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So you’ve decided it’s time to embark on a property development. Great stuff – you’ve made the first of many, many, many decisions for your exciting development journey.
So here are some more decisions to make.  The very first question you’ll need to answer is, ‘what is your development strategy?’
It’s a good question that only you can answer but it also leads straight into a whole list of more crucial questions:
1  Budget – cash available and how much can you finance?
2  Risk profile – do you have a low or high tolerance for risk?
3  Time – how much time do you have available to run your development?
4  Knowledge – do you understand the different development processes?
5  Skills – project management, negotiation, communication, patience 
Once you have answers to the above, you can then work out your development strategy.
Your strategy may include:
<ul>
<li>Land Subdivision</li>
<li>Renovate and add value to an existing dwelling</li>
<li>Dual occupancy or low density development</li>
<li>Renovate an existing dwelling and also build new dwellings on the land</li>
<li>Medium density development</li>
</ul>
The development strategies above will all have a different impact on your crucial questions.
Let’s start with Budget. If you are on a low budget then you may choose a house renovation. For this strategy you’ll need to have lots of question 3 as house renovations can be very time consuming.
If your budget is higher, then you may choose a low or medium density project. This choice of strategy will mean you’ll need a high tolerance for number 2 and lots of number 5.
Whichever development strategy you choose; you will need some help. Now it’s time to put together your team.
Who do I need on my Development Team?
<ul>
<li>Property Specialist Accountant &amp; Solicitor</li>
<li>Finance Broker or personal banker</li>
<li>Surveyor</li>
<li>Architect/draftsperson</li>
<li>Builder and other tradesmen; plumber, electrician, carpenter, landscaper</li>
<li>Consultants such as an engineer and private certifier</li>
<li>Quantity Surveyor</li>
</ul>
And if you are short on crucial question number 5:
<ul>
<li>Development Project Manager who will guide you through the entire process</li>
</ul>
Congratulations, you have now answered the crucial questions, decided on a development strategy and built your development team. The next step is to find your development site; you’ll find this raises a whole new series of questions. Have fun!
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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5 crucial questions to answer before starting your development: Jo Chivers

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After we find a development site for our client, one of the most important processes is to negotiate not only the purchase price, but the terms of the purchase.
Terms are the conditions you want to use when purchasing the property - and using terms can help put you in a powerful negotiating position.
As a property developer, one of the first terms we always negotiate is an extended settlement. Property Bloom wants to ‘buy’ as much time as possible to get as much done before our client settles on the land. Once settlement takes place holding costs come into play in the way of interest payments on their loan. 
We will often achieve a twelve week settlement and permission from the vendor to lodge a DA during the settlement period.  So after exchange, we swing into action and order a contour survey, within a few days this is with our builder and they are working on plans and the Development Application (DA) preparation. We can have a DA lodged with council within a few weeks of exchange and then we manage council as best we can to try and have the DA Consent before or as our client is settling on the land.
Another key term is a low deposit, for the very same reason as a long settlement, to minimize holding costs.  Most sales contracts will ask for a ten percent deposit, we have been able to achieve a five thousand or even a one thousand dollar deposit.
 A quick calculation based on purchasing a development site say at $250,000 and paying a ten percent deposit or $25,000 will cost $146 a month in interest over a three month settlement period based on 5.5% interest rate. Yet a $1,000 deposit over the same period and interest rate will cost just $4.58 a month so we can save about $424 over the settlement period – every little bit helps. You can also save on stamp duty if you apply for the NSW Government New Home Grant which offers a $5,000 to offset stamp duty if buying land to build on or a brand new or off the plan property, check it out:  <a href="https://www.osr.nsw.gov.au/grants/nhg/about">https://www.osr.nsw.gov.au/grants/nhg/about</a>
Another term Property Bloom usually throws into the negotiation process is to waive the Cooling Off period. When you buy a residential property in NSW, there is a 5 business-day cooling-off period after you exchange contracts. During this period, you may get out of the contract as long as you give a written notice. A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
However, you can waive the cooling-off period by giving the vendor a ‘66W certificate’. This is a certificate that meets the requirements of section 66W of the Conveyancing Act 1919. The certificate needs to be signed by your solicitor or conveyancer. It is also possible to reduce or extend the cooling-off period by written agreement with the vendor. 
By the time our client is ready to exchange, we have done all our checks and research and our client has an unconditional loan approval, so there is really is no reason to ‘cool off’ as our client has committed to the project weeks before. To waive the cooling off period adds weight to your offer and gives the vendor piece of mind that there won’t be a last minute change of heart.
We will always make offers subject to pest and building inspections (if there is a house on the land) and to conditional loan approval (which our clients have up to a level even before we make an offer).
Another term we may use is to release the deposit to the vendor once exchange has taken place. We usually save this one as a final tool to leverage the sale depending on the vendor’s situation. We will gauge this from the selling agent.
You can also offer the vendor two or three different purchase prices at the same time - each with different terms.  We may offer a higher price but with a longer settlement period and ask for access to the property during the settlement period to start renovations.  We’ll include a lower offer but with a fast settlement – as long as we are sure that our client does have fast access to finance. This gives the vendor options or choices which empowers them. 
The vendor may not quite be ready to move out of their home so you can offer them a rent free period or reduced market rent to sweeten the deal.
Maybe there is a lot of rubbish lying around the property and if your plan is to renovate or demolish the house, you can tell them that you’ll remove the rubbish at your cost, anything like this that makes their life easier and the sale process quicker will help you so be creative and think about how you can meet the needs of the vendor.
After the offer is accepted then you can also negotiate on the terms in the Contract of Sale. Many of the terms in the sales contract will be standard, which means that they’ve been in use for a long time and are fair to both seller and buyer. Your solicitor will check the clauses of the contract to make sure they do suit you and if not, they will ask for changes to be made.
In order to cut the best deal on your property purchase, be creative with your terms and if you show sympathy to the vendor then this may give you the edge over other buyers.  
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Turn up the terms: Jo Chivers

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Whilst there has been so much commentary this week on the Federal Budget, I thought we could talk about a different type of Budget - one that’s just as important to property developers as the Budget is to the politicians.
Budgeting well for your building or construction works is crucial to the success (or not) of your development. 
Property developing can throw many different challenges at you but 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. This comes with experience but sometimes things don’t always go to plan and as a project manager it’s our responsibility to make sure a development is completed as efficiently as possible.
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 and a fixed price builder’s contract issued. 
When architecturally designing our villas, we follow this process:
<ol>
<li>Once the site has been secured, a Concept and Yield Plan is designed – this shows the number of units we can get onto a site and the size of each, but not much more detail.</li>
<li>After we are happy with the Concept Plan and we’ve received a Detailed Contour Survey and Geotech Report, then we progress to the more detailed Development Application (DA) plans. These include enough information to satisfy council requirements.</li>
<li>When the DA Consent is received, we finalise Construction Certificate (CC) plans – these include more detail, including engineering detail for the stormwater drainage and slab design.</li>
</ol>
Before a Concept Plan is available, the starting point in assessing the development potential is our construction estimate.  This is based on similar projects that we have recently completed and includes any allowances for differences in the sites.
The builder is asked to run their first quote based on the Concept Plan.  This is still a ‘loose’ estimate as there is not enough detail on the Concept Plan for the builder to give a finite cost.  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 units 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.  Using the information received on the Contour Survey and soil test results, there is much more detail added to the plans.  Our builder will then price the DA plans and we will review the costs against our initial estimates and make sure they are within our range for the project to be successful. At this stage we still do not have the 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 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. Then once approved, we need to review the Conditions of the DA Consent before we have more detail to finalise the build costs.
Next we move to preparation of the CC plans.  Engineers will be briefed and a stormwater 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 the 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 budget 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 arise along the way. 
As a developer, you will embark on a challenging journey from start to finish and the development budget is a very important part of your work. If you don’t have experience, then consider using the help of an experienced project manager to guide you along the way.
And always take the time to have builder’s estimates updated at each stage of your development planning process to avoid any nasty surprises. 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Building a better Budget: Jo Chivers

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I’m not sure if you are into New Age stuff, but in my experience it works. I’ve read a few books and I think most of us has seen the movie “The Secret” a few years ago which really bought it all into the mainstream.
The Law of Attraction is a belief based on the concept that ‘like attracts like’ and that focussing on positive thoughts you will attract positive outcomes. Negative thoughts will do the same, attract negative outcomes. 
Whilst property developing is mostly all about numbers, if you don’t have the right mindset then you may find it hard to succeed. This goes for most things in life really.
I’ll tell you a little story. It’s been about 15 years since I started my business. Looking back, it was pretty crazy times. Not only did I transition from a career in marketing cosmetics to developing property, I also educated myself financially and bought a hand full of investment properties and had my first son all in the space of about a year.
I’ll always remember when I started Property Bloom as it was the year I also started a family. After discovering I was pregnant, I suddenly decided that we (my then husband and I) needed to build up our wealth in preparation for our retirements, still a way away but this must have been how my “nesting instinct” played out. When you are pregnant the increase in adrenaline in your system, alongside hormones and emotions makes mother’s-to-be very productive.
Rather than buying baby things, I started buying properties. Instead of cleaning out the cupboards, I sat in lecture theatres being inspired by all the strategies you can use to build wealth through property.
In the process of setting up our portfolio of investment properties, I realised just how much I loved property. I wanted to create a business where I could still do what I loved and have the flexibility to look after my little baby. After developing property for myself, a couple of friends asked me to project manager theirs and so that’s how Property Bloom came about. My little baby is turning 15 soon and so much has happened in this time.
The biggest, most challenging change for me came just two years ago when I became a single mum. Unfortunately, things didn’t work out for my marriage and after 19 years it was the biggest decision of my life to leave it. I had to weigh up many things and the most important being the kids. I have two beautiful sons and they are my priority. With the help of some good counselling and support of my awesome girlfriends, I made it through. The scariest thing was not fully knowing how I would manage financially.
But I needn’t have worried as during the last few years, I worked out how we can create and attract what we want. It’s all about having the right energy or mindset.
I was so unhappy I didn’t realise how much this sadness impacted on my daily life. I used exercise and keeping busy to cope but at the end of the day, I was finding it hard to keep a positive mindset. Then two massive life changing things happened. My elderly father died and then suddenly my younger mother-in-law died in the space of just a few months. These were the first deaths in my family and the harsh perspective they gave me was so powerful it literally kicked me into action.  Life was too short and I knew I had to make a massive change.
When I became happy after making that enormous and very tough decision, it was like the entire universe was on my side. My business was already doing well, possibly as I used it to focus on to get me through the tough times. But as a feeling of peace flowed through me, everything became brighter and it was easy to be positive.
I cherished the time I had with my boys and also the newly found time I had to myself when they were with their father. I’d never had much time to myself. Building a business and raising a family is time consuming and hard work. I used this precious time to recharge my energy levels, rebuild my self-esteem and focus on what I wanted.
In the meantime, my property development project management business that I love so much, was gaining momentum. Lots of clients were coming back to do a second and third project with us and new clients were attracted to the high level of service our boutique business offers. This meant I had no reason to feel financially worried despite taking out a massive mortgage on the family home so the kids and I could still stay there. Thank goodness for low interest rates!
After a while, I started thinking that the only thing missing was a partner to share my happy life with.
This is the fun bit. One New Year’s Eve, over a few glasses of champagne with my girlfriends, I wrote out a list of things I wanted in a new partner. This is much like writing out a list of goals. When you write them down, they become real and the more you go back and review them, the more energy and focus you are putting on them.
Almost a year to the day of writing that list, I met an amazing man. As we got to know each other, I was blown away that he was literally everything on my list, and more – no mean feat considering it was two pages long!
I’m ecstatically happy and very grateful, its amazing how awesome life is.
So how is your mindset right now? Make it positive and not negative, as remember like attracts like. Are there any changes (hopefully not as dramatic as mine) that you can make that will help you achieve your goals and have you written them down yet?  If something cannot be changed, you can still change your attitude about it. Get started on attracting what you want, perhaps it’s to get started on that development project you’ve always wanted to do.
Your mind is the most powerful tool you’ll ever need on a development site. 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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What’s the most important tool needed to develop property? Jo Chivers 

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Property developing can throw many different challenges at you and one thing I have learnt in this industry is there is always a solution to a problem.
 The trick is to understand what possible problems may arise and preparing yourself for them.  Unfortunately things don’t always go to plan and as a project manager it is up to us to make sure the development gets through as efficiently as possible.
One of the biggest areas for problems is not allowing enough for building works. 
When pricing a development and running feasibilities, it is important to understand that your building estimate is an organic creature. By this I mean the building estimate you start with will nearly always be different to the one you end with.  It will evolve throughout the process as you obtain more and more details.  Once you have all the fine details, the building estimate can be finalised to the fixed price builder’s contract. 
If architecturally designing our villas, we generally follow this process:
<ol>
<li>Concept plan – this will show the number and size of villas on the land, but not much detail</li>
<li>Development Application (DA) plans – enough information is included on the plans to satisfy  council</li>
<li>Construction Certificate (CC) plans –more detail, including engineer drainage and slab design</li>
</ol>
The starting point for our build estimate will be based on similar projects that we have recently completed and an allowance for the different site.
This progresses to an estimate based on the Concept Plan.  Still a very ‘loose’ estimate as there is usually not enough detail on the Concept Plan for the builder to have all information he needs.  The build estimate we have at this stage will tell us whether we are tracking within budget.  If not, we can make the necessary changes required, perhaps reducing the size of the villas working with both our builder and architect to design the right dwellings for our project to be successful.
Once the Concept Plan is approved, the architect will proceed to full DA plans.  It is here that much more detail is added and we will have our builder price the DA plans.  Again, this does not give us a final build cost but we will be getting closer to the expected outcome.  Once approved by our client, the DA plans are finalised and the DA is prepared.
During the DA process, council may request some changes to the plans, so it is important to understand we are still ‘evolving’ at this stage. We also need to review the Conditions of the DA Consent before we have more detail to finalise the build costs.
Once council have approved the DA, we will start to prepare the CC plans.  Engineers will be briefed and a drainage and engineered slab design or footings for the foundations will be produced. More detail is added to the CC plans, finalising levels and double checking schedules. 
Before we lodge the CC plans with our private certifier we will have our builder issue a third costing. It is this costing that will give us the final build costs...well almost.  We still need to have the CC approved and ensure there are no further revisions to the plans required.  
After we have the CC stamped plans, our builder will issue their final tender and building contract. This will be a fixed price contract; however, there may still be a few items that will be ‘provisional’. They are usually some site works, removal of fill and retaining walls.  The builder may mark these items as provisional as they won’t know until works proceed exactly what the cost is. For instance, if rock is hit during the site cut, this will increase the site costs. If the site cut differs slightly to the plans, this may impact on the height of retaining walls.  So these ‘provisional’ items will be charged at actual cost whether it is lower or higher. Our clients often enjoy credits on their provisional items as it’s always best to over allow than under.
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.  At Property Bloom we are happy to say that for many of our projects the end construction cost is lower than our original estimates. This is because our builder uses accurate allowances and because we’ve worked together for so long, we all understand what the cost is likely to be based on the typical, lower risk development sites we select for our clients.
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. 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Why construction costs evolve: Jo Chivers

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Today I met with two of my lovely clients to celebrate the completion of their dual occupancy project. Friends Karen and Katie decided to do a joint venture (JV) with the goal of each ending up with a villa after subdivision.
The ladies were not new to property, they both own their own homes and at times an investment property or two but as corporate business women were understandably time poor.  Their goal was to build their property portfolio and share the experience of their first development.  By working together, they would have each other to bounce off any worries and fears as well as celebrate the major milestones.
Their JV worked like a dream as they each brought a different skill set to the project with Karen being focussed on fine detail and Katie on big picture.
"The one thing we didn't want was the development project and JV to impact on our friendship" Katie explained. 
Karen found that it was easier and less stressful going into the JV and her first development project than it was buying her first pre-built investment property.  “Katie and I trusted each other implicitly and we trusted Property Bloom’s experience” Karen said, “and that trust was proven true.  Without exception Property Bloom took care of all the details, keeping everything on track”.
Karen and Katie’s project commenced in October 2014 and was completed within fourteen months.
The moment the land was secured Property Bloom began the DA approval process enabling the DA to be lodged before settlement on the land.  There is a lot of work involved in getting a DA prepared -  detailed survey, geotechnical report and engineering just to get the plans finalised before then organising the Statement of Environmental Effects, Basix report, Bushfire report and plans and external materials and colours to be approved by the land developer. 
But that was the easy part.  The bigger challenge was getting the actual approval from Council!
Now, admittedly, Christmas did fall whilst the DA was in council so that didn’t help but we were surprised after so many weeks of processing and with the DA approval just within in our grasp (or so we thought) that the town planner then demanded a change to the entire roof design.  This involved changes to the engineer's drainage plan as well so it was not a small change.  We were furious with the lack of consistency as a previous and very similar DA sailed through council without this change request.
Once we had the DA approval in our hands we handed over the Construction Certificate approval to our private certifier who is markedly faster than council. There was no further hold ups and construction commenced in July 2015.
By Christmas 2015, less than 6 months later, the project was completed!
The villas came up beautifully and were quickly leased at a good rent with the ladies enjoying close to a 7% gross yield and very pleased with the equity created.
But that wasn’t the end of it.  The final, and biggest decision of all was……. how to divide the villas? Who would end up with which one?
 The villas were almost identical in size but to keep them unique they had different floor plans, different front facades and internal finishes and slightly different private outdoor space sizes.  After some discussion and internal agonising, it was decided that a flip of a coin would determine the outcome.  Let fate decide!  So in a nail salon Katie and Karen stood watching as a stranger they'd asked, flipped a coin into the air.
The villas will be split by way of a Deed of Partition which is a great way for joint venture partners to work together and then end up with a property each. Talk to your solicitor about how this is managed as you must ensure the Deed is formed before the subdivision of the villas is registered.
“The best things we liked about this project were the ease with which it was executed and the stunning look of the finished villas which we could easily imagine living in ourselves”, said Karen.   “All the details were managed by Property Bloom.  “I was doing an extension on my home at the same time and the stress I went through in organising that project was divorce material…. almost.  In comparison, the development of our villas happened in the background, any stresses and concerns absorbed by Jo and her team.  And the best part is that my friendship with Katie has never been stronger, our trust in each other proven.”
 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Developing property and friendships: Jo Chivers

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We receive lots of calls from property investors wanting to talk to us about developing. 
During our initial chat we discuss their goals and achievements to date with property. Usually we find that most people have at least one investment property, some have several. Some have built a house before but most haven’t. Then we discuss what property developing is like as an experience to see if they think it may suit them.
Property developing is not for everyone and I’ve found that you need to be somewhat flexible, have an open mind and be fairly non-controlling and decisive.  Without going into a Carl Jung type personality and psychological analysis, it can be hard to determine if a person is ready to embark on a development. But having entrepreneurial traits will help as things won’t always go to plan.
A good starting point is to ask yourself these questions: 
<ul>
<li>Do I understand what needs to be done?</li>
<li>Can I do what’s got to be done?</li>
<li>Do I have the necessary skills, resources, time, and team support?</li>
<li>Can I handle risk?</li>
<li>Can I create real value?</li>
</ul>
Property Bloom has managed many property developments over the years and as we've progressed, we’ve continually refined our process – with every development comes a new learning and we use this experience to improve what we do.  By doing this we’ve been able to save time, money and reduce a lot of the risk. 
Here's an example. The other day we reviewing plans for one of our projects and focussed turned to  the roof. We came up with a great look using various gables to break up the roof line.
Generally speaking, the more detail in the roof design, the more interesting but also the more expensive. We worked out if we used a more simple hip roof, the saving on trusses and roofing materials was substantial. We looked at a design with the hip roof and decided the money was best saved. The saving could be used in other areas that would actually add value like ducted air conditioning for instance.
If you are embarking on a development, due diligence is key. Find areas where there’s good demand and growth indicators with good infrastructure investment taking place.  This can indicate planned growth for the area. Then closely track what’s happening in the locations – fundamental research is just as, if not more important as statistical research to us.
Project managing your development involves dynamic relationships between several different parties. Building established and trusted relationships takes time. Your builder will be one of the most important people on your team so ensure they are efficient and build to the highest of standards. You should work closely with them to ensure all is running to schedule.
So if you find you are not set up to develop property and need a helping hand, then consider engaging a project manager who can help mitigate risk by using their tested methods, understanding of the cities and their suburbs they develop in, that can source good development sites and have a team of people  ready to get your development off the ground. Perhaps with a positive development experience under your belt, you'll be ready to tackle the next on your own.
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Are you ready to be a property developer? Jo Chivers

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A fairly simple development strategy for a first time developer wanting to boost their property portfolio is a dual occupancy project; buying land where you can build two dwellings and subdividing. 
 The dwelling/villas may be attached or freestanding, either way you are basically halving the land cost for each and that is where the value lies.
Where Property Bloom develops, there is usually opportunity to create well over $150,000 in equity through a dual occ development, this is created within about twelve months and doesn't take into consideration the capital growth that also may occur during the development period.
The equity position of a project is determined when you take costs of the project away from the end value. However, be aware that you can't access the entire amount of equity created if you are refinancing on completion as the banks will most likely lend you around 80% of the value, leaving some equity in the project.
Timing your development can also boost the equity creation. If you are developing in an area experiencing good capital growth whilst your project is underway then you have timed your development well. Even if the market is flat, you can still manufacture some equity. Equity created is through the development and subdivision process because you are adding value to the land not with one dwelling but with two. By subdividing, you are halving the land cost for each dwelling. 
Here’s an example of a dual occupancy project we recently completed:
Land cost: $270,000
Stamp duty: $2,940
($5,000 NSW New Home Grant* applied so the government contributes $5,000 this off sets the stamp duty cost)
Legal fees: $1,500
Build cost, including plans, council fees &amp; charges, subdivision costs, for duplex; three bedroom, two bathroom villas:  $450,000
Total cost:  $724,440
Actual end valuations:  $920,000 or $460,000 per villa
Equity created:  $195,560 
Gross Yield 6.7% based on renting each villa at $480 per week. 
If you are borrowing at around 4% then the project may be cash flow positive for you. This is when the rent and depreciation benefits combined cover the costs of interest, insurance, council, water rates and management fees.
There are strong depreciation benefits too, expected depreciation $20,000 Year 1 (using the diminishing method)
* <a href="https://www.osr.nsw.gov.au/lib/doc/factsheets/ofs_nhg1.pdf" target="_blank">click here</a> for more.
Want to know how to do it? 
Of course I'd recommend using an experienced project manager to guide you through but you can have a go yourself - it will depend on the resources or skills you have available; time, experience, knowledge, contacts with a bit of patience thrown in. 
The steps involved in a dual occupancy development strategy are:
<ol>
<li>Finance preapproval. It’s important before you start looking at development sites or any property, that you have a preapproval from a lender in place.</li>
<li>Understand the council requirements for dual occupancies in this area. Study the council’s Local Environment Plan (LEP) and Development Control Plan (DCP).  This will let you know the size of land you’ll need for your dual occ and what is permissible.</li>
<li>Conduct due diligence on the area you want to develop in; understand the zoning for dual occupancies. Having correct zoning doesn't always mean you can carry out a dual occ. There may be covenants on the land preventing building more than one dwelling.</li>
<li>Search for land that meets a number of criteria; size – look at the frontage and know what the minimum width is for your dual occ. Look at the depth and size to ensure the land is large enough to meet the DCP including the minimum outdoor private space requirements. Check the aspect, north facing living areas are desirable and will make meeting the BASIX requirements much easier. Make sure there are services to the site; electricity, sewer, gas. Then ensure the land is relatively flat with a slight slope to the street unless there is a drainage easement at the back. </li>
<li>Check the Planning Certificate to see if the land is in a bushfire or flood zone.  You can still develop in these areas but it will add to your build costs. </li>
<li>Have your builder look at the site. This is very important as the builder will look at the land from a different perspective.</li>
<li>Run a feasibility to ensure the project will be viable. Find recent comparable sales references to base your end value estimates on. Talk to agents about the current rental market and what rent could be expected and calculate the projected yield on completion. Most importantly, you need to have a good understanding of the build costs. The build costs will evolve over the design and planning process. Your builder can give you an estimate once a concept plan is available, but as the full Development Application (DA) plans and documentation is available, the builder will then need to run a full tender. Cross check this against your original estimate. If it’s in line, lodge the DA if it’s not, go back to the design and look at areas where you can reduce costs. Once the plans are approved, the builder may update their tender if council asked for any changes. If not, then a final tender will be generated once the engineer’s plans for the Construction Certificate (CC) are available.</li>
<li>When securing the land, request a long settlement period with permission to lodge a DA from the vendor. You can get all the design work and perhaps even have the DA and CC approved before you settle on the land, this will reduce your holding costs.</li>
<li>Once you have the DA &amp; CC approvals, you can then go back to your lender to obtain your unconditional construction loan. As soon as this is in place, construction can commence.</li>
<li>The build phase for a dual occ should be around three to four month, depending on weather. You need to be on site each week to check the builder’s progress and put out any ‘fires’ that may arise as you are under construction. I've heard some stories of build times taking up to twelve months, so make sure you conduct due diligence on your builder before appointing them.</li>
<li>Once the building works are completed, an Occupation Certificate will be issued. You can now have your villas tenanted. Don’t forget to order a depreciation schedule to maximise your tax rebates.</li>
<li>You can now apply for the subdivision certificate and once council issues this, you can register the subdivision (after your lender has signed off on it).  There is no need to register immediately if you are planning to hold and not planning to refinance as you may find costs such as rates may be a little less if the villas are kept on one title.</li>
</ol>
I’ve summarised the process briefly, but it’s actually not that straight forward. You really do need the time to work on this development strategy closely as mistakes can be costly. If you're a first time developer, use an experienced property development project manager. Our clients enjoy the peace of mind that we've found the right location and development site for them and that their project is being managed efficiently, they also benefit from our long term relationship with our builder. All the fine details are reported to them in a written weekly report, so they are learning from the process but still have time for their own career and family. It's an easy option.
 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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Boost your portfolio using this development strategy: Jo Chivers

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As Property Bloom nears it's one hundredth development project, it occurred to me that we, as project managers and our clients as investors/developers, have been contributing to the diversity of main stream housing supply.
What I mean by this is that we build small dwellings - two or three bedroom villas that once subdivided end up on small, manageable lots. The majority of new housing stock is still four or five bedroom family homes.  
I read a document released by the NSW Government Planning and Environment  department about the importance of housing diversity. It mentions the changes occurring in the housing market which are driven by demographics, affordability and lifestyle trends. 
Families are having less children and some choosing not to have any at all, couples are working longer hours leaving less time for property and yard maintenance, there are more single person households than ever before,  first home buyers are looking for more affordable homes and we are living independently  longer and so older people are looking for low maintenance properties.  
Whilst the mainstream consumer is still after the large four to five bedroom homes, there is a definite need for smaller dwellings. In one of the locations we are developing in, there is strong demand by older buyers who want to down size but live close to their kids who have built their four bedroom dream home in this premium estate. There are so few smaller dwelling available that when one does become available there are several buyers vying for it.
So this is what we do, find these areas and meet the demand. There is a need to diversify the types of housing available in new release areas to ensure housing is affordable and meets the needs of all community members.
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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The importance of housing diversity: Jo Chivers

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Last week I was assisting a client with her dual occupancy construction finance. We have Development Application (DA) and Construction Certificate (CC) consents and the builder has issued their Building Contract. The bank now has all the documentation required to unconditionally approve her construction finance.
They had conditionally approved her loan a few weeks earlier after verifying income and assessing serviceability and all the other stuff they do after you sign a mountain of loan docs. The next step was for the bank to value the two dwellings and then they could finalise the construction loan.
Her bank did an "As if Complete" valuation. This is also known as a Tentative on Completion valuation. It's when the bank value the project before it's constructed but based on how they think it will be completed.  lf it's more than one dwelling - a dual occupancy or multi unit project - they look for a value of the property '"in one line". This means not subdivided. If the bank had to sell the dwellings all on the original title, what would they get for them?
The number one, massive, biggest, fattest, most frustrating issue with this type of valuation  is that there are generally NO sales references. Who in their right mind would sell in one line if given the choice of making far more profit by subdividing?
When there are no sales references in one line, it is up to the valuer to determine how they discount the end values if the dwellings were on their own title.  Valuers must take legal responsibility for their opinion. The valuer needs to cover themselves in the instance that the bank may need to fire sell the properties together on one title of land.
The process of subdivision after building works are complete, whilst not complicated, can take a number of months to get to the registration stage. Yet the builder's final payment is due on completion of construction.
The Australian Property Institute publish a very interesting document on valuation standards. It's 395 pages long. That's how complicated the valuation process can be.  It covers valuations for different purposes such as market, mortgage and loan security, rating and taxing, for compulsory acquisitions, for assessing rental value, for property plant and material, for insurance purposes and to use in financial reports. 
In this instance due to no direct sales the valuer will possibly use a gross realisation of the dwellings assuming they are subdivided and on separate titles and then deduct a profit and risk factor, holding and selling costs to arrive at their valuation figure. 
They may also take into consideration a capitalisation of the gross income and use an acceptable market capitalisation rate or cap rate. 
In my opinion, without actual sales references of properties sold in one line, the valuer will be super conservative in their calculations and hence, a low On Completion valuation may be received. This is one of the perils of construction finance and so a buffer of cash should be put aside in case the construction loan requires supplementing. 
Applying for and then finally receiving approval of, construction finance can be one of the most lengthy phases of a development project. It can take longer than obtaining the DA consent and in some cases, has taken longer than the construction phase itself!  So be careful to allow, not only enough extra funds, but also time for your construction finance.
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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The complicated process of valuation: 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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

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

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

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

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

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

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

The apartment price gap drawing Sydney buyers west

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

Jo Chivers

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