Where should you develop property? We’ve all heard it the catchcry ‘location, location, location’. There’s a good reason that it’s one of the most echoed phrases in the property world. Success and failure in both the commercial and residential property worlds usually boils down to where the property actually is. The first thing you need to do is to choose the right region for your project. Then you have to find out as much as possible about it before you lock in any plans. A good place to start is the local council’s website, which will give you information on: 1. Demographics Take a look at a community’s profile. Who lives in the area? What are their ages, what types of people etc. You can also visit realestate.au/neighbourhoods for demographic breakdowns. 2. Population estimates Find out what the area’s population is forecast to reach. For successful property development, it is important to see if the area is growing. 3. Migration Look into the migration figures for the area you’re interested in. Where is the community coming from? 4. Working population Find out the working population breakdown. Is the area mainly retirees or is there a large working community? If there’s a large working community it can often indicate a strong rental market. 5. What else is planned? Get an overview of any planned economic development in the area. What is planned for the future? If there are apartment blocks and residential properties in the works it could be a sign of growth – or a sign of competition. 6. What’s being approved? Any recent development approvals will be listed, which means you can see the sort of developments being approved. This can help in you plan. 7. Tourists? Does the area offer much to tourists? How much does it rely on the tourism industry? Tourism-centric locations can offer seasonal opportunities, but can also mean there’s an off season for renters. 8. Is there investment in infrastructure? Infrastructure investment/planning is very important, make sure there is considerable investment being made here. 9. DCP & LEP Development Control Plans (DCP) and Local Environment Plan (LEP). Find the one that gives guidelines on the type of development you are planning to do. For instance, there should be a separate DCP for dual occupancy development, which is building an additional dwelling on land that would normally house just one. 10. Long term strategic plans Long-term strategic plans – this is a really important document to read as it will show housing and employment needs for the future and pinpoint the areas earmarked for growth. When talking to a council town planner and ask questions like: •How long does their average DA takes to process? •Are they open to new development in the area? •What is the minimum lot size? •How many dwelling can you build on this particular lot? •Can they foresee any issues that may impede developing this lot? For instance, is it in a flood zone? The council website will usually include many valuable links to other websites in the area. Speak to local agents to understand the average lot size and use Google Earth, a fantastic tool for armchair street inspections. Other tools on realeste.au such as Neighbourhoods, New Apartments and Invest offer useful information on an area and its demographics: •Neigbourhoods •New apartments •Invest First hand insight It can be useful to visit the area and drive around, chat to the locals and take note of the type of housing available and what’s type of housing is missing. Source: realestate.au
Posted on: Wed, 03 Dec 2014 03:02:41 +0000
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