{"id":5423,"date":"2015-08-16T01:00:55","date_gmt":"2015-08-15T15:00:55","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5423"},"modified":"2015-08-16T01:00:55","modified_gmt":"2015-08-15T15:00:55","slug":"suburb-due-diligence","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/suburb-due-diligence\/","title":{"rendered":"Suburb due diligence – Bryce Yardney"},"content":{"rendered":"

 
\nIn today’s show Bryce Yardney<\/strong>, project manager at Metropole,\u00a0shares his experience on how to choose a location for property development. After you have done your initial investigation, what you should be looking for in an area. He also tells us where he sees many aspiring developers go wrong.
\n <\/p>\n

Transcript:<\/b><\/h4>\n

Kevin:<\/b>\u00a0 My special guest this time is Bryce Yardney. We\u2019re talking to Bryce about development, and in this chat, I\u2019m going to be talking to him about the suburb due diligence that you need to do.
\nBy way of introduction, Bryce is a property development specialist, having successfully completed many development projects. Initially working as a project manager at Metropole since completing his Bachelor of Project Management in 2011, he now also acts as a buyer\u2019s agent for clients, sourcing and evaluating properties with development potential.
\nBryce, thank you and welcome to the show.
\nBryce:\u00a0 <\/b>Thanks, Kevin.
\nKevin:<\/b>\u00a0 We\u2019ll look firstly at suburb due diligence, and I think we\u2019ll follow that up in a later chat when we look at property due diligence. What do you look for when you\u2019re assessing locations in where you\u2019re going to undertake a development?
\nBryce:<\/b>\u00a0 Let\u2019s assume that people have done their homework on where they want to invest, and I\u2019ll start talking a bit about development. What we look for in areas we do our development in are areas that are gentrifying, where older houses are past their use-by date, ready to be knocked down and be developed into new homes and new developments. You always want a mix of both in there. You don\u2019t want too much development and you don\u2019t want too many single homes, either.
\nAreas that are gentrifying \u2013 wealthier younger families are moving in, older people are starting to move out. It\u2019s the younger wealthier families who are going to underpin the market there, as well. That\u2019s one of the key things we look for, as well.
\nWe look for councils that are constantly putting back into their infrastructure, their schools, their railways \u2013 the things that are going to add value to the area. On councils, you have to make sure that the council you\u2019re dealing with is a development-friendly council, and there are many out there that just aren\u2019t development friendly at the moment.
\nKevin:<\/b>\u00a0 How can you tell that they are development-friendly? Apart from asking, of course.
\nBryce:<\/b>\u00a0 There are really two things. One is you can do your homework and have a look on their website, have a chat to them over their phone, and find out their policies. And it\u2019s not just the policies that you can find out on the Web; unfortunately, you also have to know their under-the-counter policies, as well.
\nKevin:<\/b>\u00a0 What are under-the-counter policies?
\nBryce:<\/b>\u00a0 They\u2019re the ones that they\u2019re not going to tell you over the phone, they\u2019re not going to tell you on the Internet. They\u2019re the ones that you\u2019re only going to unfortunately know by having gone through the process three, four, or five times \u2013 been there, done that. They\u2019re the ones that they enforce with general terms that aren\u2019t really objective; they\u2019re more subjective things.
\nKevin:<\/b>\u00a0 Can you give me an example?
\nBryce:<\/b>\u00a0 I\u2019ll give you a good example of one that we\u2019re dealing with a lot at the moment. They\u2019re using the term \u201cvisual bulk.\u201d What does visual bulk mean? There\u2019s no measurement of a side boundary that you have to be set back from to make your development not visually bulky. All they\u2019re saying is perhaps you\u2019re standing in your neighbor\u2019s private open space, your neighbor\u2019s backyard, and you look up and see this visually bulky development.
\nWhat does that mean? Who knows? It\u2019s really a case-by-case thing, and councils are using this term \u201cvisual bulk\u201d to cut back on developments and say, \u201cNo, the development is too visually bulky.\u201d If you ask them to quantify that and say, \u201cOkay, so what do we have to be set back on our rear boundary, on our side boundaries?\u201d there\u2019s no answer to it. It\u2019s one of those under the counter things that they use to get what they want.
\nKevin:<\/b>\u00a0 It\u2019s a bit case-by-case, is it? Does it help if they know the architect you\u2019re using?
\nBryce:<\/b>\u00a0 Absolutely. Having gone through it a couple of times and having the experience with them, knowing the consultants and team behind the development helps. Absolutely. Unfortunately, sometimes it is still a case-by-case thing, but you can increase your odds, I guess.
\nKevin:<\/b>\u00a0 Just to round this chat out, Bryce, what are some of the biggest mistakes you see budding developers make when they\u2019re looking for a suburb with development potential?
\nBryce:<\/b>\u00a0 Two things. The first one is that people always look for that hot spot, they look for the next big thing, rather than areas that have always done well and probably will always do well. They make that mistake of jumping onto the hot spot.
\nThe second one comes back to what we were talking about earlier, about having the wrong team behind you. Consultants in terms of development costs are a relatively small percentage. People try to save money on these things instead of looking for value. So having that right team around you and maybe spending a few extra dollars on that will really make a difference in your returns at the end of the development.
\nKevin:<\/b>\u00a0 A really good summation there on how to find a suburb to do a development in. Next time you come back, we\u2019ll have a look at the property due diligence you need to do once you\u2019ve decided on the suburb.
\nBryce Yardney has been my guest. Bryce, thanks for your time.
\nBryce:<\/b>\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

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