back and know that they have developed this piece of land and they have created value and a solid investment.
During our project management process, clients receive a weekly update report with photos showing them the progress made that week on their development and the milestones met and the ones coming up.  So whilst they may not be able to visit their site weekly, we do and bring it to life for them in a document that can be kept and referred back to when they may go on to complete their next project themselves.
Their level of involvement also gives ownership in the project but it’s really the fact they have taken action and that they are moving closer to meeting their investment goals even if they took the easy way and hired a project manager to save them some frustration, much like I hired a man to assemble our furniture.
Our clients are a bit like me who is now enjoying sitting on that sofa lounge but all I had to do was to choose the colour, pay for it, arrange delivery then I paid someone to assemble it for me. I knew it could be done faster this way than me trying to work out what to do.
 
<hr>
 Jo Chivers is director of <a style="font-size: 14px;" title="Property Bloom" href="https://www.propertybloom.com.au/" target="_blank" rel="nofollow">Property Bloom</a>, which manages property development.
 
 
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"The IKEA effect"; building something of your own brings enormous satisfaction: Jo Chivers

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A dual occ is a dual occ right? 
Well yes, but there are quite a few different ways to create a dual occupancy (dual occ) development.
Firstly, the definition of a dual occ is simply two dwellings on one allotment of land.
The dwellings may be houses that are attached or semi-attached. One house may be old or existing and you build a new dwelling, or you may move an older house onto land with a house on it already. Even adding a granny flat is determined as a dual occupancy.  Or you may buy land where you build new dwellings.
A dual occ may consist of single or double story homes. The new dwellings may be houses, townhouses, villas or townhouses.  They may be attached or detached. If attached, the dwellings make up part of a duplex.  If detached, they will be known as freestanding.
At Property Bloom, we have developed so many dual occs that I’ve lost count.  For our projects we look for three different types of development sites and they fall into three categories:
<ol>
<li>Corner sites. We usually build single story freestanding villas or houses on a corner site with each dwelling facing a different street.</li>
<li>Standard sites. We look for a minimum width of 20m and may build one freestanding villa behind the other.  Usually accessed by a common driveway known as a ‘battleaxe’ handle.  Or we will build a duplex – two attached villas which may face the street or the duplex may run length ways along the site.</li>
<li>Dual streets frontage sites.  Freestanding villas can be built, one facing each street, depending on the size of the site, we may also build a duplex if there is limited area to work with. </li>
</ol>
Below are photos of some different dual occupancy projects build on different sites.
Corner site dual occ with two freestanding villas each faces a different street:
 <img src="/images/stories/2013/09/20/chivers-sept-20-one.jpg" width="470" height="210" alt="chivers-sept-20-one">
<hr>
Dual occ with freestanding villas and a common driveway:
 <img src="/images/stories/2013/09/19/chivers-sept-19-two.jpg" width="470" height="208" alt="chivers-sept-19-two">
<hr>
Attached villas as part of a duplex on corner site: <img src="/images/stories/2013/09/19/chivers-sept-19-four.jpg" width="470" height="215" alt="chivers-sept-19-four"><hr>
Standard site with attached villas as part of a duplex: <img src="/images/stories/2013/09/19/chivers-sept-19-one.jpg" width="470" height="215" alt="chivers-sept-19-four"><hr>
Dual street site with existing house and plan shows the new dwelling:
 <img src="/images/stories/2013/09/19/chivers-sept-19-five.jpg" width="470" height="236" alt="chivers-sept-19-five">
 
<hr>
 Jo Chivers is director of <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.propertybloom.com.au/" title="Property Bloom">Property Bloom</a>, which manages property development.
 
 
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Different sites for different types of dual occupancy projects: Jo Chivers

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This week Property Bloom finished a fabulous little renovation.  It was an ugly house where we removed a few internal walls, opened the living spaces and created another bedroom.  We added a nice timber deck entrance and we’ve worked hard to keep costs down using a kitchen from Bunnings (that looks gorgeous), recycling the original bath and laundry tub, tiling around the terrible 70s fireplace, paving an unappealing outdoor space to make it more usable and polishing the beautiful floorboards we discovered under the old carpet.
This renovation was all about pushing the yield of the property although we’ve defiantly added a bit of value along the way.  You see this property was purchased specifically because of its attributes for adding another dwelling; not for the existing house’s appeal.   The house is on a nice flat corner block with plenty of room to add a garden villa.
The property cost just $209,000, we spent about $30,000 on the renovation and it will now rent for $295 per week, but the real value will be in the second dwelling we add. For a cost of about $105,000 we will build a two bedroom villa and it should rent for around $280 per week. So the combined rent will be $575 per week and the cost of the property, renovation and building new dwelling is around $350,000. This gives a gross yield of 8.5%.
At the same time, we’ve been running some numbers on a much larger renovation project.
We have a client who asked us to manage a ‘renovate and sell’ project.  Normally, we’d be looking to add value through renovating and adding more new dwellings and subdivision. In this case, the brief was to find a good house that we can simply add value through renovation. Our client wants to sell immediately to make a gain.
My initial thoughts were that this strategy is risky.  Risky because we’ll only be adding value to an existing property. It can only work if the property cycle is in the right stage.
After some reflecting and discussion with my team, we needed to determine if we were in deed at that ‘right’ stage or not.  Our client also needed to do his own due diligence on this.
The reason Property Bloom does not normally manage pure house renovations is because in my opinion, this development strategy relies on the market moving upwards. It also needs some very keen negotiations to buy as low as possible, so you can’t be buying in a ‘hot’ market. The trick is to pick the market so that you can buy well, renovate and ride the upswing as you sell.
Also, some very well planned renovations are required. The latter we can manage, but the direction a property market is moving in, especially in the early stages, really comes down to an educated punt.
Now that the long awaited election is out of the way, the government is fresh, I have a feeling 2014 is going to be a great year for property investors. I feel we’ll see some strong demand to buy because interest rates are low, sentiment is high and there is pent up savings that we’ve made during the GFC that might be burning a hole in our pocket.  Property yields have been performing well and really, why wouldn’t you invest in property right now?
For this large renovation, we’ve found a wonderful federation style house with beautiful features. The location is second to none in this large regional town. We’ve identified that a second bathroom can be added, a new kitchen with some great features such as stone benches, decent brand appliances and ceiling high cupboards (as we are working in the upper end of the market on this one) will be required and a fabulous facelift to the property. Special preparation and painting with some very well thought out designer paint colours inside and out, not just a quick coat of paint, is needed. It’s said that higher priced properties generally combine three or more colours on the exterior. This will give us the ‘wow factor’ from the street.
This renovation strategy is all about attracting an owner occupier buyer hopefully with high emotions. For this renovation and sell development strategy to work, I think it will come down to a combination of buying well, in the best location possible, savvy renovations and an emotional buyer to make our client some good profit. Stay tuned and we’ll let you know how it pans out.


<hr>
Jo Chivers is director of <a title="Property Bloom" href="https://www.propertybloom.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">Property Bloom</a>, which manages property development.
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Is it the right time of the cycle to renovate and profit? Jo Chivers

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Last week it was confirmed, beyond my belief, why the Hunter Valley in NSW is such a wonderful place. And it has nothing to do with developing property, but rather about enjoying it.
I had decided to stay the night in the Hunter Valley instead of driving up and back to Sydney in a day.  It’s a three hour drive from Sydney to Muswellbrook or a two hour drive to Cessnock or Maitland.
Normally, once a week as part of my business day I would pack up my lunch in an esky, leave Sydney around 6am, to arrive at our building sites in Muswellbrook, Maitland and Cessnock for a long day of development site inspections.  During these inspections I may meet with the builder’s site manager and check all milestones have been met for the week and see what was coming up for the following week. All of this along with photos is written up in a report to our clients.
Property Bloom is currently project managing many developments across the Hunter Valley, but not all of our projects are under construction. Typically, my day would be spent inspecting a mix of dual occupancies, three villa projects, house renovations and granny flat developments. I’d also inspect any potential development sites; meet with land developers or agents and my builders.  I’d get home pretty tired and hopefully to a nice dinner prepared by my hubby.
This time, I decided I’d spend the night in the Hunter to ensure I had time for a few extra site inspections and scheduled meetings. And was I glad I did.
Whilst the Hunter Valley offers nice big five star resorts and hotels, I wanted to chill out in a more relaxed bed &amp; breakfast type setting.  I found a gorgeous little cottage called Little Orchard at the Tallavera Grove winery estate, home to the famous <a href="https://www.bistromolines.com.au/" target="_blank">Molines Bistro</a>.  
<img width="470" height="262" alt="chivers-spet-5-five" src="/images/stories/2013/09/05/chivers-spet-5-five.jpg">
The owners Sally and Chef Robert Moline are quite famous and have won many awards for their French cuisine. I’d taken my team to lunch there and was blown away by the wonderful food and scenery.
As I pulled up, just as the sun was setting, I was rewarded with a breathtaking view from the crest of a hill, down to a valley brimming with century old vines and rolling, green hills dotted with cattle crazing.  Wow, it really made me smile and relax.
<img width="470" height="269" alt="chivers-spet-5-one" src="/images/stories/2013/09/05/chivers-spet-5-one.jpg">
I settled into this lovely two bedroom, two bathroom cottage with its adorable eat in kitchen and fabulous little 1950’s dining setting and started to explore.  A warm, welcoming fire was crackling in the wood fire combustion heater and I sat in front of it with a glass of nice wine poured from a bottle given to me upon arrival. There was some beautiful artwork to explore and lots of books and music to entertain me. 
A basket of farm produce lay on the kitchen table for my breakfast in the morning; stewed rhubarb and homemade goat’s yoghurt, eggs, prosciutto, organic button mushrooms, chocolate croissants and a massive French bread stick!  I’d purchased a few not so exotic items to cook myself for dinner, not worrying too much knowing the gourmet breakfast ingredients waiting.
<img width="470" height="251" alt="chivers-spet-5-four" src="/images/stories/2013/09/05/chivers-spet-5-four.jpg">
After a refreshing night’s sleep, I woke early and walked down into the valley with my camera and took a few photos of the fog slowly rising over the valley. It was truly a spectacular sight.
After my breakfast, it was time to hit the road again.  The small amount of time I’d spent in this country retreat (with no kids!) felt equivalent to a few days away.  I stopped in at Molines Bistro for a coffee that would sustain me for the morning.
<img width="470" height="254" alt="chivers-spet-5-two" src="/images/stories/2013/09/05/chivers-spet-5-two.jpg">
As I drove from one development to the next, I mused at how lucky I was to work in such a beautiful part of the world, yet how little time I’d spent over the years actually enjoying the location.
What’s the old saying?  Stop and smell the roses. That’s what I did last week; I smelt the sweet scent of the wonderful Hunter Valley and all that it has to offer from a tourist’s perspective instead of a developer’s perspective.
<img width="470" height="245" alt="chivers-spet-5-three" src="/images/stories/2013/09/05/chivers-spet-5-three.jpg">
<hr>
Jo Chivers is director of <a style="font-size: 14px;" title="Property Bloom" href="https://www.propertybloom.com.au/" target="_blank" rel="nofollow">Property Bloom</a>, which manages property development.
 
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The benefits of developing in the Hunter Valley: Jo Chivers

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You’ve got to the stage of receiving your development application and construction certificate consents and you construction finance is in place.  You are ready to start building.  So just how long does the construction phase of your development take?
It’s an important question as you are now down to the pointy end of your development; it may have already taken you six or even twelve months to get to this stage.  You are very keen to start reaping some rewards for all your hard work.  Soon your investment will be earning an income from either rent return or sales proceeds.
How much longer do you need to wait for these rewards?  I guess this is like asking, how long is a piece of string?  Because the answer will depend on many factors such as:
<ul>
<li>
The number of dwellings you are building – single house or multi unit development?
</li>
<li>
The type of construction process; slab and brick, timber floor and walls, prefabricated or partially prefabricated materials used.
</li>
<li>
The size and degree of difficulty of the structure.
</li>
<li>
The weather, how many rainy days will there be?  The site condition, will it be too muddy to work on after small amounts of rain?
</li>
<li>
Material and contractor availability.
</li>
<li>
The builder’s ability to manage his contractors – his relationship with his trades and communication skills.
</li>
<li>
The knowledge and experience of those managing the project.
</li>
<li>
And any issues that may arise during the development process, i.e. hitting rock when excavating and dealing with council inspections.
</li>
</ul>
Generally speaking, the build phases on Property Bloom projects range from a dual occupancy project being completed within four months to a four villa project being completed in six months.
It’s important to have a good idea of how long your builder has taken on other, similar projects.  I have found that it will come back to how organised they are with their ordering and planning systems and their site managers.
Property Bloom currently has construction under two builders and being able to compare them is interesting.  We found some DA approved sites for our clients that were owned by a large builder and so as part of the contract, we had to use this builder.  It’s our first time using this builder.  So one builder is a big national and internationally owned company and the other is our usual local Hunter Region builder. I won’t say too much, but I know why we continue to use our local builder!
<a target="_blank" href="https://www.propertyobserver.com.au/developments/it-s-important-to-have-a-strong-relationship-with-your-builder-jo-chivers/2013040460168">It’s important to have a good working relationship with your builder</a> to ensure the construction phase flows smoothly. Understanding their internal processes will help you also plan how long the completion of your development.
<hr>
Jo Chivers is director of <a title="Property Bloom" href="https://www.propertybloom.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">Property Bloom</a>, which manages property development.
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How long should the construction phase of your development take? Jo Chivers

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[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

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