Imagine investing all of your time and money into a multi-unit build, only to see it fail because you’d overlooked the first rule of property development: site selection.
It doesn’t matter how wonderful the builder in Perth or site plans are, if you choose the wrong site for construction, you could be setting yourself up for a loss.
As in any decision involving property, location in Perth is key – in an area that will likely maximise your profits and minimise risk.
You need to consider many factors, such as easy access to and commutes to employment, schools, public transport, shops and lifestyle amenities.
Crime statistics in the area are another factor when it comes to determining desirability.
Award-winning family builder Zircon Living is an expert in delivering exceptional builds that exceed client expectations.
Here are our 6 rules for choosing a winning location in Perth for your multi-unit development:
#1 Look at suburb desirability
There’s no denying that building in a suburb that buyers want to live in will help maximise your profits. It doesn’t matter what it is you are selling; if there is buyer demand for it, you can sell at a higher price.
Desirable properties are often located near beaches, in esteemed schooling districts, or within prized shopping precincts.
#2 Consider suburbs that are forecasted for growth
If the suburb you are looking at is enjoying population growth, then it stands to reason there will also be a higher demand for property.
However, this is only applicable if the market in that area is not over-supplied, which could affect your selling price and turnover times.
#3 Proximity to infrastructure
Units within your development will be much more desirable if they are located with easy access to public transport, shops, medical assistance and sporting or leisure activities.
In developing suburbs, a promise of future infrastructure is not enough. This can cost billions in state/private funding and take decades to eventuate.
However, instances such as soon-to-start, fully funded construction of a new university or shopping centre could be a scenario ripe with opportunity.
#4 Get in early
When it comes to building in a developing suburb, you need to capitalise by getting in early before the market is saturated.
Study the market and look at surrounding land and developments. Look for a suburb that is at the start of its growth, not something that has already peaked.
#5 Premium school districts
Many parents will move heaven and earth to ensure their children attend an esteemed school. This can have a very profitable result for your investment.
Parents can be very driven to ensure they live within the zone of a specific school, ensuring their children qualify for enrolment.
By doing your research, you can ensure you not only build within a sought-after school zone, but factor in family-friendly amenities to your build.
#6 Seek expert planning advice
Local planning laws are a big consideration in your location choice. Seeking out an expert is key here, since it is such a specialised area.
There’s no point ticking every box only to have your plans knocked back because they don’t meet local planning laws. Hiring an expert in this area is money well spent.
Give us a call!
Our multi-award-winning team at Zircon Living are an expert in multi-unit developments. Give us a call today to discuss options for your future development and have peace of mind knowing that you are in professional, caring hands.