THE PROPERTY DEVELOPMENT REVIEW
From a developers perspective, where are the opportunities and what is the ideal product mix (townhouses, apartments, mixed-use, commercial). Depending on the location, the product mix will vary, this is driven my local socio economic factors. For example, in Richlands, QLD, townhouses are the ideal product mix for the demographic being affordable housing. In inner city lifestyle suburbs, mixed use lifestyle facilities at the base work well in say Newstead, Hamilton. In riverfront high end units, spacious owner occupier style dwellings are the best outcome as the buyers will pay a premium. When bringing properties to market, what is the most effective approach to marketing and what is your advice to vendors looking to sell this year. Choosing the right agent who specialises in the product that you are selling, plus a good marketing campaign is vital. A mix of digital marketing, online marketing and print are the best ways to cover all aspects of the market. What are your expectations for the residential property market over the next twelve months. Due to the lack of supply, we see the residential market continuing to increase. Good quality A grade real estate is few and far between and there is such a high demand for it. With the amount of projects either being delayed or not moving forward due to construction pricing, more buyers will now be forced back into the second hand market. What strategies can small scale builders & developers adopt to effectively navigate and mitigate the challenges posed by the continuous rise in construction costs? Being honest with buyers early, buyers are not oblivious to the issues affecting the construction industry. If the developer is facing an issue, then the buyers should be consulted as soon as possible. Buyers don’t want to pay for something and get delivered a different product so most times they will be amenable to a variation.
September / October 2023 – 85
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