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

Joel Robinson

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

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

WM Residences fills gap in Mordialloc townhouse market

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

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

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

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

NAB funds $1 billion Surfers Paradise apartment development, Palmera

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

First look: Aqualand joins St Leonards apartment party

Roberts Co has entered a new phase of growth following its acquisition by Arada, one of the world’s fastest-growing property developers in Australia.

The acquisition is supported by a $50 million capital injection into Roberts Co’s Australian balance sheet, consisting of the previously announced $25 million recapitalisation and an additional $25 million in new funding from Arada.

This investment strengthens Roberts Co’s financial position, stabilises operations, and provides the foundation for strategic expansion beyond its New South Wales base, with a focus on new opportunities in Queensland, including the Brisbane and Gold Coast regions.

With Arada’s international resources and financial backing, Roberts Co will broaden its portfolio across residential, commercial, and infrastructure sectors, reinforcing its strong market position in New South Wales and setting itself to capture growth in one of Australia’s most dynamic construction markets.

Ahmed Alkhoshaibi, Group CEO of Arada, said Roberts Co has a proud Australian heritage, an outstanding delivery record, and a strong reputation for collaboration with clients and partners.

"By combining this expertise with Arada’s global scale and financial capacity, we are creating a platform for sustained growth in the Australian market,"&nbsp;Alkhoshaibi said.

“Our $50 million capital injection, including new funds from Arada, underlines our commitment to both stabilise and expand Roberts Co’s operations, particularly into the fast-growing Queensland market. We see significant potential in South-East Queensland’s pipeline and are confident Roberts Co is well placed to deliver lasting value for clients and communities.”

George Kostas, CEO of Roberts Co, said Queensland, and particularly South-East Queensland, is one of the most active and opportunity-rich regions in Australia right now.

"The lead-up to the Brisbane 2032 Olympic Games will bring unprecedented investment across housing, transport, and infrastructure. Roberts Co is eager to play a major role in that transformation and secure a meaningful share of this fast-growing market.”

Arada pours more funds into Roberts Co, flags expansion into South East Queensland construction market

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The Satterley Property Group has tripled its market share in Melbourne’s land market.
It is on track to sell 850 lots in the 2015 financial year.
Satterley, who launched three major land developments in Melbourne’s west and south-east last October, now command 8% of Melbourne’s total land sales.
They are closing in on their goal of attaining 10% of the Victorian land market, the expansion plans <a href="/news/vic/satterley-property-group-looking-to-nearly-triple-land-sales-with-two-new-estates">outlined in a earlier Property Observer article</a>.
The group is Australia’s largest privately owned developer headed in Victoria by general manager, Jack Hoffmann (pictured below) who said successful launches of<a href="https://satterley.com.au/point-cook/" target="_blank"> Upper Point Cook</a> (Point Cook, pictured above) and Habitat on Davis Creek (Tarneit) had underpinned the strong performance.
"Two-thirds of our buyers at Upper Point Cook are upgraders that live in neighbouring areas, with the remainder of buyers largely consisting of investors and first homebuyers.
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“The big selling point for local residents is you’re buying into a quality development, with a range of housing options and there’s the added bonus of access to the Princes Freeway via the future diamond interchange at Sneydes Road,” he said.
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Satterley's expansion includes the recent acquisition of an 1800-lot community on 127 hectares in Officer. 
<img src="/images/2015/03/19/sat%20mar%2019%20one.jpg" alt="">
Photo: Supplied. 
“Across Melbourne all of our developments are performing well,” said Hoffman.
“Upper Point Cook which consists of 2,000-lots is currently the second fastest selling development in Melbourne with our first neighbourhood at Upper Point Cook close to selling out six months ahead of schedule.”
Its launch of the second neighbourhood at Upper Point Cook will be 230 lots, in the Point Cook precinct which leads Melbourne as the most popular suburb for newly released land. 
“Each stage release at Upper Point Cook has had ‘campouts’ of prospective buyers wanting to ensure they don’t miss out on their chance and at the project’s launch we had up to 30 buyers camping overnight to ensure they didn’t miss out on the first land released,” he said.
Satterley’s Melbourne portfolio kick off with an urban infill project at the old Kodak factory site in Coburg North in 2011. 
The project is nearing completion, with around 80 townhouses remaining.
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jchancellor-FAypfDUnLy

No photo finish required as Satterley secures its expanded Victorian land offerings

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<div class="WordSection1">
GUEST OBSERVATION
One of the most important decisions you may make as a parent is where to send your child to school. You can spend hours researching schools, studying what they offer, their reputation, yearly VCE results and overall school ranking.
Imagine spending all that time researching to find what you believe is the perfect school for your child, only to be informed that they will not be accepted because you do not live in the school’s zoning. If only you had known this when you purchased your family home!
Public secondary schools in Melbourne are separated into zones, such that the entire area is covered. There are few overlapping regions.
The bulk of enrolments will come directly from these zones, making the decision on what area to settle down in a potentially crucial factor for parents.
While private schools are not affected by the same zonal restrictions, many pose a heavy financial burden on the household budget, especially if the choice between public and private has to be made for several children.
If you are a future home buyer, a school zone should be taken into account as this will affect how others view a property and potentially push prices up. This means you could be overpaying for a property because it is within a school zone, even if this is not relevant to you. The school zone effectively comes with the house and you will pay for it regardless as a result of market pricing.
Click pictures and tables to open in new windows:
<a href="/images/2015/03/17/sa-march-17-one.jpg" target="_blank"><img src="/images/2015/03/17/sa-march-17-one.jpg" alt=""></a>
Different school zones may have different impacts depending on their ranking and popularity. This study set out to compare the performance of public schools with house prices in the surrounding region. Our primary aim was to uncover the answer to the question: What is the real, unseen price of education in the housing market and how much do rankings influence this?
School zones are becoming increasingly important in the inner city market. The rise in popularity of public schools is evident by the increase in intake of students each year.
There has been lobbying in some suburbs for more public schools so that the demand for the existing schools is reduced. Population growth in the Port Phillip area has put enrolment strain on the only public school in the area; Albert Park College.
Provision of more public secondary schools in the inner south is necessary especially for South Melbourne and the new Fishermans Bend suburb which are outside the Albert Park zoning. In the inner north, it seems that demand for public schools is so high that one new school does not make a difference. For example, Northcote High School has had to reduce their catchment area recently so that Preston West and parts of Thornbury are no longer included.
They state that the opening of nearby Coburg High School has not affected demand for places and are still having to turn away students.
With a limited number of properties falling within each school zone, demand for these is pushing up property prices and even rents in certain areas.
Popular independent school Haileybury recently purchased a site in the CBD itself with speculation they will open up a new campus to service this growing area of inner Melbourne. They currently have campuses in the south eastern suburbs only. This shows a shift in attitudes of schools whereby it is no longer essential to place a high performing school in the eastern suburbs as was traditionally done. Good schools are now moving to more centralised locations.
This shift in attitude is also seen in parents who are accepting more modern approaches to a school’s design.
Planning is to go ahead for NSW’s first public high rise school in the inner suburb of Parramatta. Whilst high rise schools come with their own problems, it seems the only way forward for the inner city where space is so limited.
Low cost, high performing public schools are a desirable variation to private schools for many, especially as the inner city suburbs have resurfaced to be incredibly popular to live in.
People can now live in their dream inner city suburb whilst sending their child to a good school without having to pay a fortune. Furthermore, the money they save from sending their kids to a public school can go towards servicing a more expensive mortgage, or offering their children an eye opening experience, for example, by taking them to Paris for a family holiday.
Property Values and School Zones 
It is well established that there is a correlation between property values and being located in a school catchment area. In our major capital cities, Sydney, Melbourne and Perth, buyers will pay a premium to be located within a public school zone, regardless of its ranking.
A study in New Zealand aimed to actually quantify the impact of geographically defined school zones on house prices. Using hedonic regression, they analysed over 10,000 house sales in a select group of inner Auckland suburbs over 21 years.
What was interesting in this study is the fact that the school zone boundaries changed over the duration of the study.
It was found that when a school increased its boundary to include a new suburb, the house prices in this suburb began to attract a premium compared to relative suburbs and this premium grew to NZ$66,000 over 10 years. When a suburb which had a historic premium attached to its houses relocated out of a school zone, this premium diminished.
VCE Results and House Prices 
The Victorian Certificate of Education, better known as the VCE, is the main tool used for ranking schools based on performance.
Students complete the VCE over their final two years of senior high school. In each subject, they are awarded a grade from 0 to 50, based both on their individual performance and the performance of the rest of the state. A score of 30 in an individual subject denotes an average score, i.e. a score in the top 50% of the state.
<a href="/images/2015/03/17/sa-march-17-two.jpg" target="_blank"><img src="/images/2015/03/17/sa-march-17-two.jpg" alt=""></a>
</div>
<div class="WordSection2">
To determine what impact a school's VCE results have on property prices, the sale results of 2,300 houses were analysed using hedonic regression techniques. All two and three bedroom houses were included if they were sold between January 2011 and December 2014, and were located within seven different inner city high school zones, as depicted in the school zone map. This property size and type was picked as it most closely represents a potential buy for an inner city family household.
Table 1 shows the average percentage of VCE scores of 40+ achieved between 2011 and 2014 at the different schools, as well as the average price of two and three bedroom houses in the school’s zone. A study score of 40 or above is indicative of a score in the top 8 percent in the state. The ratio of such exceptional scores compared to the total shows us the proportion of high achievers in each school. Note that Lynall Hall Community School did not publish VCE scores in 2013. Data for this year was therefore left out.
On its own, Table 1 doesn't tell us much, except how affluent an area is. There seems to be no obvious link between the VCE results and average sale prices. However, there are many other factors that determine the price of a house. To single out the effect of public school VCE results on house prices, the following parameters were taken into account in the regression analysis:
<ul>
<li>
Bedrooms and Bathrooms: Indicator of the size of the house and number of children. One additional bedroom and bathroom set added on average $350,000 to the price of a house. 
</li>
<li>
Land Area: The value of the land the house was located on if it were vacant. Each square metre was worth $1,475. 
</li>
<li>
Beach: Proximity of suburb the house was located in to the closest beach, broken up into three bands – adjacent to a beach, one suburb away from the closest beach and more than one suburb away. Each band towards the beach increased the value by $320,000. 
</li>
<li>
CBD:  Proximity of the suburb the house was located in to the CBD, in kilometres. For every kilometre away from the city centre, the price of houses in the data set decreased by $80,000. 
</li>
<li>
Sale Date: The number of days since the first day in the set (01/01/2011). In other words, the effect of inflation on housing prices. Each day since 2011 added on average $125.80 to the price of each house.
</li>
</ul>
Housing sales that were missing information on any of the above variables were left out of the study.
The analysis uncovered that, on average, a 1% increase in the percentage of scores of 40 and above at a school increases the price of a house in the affected school zone by $19,000, holding all else constant.
This is quite a significant change, between 1.5% and 2.9% of the average price of houses sold over the past four years. To confirm our findings, Secret Agent thought it would be interesting to isolate those houses located nearby the border of two different school zones and analyse their sale results against each other.
Article continues on the next page. Please click below.
</div>
<hr class="system-pagebreak">
Borderline: Comparing house prices close to two school zones 
1) Station Street 
Station Street runs in a northerly direction through Carlton North. The school zones of Fitzroy High School and Princes Hill Secondary College meet on Station Street, with the former receiving all even house numbers and the latter every odd house number.
<a href="/images/2015/03/17/sa-march-17-four.jpg" target="_blank"><img src="/images/2015/03/17/sa-march-17-four.jpg" alt=""></a>
The comparison here is almost uncanny. Not only were the same amount of two bedroom houses sold, they were also generally sold in the same proportions each year. The average land area is almost identical.
Table 2 shows that the average sale price is 4.5% higher in the better ranked Princes Hill Secondary College zone. This result is smaller than what our model would predict and is most likely due to the small sample size. 
<a href="/images/2015/03/17/sa-march-17-three.jpg" target="_blank"><img src="/images/2015/03/17/sa-march-17-three.jpg" alt=""></a>
2) Brunswick suburb 
The majority of houses in the suburb Brunswick belong to the Brunswick Secondary College zone, but a small part in the south is within the Princes Hill Secondary College district (Figure 3).
<a href="/images/2015/03/17/sa-march-17-six.jpg" target="_blank"><img src="/images/2015/03/17/sa-march-17-six.jpg" alt=""></a>
Even though the houses in the Princes Hill zone are on average smaller (by approximately 50 square metres), they sell for on average 14.5% more. The difference can be partly attributed to being inside the much better performing school’s zone, but is also the CBD.
<a href="/images/2015/03/17/sa-march-17-five.jpg" target="_blank"><img src="/images/2015/03/17/sa-march-17-five.jpg" alt=""></a>
3) University High School 
When comparing sales inside University High School’s boundaries to houses sold just outside, results are much less clear cut.
<a href="/images/2015/03/17/sa-march-17-seven.jpg" target="_blank"><img src="/images/2015/03/17/sa-march-17-seven.jpg" alt=""></a>
While University High is the better performing school, average prices are lower in this zone. The unexpected result can be explained by a huge difference in average land size.
The houses in the University High area have some of the smallest land bases in the entire set of studied houses. As mentioned earlier, each square metre of land is worth about $1,500. If the houses within University High’s zoning had the same land size as those outside the zone, they would be worth roughly $221,400 more, holding all else constant.
In other words, per square metre, these houses are valued much more highly. Again this is most likely due to the closer proximity to the CBD as well as being within the higher ranked school zone. 
<a href="/images/2015/03/17/sa-march-17-eight.jpg" target="_blank"><img src="/images/2015/03/17/sa-march-17-eight.jpg" alt=""></a>
Conclusion
We aimed to find out how much value home owners and families looking for standalone houses in the inner city see in better schooling according to VCE performance. The answer is clear: property prices are inclusive of a school zone premium and school rankings affect how much the premium paid will be. As the percentage of top achievers in a school increases, the value of houses located within the area rises as well.
On average, the price of a house in a particular school zone increases by $19,000 with each 1% increase in VCE study score above 40.
This shows parents’ willingness to pay for a school zone. Whether or not you care about the zoning yourself, you will pay for it to live in the suburbs with high performing public schools. It will be interesting to see how demand for public schools is met in the future as Melbourne's inner population continues to grow rapidly and space becomes even more valuable. 
Jodie Walker is a buyer's advocate and researcher at <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>, a Melbourne based buyer's advocacy.
Richard Rossman contributed to this Secret Agent report.
Paul Osborne is founder of <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>.
You can download the full report on school zones, as wellas other property research, from the<a href="https://secretagent.com.au/" target="_blank"> Secret Agent website</a>.
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How do school zones affect Melbourne property prices?

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GUEST OBSERVATION
The Block Triple Threat last night had the buyers’ advocates judging the contestants’ living rooms and dining areas.
Blockheads learned very quickly that the smaller touches made a big impression with the judges.
Committing to creating a look that appeals to a wider buyers market as possible creates value. By assigning budget to high quality fittings, furnishing and finishes, the Block contestants discovered they would be more likely to attract a wide range of potential buyers. While these details are important to some buyers, natural light and open living areas also provide extra space for buyers keen on entertaining and living in a spacious apartment.
Charlotte and Josh demonstrated how to creatively execute design continuity. Their rooms had a great flow between the dining to living area. Because the living spaces connected into the terrace, it gave the property a great openness that will appeal to buyers. Their digital setup was also well in tune with the contemporary, savvy South Yarra demographic.
Ayden &amp; Jess and Tim &amp; Anastasia were let down during judging due to minor details which could turn into issues for potential buyers. These details needed to be fixed before buyers view the property. For Ayden &amp; Jess, their floorboards and Tim &amp; Anastasia, their ceiling were both issues in this instance. Dea and Darren showed how large spaces can make a great impression, but their incomplete, low ceilings detracted from the openness of their living areas.
Making an impact in the living room is one of the most important areas of renovating so renovators need to consider carefully who will be using the property as needs will be different. Whether it will be families, single occupants, senior-aged occupants or tenants, living rooms, the space needs to warm, inviting and relaxing.
<div>Contestant scores</div>
<ul>
<li>Charlotte &amp; Josh – 22</li>
<li>Tim &amp; Anastasia – 24</li>
<li>Ayden &amp; Jess – 21</li>
<li>Dea &amp; Daz – 18</li>
</ul>
GREVILLE PABST is CEO and director of <a href="https://www.wbpproperty.com/" target="_blank">WBP Property Group</a> and a judge on The Block Triple Threat.
Feature photo courtesy of Channel 9.
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gpabst-nAfzC8fgsR

Finishes make first impressions: The Block's Greville Pabst

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The six ocean view Shearwater Landing beachfront lots offered in Sydney's newest suburb, Greenhills Beach were snapped up at Savills International auction today.
All six lots sold in excess of the reserve prices at the Sunday 15 March auction. 
The first was lot 401, a 787 square metre lot with a 17.5 metre frontage that sold at $2,575,000.  
Lot 208, the second of the day, a 787 square metre lot, sold for $2,651,000.   
Lot 207 – Sold $2,550 million
Lot 206 – Sold $2,415 million
Lot 205 – Sold $2,275 million
Lot 204 – Sold $2,200 million
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/03/16/sherarwater%20ar%2016%20one.jpg" alt="">
Source: Supplied
One of the successful local bidders mentioned that they had been watching the Breen Property land development for many years and this had been a dream come true for them.
Tom Breen, the executive chairman of Breen Property, said the offering was the culmination of decades of planning, obtaining government approvals for their former sand mine. 
"They are the first truly beachside precincts to be created in the last three decades in the Sydney metropolitan area." 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/03/13/home-01.jpg" alt="">
The purchasers are young vibrant families, Nigel Napoli, director of the selling agency, Savills Residential Projects, said.
The second part of Stage 1 which will be 44 lots to be sold via expressions of interest on 28 March.
These lots will range in size from 560 square metre to 1,109 square metre.
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Beach building blocks at $2.2 million plus - sellout at Shearwater Landing, Greenhills Beach auction

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Last night’s buyers’ advocates on The Block Triple Threat saw three rooms that have the potential to add immense value to the contestants’ properties: a laundry, a powder room, and a wine cellar.
Here is a rundown of the scores the Buyers’ Jury gave the Blockheads last night:
<ul>
<li>Charlotte and Josh – 20.5</li>
<li>Tim and Anastasia – 25.5</li>
<li>Ayden and Jess – 23</li>
<li>Dea and Daz – 26.5</li>
</ul>
The rooms that we saw in last night’s episode are non-essential spaces – not every property has them. But my biggest advice is that if they are to be included, they need to be perfect in order to add real value to the property.
The wine cellar is a Block first, which meant that not everybody got it right.
When including a wine cellar, it’s important to know what buyers are looking for and more importantly, what functionally constitutes a wine cellar. Dea and Daz’s outstanding cellar (pictured above) entices buyers with its vast stock, which is enough to draw a potential buyer in. However, Tim and Anastasia stand out with this room because they were the only ones to include temperature control systems – making it a proper wine cellar that will not be compromised by the South Yarra demographic.
<img src="/images/2015/03/11/IMG_19413.JPG" alt="">
Buyer's advocate judges Greville Pabst (left) and Frank Valentic (right) in Dea and Daz's cellar.
While laundry facilities can be found in most properties, a private laundry room is not always included in every home. The rest of the buyers’ jury and myself agreed that a laundry is at the very least, a functional room.
This means they need to have space. Charlotte &amp; Josh as well as Daz &amp; Dea could have greatly benefitted if they took priority over space across all three of their rooms, rather than including an extra storage space. When thinking about putting in extra storage areas, Blockheads need to ensure that their rooms have enough space first.
Additionally, powder rooms are extra bathrooms that can be highly sought after as well as adding to the luxe of a property. What the contestants across the board managed to do well is that they ensured their powder rooms flowed on from the rest of their previous finished bathrooms. Buyers appreciate continuity between the rooms’ styles, this is especially important.
As finishes are particularly critical to buyers, contestants need to be aware that laminates are not going to cut it for the South Yarra demographic.
All in all it was agreed that these non-essential rooms might tip a potential buyer over to be the last bidder standing. 
GREVILLE PABST is CEO and director of <a href="https://www.wbpproperty.com/" target="_blank">WBP Property Group</a>.
Feature photo courtesy of Channel 9.
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Non-essential rooms have to be perfect to add value: The Block's Greville Pabst's room reviews

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The Block South Yarra is slipping.
It had a poor 609,000 viewers Wednesday night, it’s lowest Block ratings this season outside of its Thursday night Unlocked show. 
There were 191,000 Sydney metro viewers and 183,000 in Melbourne, according to the five city metro OzTam ratings. There were 127,000 in Brisbane, 61,000 in Perth and 47,000 in Brisbane.
Last night's regular Thursday Unlocked show made way for the NRL season opener on Channel 9.
Title Tattle reckons the boss David Gyngell, with more series in the pipeline for late this year, must be possibly considering replacing the reality show with The Big Bang Theory instead, with The Block over to the Gem channel.
Let's not forget that The Block started out as one night a week, with then proprietor Kerry Packer not being sure as to its likely success. "You're kidding me...What viewers watching paint dry?," is the cleaned-up version of Kerry's initial thoughts on the program idea. Episode one attracted more than two million viewers!
Interestingly the viewers who have turned off more of late have been from its new adopted home town, Melbourne.
They were underpinning <a href="/expert-insights/building/sydney-audiences-shun-the-blocks-lengthening-melbourne-residency">it </a><a href="/expert-insights/building/sydney-audiences-shun-the-blocks-lengthening-melbourne-residency">in the</a><a href="/expert-insights/building/sydney-audiences-shun-the-blocks-lengthening-melbourne-residency"> early weeks</a>. 
Crikey television ratings columnist Glenn Dwyer noted yesterday The Block was doing "miserably".
Noting 7.30 on ABC had more metro viewers twice this week.
"This version of The Block is a dud," wrote Dwyer.
"Being beaten by 7.30 didn't happen last year." 
He added that The Block was suffering from viewers being too familiar with its formula.
 
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The Block South Yarra is proving neither ratings threat or treat

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GUEST OBSERVATION
This week on The Block: Triple Threat the contestants renovated a second bedroom.
Scoring by property buyers advocate jury:
<ul>
<li>Charlotte and Josh - 24 
</li>
<li>Tim and Anastasia – 24.5 
</li>
<li>Aidan and Hess – 19.5 
</li>
<li>Dee and Darren – 23.5</li>
</ul>
The general consensus from myself and my fellow buyer’s advocates this week were:
<ul>
<li>Natural light</li>
</ul>
The level of natural light is an important factor that can impact enjoyment of the room. The best rooms are those light filled via northerly light. This week saw a divide between both the buyer’s advocates and the contestants on whether Dee &amp; Darren’s and Tim &amp; Anastasia’s bedrooms were too dark.
I think that light rooms are more appealing to a broader range of buyers.
<ul>
<li>The inclusion of a dressing table</li>
</ul>
Either built-in or freestanding greatly benefits a bedroom and gives it an extra level of luxe, which is another factor that made Tim &amp; Anastasia’s room the top scoring one for the week for us. Attention to detail to window furnishings can make or break a bedroom
I agree with the other buyer’s advocates that Charlotte &amp; Josh’s window finish was lacking and therefore detracted from the room. Contrastingly, Tim &amp; Anastasia’s excellent finishes on their windows added to the luxury feel of the space.
<ul>
<li>Bedrooms should have an abundance of storage for clothing, shoes, accessories and more</li>
</ul>
Aiden &amp; Jess could have greatly benefitted from having more space. Renovators should think ahead to make the room versatile for buyers.
Renovators should not speculate on the demographic of the buyer – they might be a young couple or a retired couple that will use a spare room as a guest room – but it also could be a family that needs a room for their children.
Greville Pabst is CEO of <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CEAQFjAA&amp;url=http%3A%2F%2Fwww.wbpproperty.com%2F&amp;ei=Jb4hUevODOyamQX6mIGYDQ&amp;usg=AFQjCNH0u8Ji9ymluq8AKARfB-KjHZ-aFA&amp;sig2=DNsIKQR7tQj4PtYuiJOHPA&amp;bvm=bv.42553238,d.dGY" target="_blank" rel="nofollow">WBP Property Group.</a>
Picture of Tim &amp; Anastasia courtesy of Channel 9.
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The key ingredients for a great bedroom: The Block's Greville Pabst

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Guest observation
On The Block: Triple Threat this week, Charlotte and Josh and Deanne and Darren received the highest scores from the property buyer's advocates jury.
I advised the contestants then to renovate to the area's demographic, and compare their renovations to hotels in the local area.
The scores from the buyer's advocate jury:
<ul>
<li>Charlotte and Josh: 26</li>
<li>Tim and Anastasia: 19</li>
<li>Aidan and Jess: 23.5</li>
<li>Dee and Darren: 26</li>
</ul>
Below are a list of features for renovators and investors to consider when it comes to bathrooms.
Some will pertain to powder rooms specifically, while others are more general comments about bathrooms.
<ul>
<li>Quality of finish</li>
</ul>
Consider tiles, bench tops and vanity / cabinetry, tiles and flooring, lighting, tap fittings, basin, glass screen fittings or shower screen, toilet (porcelain with soft close), metal towel racks and toilet roll holders (not plastic or imitation), soap dishes.
<ul>
<li>Design should be sleek, simple and practical. </li>
<li>
Bathroom should be well-lit, preferably with natural light, but also with white practical lighting. If there's no external window, could a skylight work? 
</li>
<li>
Space should be functional With practical basin (not something too shallow), adequate storage and bench space, as well as sufficient power outlets. Also, include a power point on the inside of the vanity, or behind the mirror if used for storage. Shower heads should be practical too, with sufficient water pressure. Check the pressure! 
</li>
<li>
Separate toilets are preferable, if possible. 
</li>
<li>
Use of natural materials Such as real timber, granite and porcelain. 
</li>
<li>
Frameless showers are popular and easier to clean. However, ensure the return adequately collects the water so the bathroom isn't flooded. 
</li>
<li>It's ideal to have external windows and adequate ventilation to allow light and air circulation. </li>
<li>
Have sufficient privacy with privacy glass and/or window furnishings, and perhaps a lockable door. 
</li>
<li>
Include a heated towel rack. Heated floors and heated lighting and exhaust fan should also be considered. 
</li>
<li>
Ensure bathroom is practical and not difficult to use for elderly or the young. If a toilet is too close to the wall it may be hard to access. Are there sharp corners that could cause injury? 
</li>
<li>
Baths and spas shouldn't be too close to the wall if freestanding. Make sure the bath can be cleaned easily and to facilitate air flow to reduce or prevent the occurrence of mould. 
</li>
<li>One basin or two? </li>
<li>
Non-slip tiles or flooring. Greville Pabst is CEO of <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CEAQFjAA&amp;url=http%3A%2F%2Fwww.wbpproperty.com%2F&amp;ei=Jb4hUevODOyamQX6mIGYDQ&amp;usg=AFQjCNH0u8Ji9ymluq8AKARfB-KjHZ-aFA&amp;sig2=DNsIKQR7tQj4PtYuiJOHPA&amp;bvm=bv.42553238,d.dGY" target="_blank" rel="nofollow">WBP Property Group</a> and a judge on The Block Triple Threat.</li>
</ul>
Above: Deanne and Darren's bathroom, courtesy Channel 9.
 
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How to renovate a bathroom: The Block's Greville Pabst

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Sydney’s median residential land price increased by 19.7 percent over 2014 to $390,000, he most expensive of all the state capitals, according to data from the Domain Group. 
The $390,000 December quarter median land price was well ahead of Melbourne at $245,000 and Brisbane $237,950.
With Sydney residential land prices now rising faster than booming house prices, the task for first home buyers is becoming increasingly difficult, said Andrew Wilson, senior economist at the Domain Group.
“Sydney’s annual land prices increased at the fastest rate in over a decade and recorded stronger growth than the booming house prices which increased by 14% over the same period.”
Sydney’s outer suburban residential land market recorded strong growth over 2014.  Prices in the south-west increased by 25% to a median of $350,000 while prices in the west rose by 8.3% to a median of $410,500. 
The median residential land size sold in the west over the six months ending December was 564 square metres  at $759 per square metre.  In the south-west, the median land size sold was 500 square metres at $652 per square metre.
The most popular outer west suburbs for land sales over the six months ending December 2014 were Riverstone, Colebee, Pitt Town, Kellyville and Glenmore Park. 
The most popular outer south west suburbs for land sales were Harrington Park, Campbelltown, Moorebank, Appin and Edmondson Park.
Kellyville recorded the highest median land price over the second half of 2014 at $643,000 with a median land size of 701 square metres at $912 per square metre. Land prices in Kellyville increased strongly by 38.2% over 2014.
Kellyville land estate prices on realestate.com.au regularly exceeded the APM advisory such as <a href="https://www.realestate.com.au/property-residential+land-nsw-kellyville-200988363" target="_blank">Chelsea on the Park</a> where prices started at $730,000 for 700 square metre blocks, and were priced up to $860,000.
There were prices advertised last year as $400,000 plus on <a href="https://www.realestate.com.au/property-residential+land-nsw-kellyville-201014799" target="_blank">Hillview Ridge Estate</a>, ranging from 667 square metres to 826 square metres.
The blocks priced from $465,000 at the <a href="https://www.realestate.com.au/property-other-nsw-kellyville-119089259" target="_blank">Ashmore Park</a> estate are 363 square metre to 847 square metre in size. 
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Kellyville leads Sydney in fastest residential building block price escalation in over a decade: APM

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GUEST OBSERVATION
Once a decision has been made to put a property on the market, thoughts turn to how to get the best return on your investment. To renovate or not to renovate? This is the question vendors often ask, however the answer is not always straightforward.
Pre-sale renovations generally increase the desirability and value of a property and are sometimes necessary to put a property on par with comparable properties on the market in the same area. If planning to spend the time and funds on a makeover though, it is crucial to research and plan in order to get it right. Ensuring any changes appeal to a large percentage of prospective buyers, in addition to meeting the needs of the property’s target market, will help to make any work done a valuable undertaking.
Herewith, some fundamental (but often overlooked) rules to help vendors determine whether renovating prior to sale will be a profitable activity.
<ul>
<li>
Don’t spend more than you can recuperate  Deciding whether or not to invest in renovations prior to putting your property on the market, and how much you should spend if you do, is a tricky decision. If you spend too little your efforts may look cheap and defeat the objective of renovating in the first place. Spend too much and you may not recuperate what you’ve invested come auction day. The general rule is, if you can make $3 for every $1 you spend it’s probably worthwhile.
</li>
</ul>
<ul>
<li>
Kitchen and bathrooms are the place to spend money  Kitchens and bathrooms are two areas of a house that tend to have the largest impact on sale prices, so it can pay to update these rooms prior to sale. With this said, these types of renovations can be costly. At minimum, ensure both your bathroom and kitchen are in a functioning order and present well. 
</li>
<li>
Factor in market conditions  It’s important to select an agent who has experience not only selling in your area, but more importantly, in your suburb. A knowledgeable agent should be able to advise on comparable properties for sale in an area and indicate how worthwhile a renovation to your property would be. It makes good business sense to keep your property within an equivalent price range to others in the area, but with some stand out features. 
</li>
<li>
Street appeal Front of house is important when it comes to real estate - spend time cleaning the windows, clearing gutters, painting where necessary and tending to the garden. These minor alterations can have a significant impact come auction day. 
</li>
<li>
Judge taste  If you chose to renovate, remember you are doing it to make the property more attractive. Therefore, in order to appeal to the masses it’s best to stick to neutral colour schemes and clean lines. 
</li>
<li>
Don’t necessarily go the whole distance  Sometimes a good spring clean and a coat of paint is all a property needs to attract more buyers. Again, making this decision comes down to analysing first whether or not you can recuperate what you spend.
</li>
</ul>
When it comes to making the decision over whether or not to renovate, it is important to bear in mind that a renovation does not necessarily guarantee a profit. By doing some research and working closely with your real estate agent you can ensure the dollars you invest will be recouped come sale day.
Paul Bond is a director at <a href="https://www.hodges.com.au/" target="_blank">Hodges </a>Sandringham.
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