Difficulty in obtaining funding for a project to get off the ground is a difficult task in any property cycle. The base rules of most multi unit apartment developments have been fundamentally the same over the last five year period. Developers need to own the land outright, pre sales are a requirement, the construction/builder is to be known to the marketplace and the entity needs to be able to show debt coverage of a percentage plus basis over the total development period. The simple truth is for a project to get “off the ground”, an intending funder has undertaken their due diligence process.
To state the obvious, ensure that your finance is in place. Obtain a pre approval letter from a financial institution/s stating the amount and terms prior to setting out on you journey to acquire.
Following extensive research, CoreLogic estimated there were 2.6 million investor-owned dwellings across Australia worth approximately $1.37 trillion in total. Meanwhile, current taxation statistics showed there were 2.03 million individual investors, which each own an average of 1.28 investment properties.
In contrast, data from the Australian Securities Exchange (ASX) identified that approximately 6.48 million people, or 36% of the adult Australian population, own shares in property. Investor-owned dwellings were found to comprise 26.9% of all housing stock by number, or 23.8% based on the value of all housing stock.
First Valuation Group Top 10
Prestige Residential Survey
Jan – Dec 2015
Sr. No.
Address
Suburb
Price
Date
Bed
Description
Land sqm (appx.)
Agent
1
4 Waiora Road
Caulfield North
$4,400,000
May 17th
5
The property comprises of 5 bedrooms, park-like gardens, a tennis court, marble fireplace, rumpus room with wet bar, home office, fish pond and three-car garage.
1,750
Gary Peer & Associates
2
23 Malvern Grove
Caulfield North
$4,030,000
Oct 24th
4
The property comprises of 5 bedrooms, 3 bathrooms, marble open fireplace, landscaped gardens, a heated pool and spa, gymnasium, wine cellar as well as a 4-car garage.
810
Marshall White & Co
3
2 Carinya Crescent
Caulfield North
$4,000,000
May 11th
4
The property comprises of 4 bedrooms, 4 bathrooms, a fitted study, culinary kitchen with butler’s pantry, covered alfresco area, pool, ceiling speakers, theatre room and a floating marble entertainment unit.
710
Gary Peer & Associates
4
38 Lumeah Road
Caulfield North
$3,800,000
Apr 10th
4
Single-storey residence comprising of 4 bedrooms, 3 bathrooms, butler’s pantry, landscaped gardens and a swimming pool.
1,090
Gary Peer & Associates
5
5 Aroona Road
Caulfield North
$3,500,000
Mar 4th
5
Details of the property remain confidential.
991
N/A
6
14 Craddock Avenue
Caulfield North
$3,500,000
Aug 20th
3
Single-storey residence comprising of 3 bedrooms, 3 bathrooms, study/theatre room, patio and landscaped gardens, chef’s kitchen, double remote garage with storage area, ceiling speakers, motorised retractable awnings and blinds and provision for a lap pool.
620
Gary Peer & Associates
7
3 Howitt Road
Caulfield North
$3,250,000
Mar 1st
3
Situated within the Golden Mile, the property comprises of 3 bedrooms, 3 bathrooms and a pool.
1,247
Gary Peer & Associates
8
16 Airdrie Road
Caulfield North
$3,250,000
Apr 13th
5
Single-storey residence comprising of 4 bedrooms, 4 bathrooms, garden and alfresco areas, formal dining room, billiards room, gymnasium/cabana, spa, indoor pool, fishpond and a fully-fitted wet bar.
1,257
Gary Peer & Associates
9
13 St Aubins Avenue
Caulfield North
$3,225,000
May 31st
5
Double storey residence comprising of 4 bedrooms, 4 bathrooms, 2 gourmet kitchens, pool with landscaped garden surrounds and an outdoor terrace.
815
Gary Peer & Associates
10
504 Glen Eira Road
Caulfield
$3,160,000
Mar 7th
4-5
Contemporary dwelling comprising of 4/5 bedrooms, 5 bathrooms, plantation shutters, high ceilings, landscaped garden, 4 living areas, stone kitchen, swimming pool, sauna and tennis court.
First Valuation Group Top 10
Prestige Residential Survey
Jan – Dec 2014
Sr. No.
Address
Suburb
Price
Date
Bed
Description
Land sqm (appx.)
Agent
1
18-20 Shakespeare Grove
Hawthorn
$19.8M
May 05th
9
Situated in Melbourne’s finest blue ribbon estate, this 4-storey residence comes with 9 bedrooms, and 13 bathrooms. It also includes an 18-seat home theatre double kitchen and a 4000+ bottle wine cellar.
4,319
R T Edgar
2
3 Towers Road
Toorak
$18.55M
Jun 19th
6
Multi-level residence with spectacular entrance hall and corridor that leads onto a total of 22 rooms throughout the property liner. An underground basement car park, north-facing back yard offering a long dramatic swimming pool built into a manicured garden.
2,100
Kay & Burton
3
12 Lansell Road
Toorak
$12.5M
Aug 05th
5
Constructed in 1916 this well landscaped Toorak property consists of a 25m in ground pool, 5 bedrooms and a 4 car garage.
3,286
Kay & Burton
4
5 Illawarra Crescent
Toorak
$12M
Dec 4th
5
Sophisticated Toorak estate, 5 bedrooms, lavish formal dining room and lush manicured gardens, pool and tennis court.
2,002
Kay & Burton
5
69 St Vincent Place
Albert Park
$12M
May 07th
3
This modern yet relaxed and informal property bounces from one room to the next. Sitting on 481m2 block, its living space flows onto the garden and lap pool, with a full width linear pond directly adjacent. Newly renovated 3 bedrooms, with a separate guest quarter and garaging.
481
Hocking Stuart
6
51-55 New Street
Brighton
$10.88M
Sept 24th
6
This luxurious domain boasts 6 bedrooms and 8 bathrooms 5 of which are ensuites, an indoor pool, gymnasium, sauna and tennis court.
3,513
R T Edgar
7
19 Monomeath Avenue
Canterbury
$9.226M
Oct 24th
5
Magnificently manicured gardens, tennis court and heated pool. Five bedrooms and 4 bathrooms.
3,472
Marshall White
8
23 Montalto Avenue
Toorak
$8.975M
Aug 28th
4
Designed by award winning architect Rodney Alsop, offering 4 bedrooms, well manicured garden, pool and tennis court.
1,815
R T Edgar
9
38 Dawson Avenue
Brighton
$8.525M
Nov 29th
4
Spectacular sunset views and city lights, 4 bedrooms, heated swimming pool and sauna resembling an ocean liner.
771
Hocking Stuart
10
17 Chastleton Avenue
Toorak
$8.525M
Jan 14th
6
This beautifully restored family home has a wonderful blend of formal and informal rooms which complement the 6 bedrooms including a magnificent master bedroom suite. Also encompasses a remarkable northern orientated pool and a North/South tennis court.
1,263
Kay & Burton
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First Valuation Group
Level 1, 18 Thomson Street, South Melbourne, VIC 3205
Office: 03 9690 1112
Web: www.fvg.com.au
