How to get into property development

Ron Forlee - Australian Residential Property Development

For any budding residential property developer, I cannot recommend more highly Ron Forlee excellent book on the subject. Among the key topics covered in his book include:

  • Understanding the residential property market and development process
  • Getting the best professional advice
  • Site selection and purchase
  • Maximising your profit
  • Sourcing the best development finance
  • Taxes and tax planning
  • Authorities, approvals and rezoning
  • Planning, design and cost control
  • Marketing and selling
Ron Forlee

Ron Forlee

Ron Forlee graduated as an architect from the University of KwaZulu-Natal in South Africa before immigrating to Australia in 1983. Established his own design and property development consultancy called Archiplan Pty Ltd in Perth whilst still maintaining an interest in South Africa.

Over the past 30 years Ron has been involved in all facets of architecture from design to on-site supervision, and managing his own property developments.

Projects have ranged from housing to larger commercial buildings such as shopping centres, office blocks and tourism developments both in Australia, South Africa and China.

Being an expert in the field of property development, Ron has written and published three books, two on property development and the other building construction and has delivered a number of papers at seminars on the subject of his pet interest.

Related posts:

Sydney’s top suburbs for terraces

134 Riley street, Darlinghurst 1

FOR SALE: 134 Riley street, Darlinghurst, Sydney

Sydney residents have had a long love affair with terrace houses from the early days. It is warm and comforting sipping tea in a courtyard and leaning over the wall to exchange notes about what’s on the dinner menu with a neighbour.

Many older style and dated terraces in some Sydney suburbs have since been transformed by owners who have a knack for clever home designs, small renovations and refurbishment. Period features are being replaced with the latest modern conveniences and state of the art TV and sound systems. The result for these carefully planned upgrades are often spectacular ~ modest from the outside due to limiting restrictions in changing the facade but with “wow” factor interiors.

Selected Sydney terrace suburbs by median prices as at April 2010 are as follows:

Rank

Suburb

Distance from Sydney CBD

$

1

Paddington

3

1,235,000

2

Glebe

3

850,000

2

Surry Hills

3

850,000

4

Alexandria

4

780,000

5

Redfern

3

752,500

6

Leichhardt

6

700,000

7

Erskineville

5

670,000

8

Darlinghurst

2

595,000

Source: Australian Property Monitors, April 2010

Comparing statistics from a year ago, selected Sydney terrace suburbs by median prices as at April 2009 were as follows:

Rank

Suburb

Distance from Sydney CBD

$

1

Paddington

3

1,230,000

2

Bondi Junction

6

900,000

3

Darlinghurst

2

865,000

4

Surry Hills

3

792,225

5

Glebe

3

770,000

6

Darlington

2

705,000

7

Redfern

3

700,000

8

Newtown

5

650,000

Source: Australian Property Monitors, April 2009

What I like about terraces

  • Personally, the close proximity to Sydney CBD for most of the top terrace suburbs is the key attraction. From an investment point of view, a good quality terrace in a top Sydney terrace suburb has experienced strong capital growth and will continue to do so in the future due to its scarcity factor. Rental yields will not be high due to the price factor but over the long run, capital growth will more than compensate rental returns.
  • Terraces appeal to a wide spectrum of owners and renters alike, especially in Sydney as these dwellings allude its own character and charm. The profiles of these occupants include young professionals, Sydney’s vibrant gay community, people who work in the arts and creative industries, food lovers, high-fashion followers and hospitality professionals who enjoy inner city living for its array of notable cafes and restaurants, shopping and convenience of commuting to work. For investors, there is rarely a shortage of quality tenants for this type of dwellings.
  • Some terraces are old and dated and herein lie enormous hidden opportunities to upgrade and add significant value. Astute investors can significantly create new equity by carrying out well-designed renovations which appeal to its target market.

What I dislike about terraces

  • Most terraces do not come with car space and being located so close to the city, parking can often be a nightmare although certain suburbs have resident designated street parking. Even then, most terrace suburbs have very limited parking and streets can sometimes be narrow and extremely congested with vehicles which affects the streetscape of the suburb. It is best to always find a terrace with at least 1 car space which is usually a lock-up space within the external compound.
  • Terraces are not free-standing dwellings and some investors will never commit their investments to these type of housing. Those who invest in terraces are usually owner-occupiers who “fall in love” with terrace living and the lifestyle factor. From an investment point of view, the price of a terrace can usually offer alternative investments in free-standing dwellings with ample car space and a huge backyard in good suburbs and locations.
  • The long rectangular layout plan for most terraces means living areas are usually separated as opposed to the feel of an open concept that a house with a large backyard can offer. However, clever floor design can sometimes integrate living spaces to overcome this constraint. Staircases and corridors can be very narrow and it is not uncommon for bedrooms to be located over 3 levels. The size of backyards and courtyards can be small and usually further reduced and compromised by the secured car space.
  • Some terraces only come with 1 bathroom and toilet. Moreover, this facility may sometimes be located on the first or second level and is not ideal for the convenience of guests and may affect the privacy of occupants if guests have to wander upstairs. On the other hand, if this single bathroom and toilet is located on the ground level, then it also affects the convenience and privacy of the occupants in the event bedrooms are located on the first or second levels. This kind of layout may not be suitable for families or occupants of more than 2 people and limits the potential tenant market for investors.

Brutal Art Design + Build ~ award winning property development firm

Brutal Art   Design

Home renovation and building (Photo courtersy: Brutal Art Design + Build)

Property development is fraught will all sorts of risk for the average property developer with limited experience. Many first time owners who is looking to build their dream home may be wise to consider seeking professional assistance and advice to minimise the potential risks of making costly mistakes and wasting valuable time which may prove disastrous if not managed effectively.

Brutal Art Design + Build or BAD + B is a multiple HIA award winning design and property development firm based in Melbourne which helps property investors to build and develop real estate.

Their professional services include helping home owners prepare applications for subdivision of land. In addition, BAD + B also provide the following services:

1. Feasibility studies and early assessment of development potential of a particular site

2. Obtaining early feedback from council – Developing Land Use Plans

3. Establishing a concept design

4. Obtaining a planning permit

5. Assemble a Building Permit Documentation Package

6. Manage the entire building process

Related post:

Most affordable suburbs within 5 – 10 km north of Melbourne

5 Younger street, Coburg

For Sale ~ 5 Younger street, Coburg. Price guide: $520,000 - $570,000

Based purely on median price, Coburg, Thornbury and Brunswick appear to be the most affordable suburbs among 11 selected suburbs immediately north of Melbourne.

It should be noted Hawthorn has a median house price of $1,152,500 and this may distort the average of median house prices up a little. If Hawthorn is excluded from the calculation, the average of median house prices is $649,000 for the selected suburbs.

Suburb

Median house price $

Km from Melb CBD

5-year growth %

Ave annual growth %

Weekly median rent $

Median yield %

Coburg

525,000

8

50.0

10.4

380

3.8

Thornbury

585,000

8

56.0

10.3

420

3.7

Brunswick

586,000

5.4

51.8

10.5

420

3.7

Brunswick West

600,000

7

54.8

10.0

400

3.5

Brunswick East

605,000

5.2

57.1

10.4

450

3.7

Northcote

665,500

7

58.4

10.7

450

3.5

Fairfield

675,250

8

45.7

10.8

475

3.6

Clifton Hill

702,000

5

46.2

10.3

470

3.5

Essendon

767,000

9

47.5

9.9

390

2.6

Alphington

780,500

10

44.5

9.2

425

2.8

Hawthorn

1,152,500

5.6

54.7

11.6

593

2.7

Average

694,886

7.1

51.5

10.4

443

3.3

Source: RP Data, April 2010

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

How it’s calculated:

Median price: Median price for the 12 months to December 2009

Average annual growth: Average percentage change over the past 10 years as a per annum figure

5-year growth: Median price percentage change over the past 5 years to December 2009

Weekly median advertised rent: Median price of rental listings for the 12 months to December 2009

Gross yield: Estimated rental return, based on advertised rent to median price

Related posts:

How to obtain approval for a Development Application

The process of obtaining approval for a Development Application (DA) can be a daunting task as it involves dealing with the bureaucratic maze of councils and other authorities such as the Office and local utility companies. The terminology itself may be confusing as each state and territory in Australia has its own planning laws. Every council, whilst generally have similar responsibilities and regulations, has its own processes for assessing applications and granting approvals.

The difference in terminology between New South Wales and Victoria is set out below:

Type of Document / Approval NSW Victoria
Application to construct new dwellings, demolition of old dwelling, subdivisions and change of use of dwellings. Development Application Planning Application
Statement that a particular use of development (subdivision, buildings and works) may proceed on a specific piece of land. A DA or permit may be specific to a person or operator and is always subject to a time limit and expires under specified circumstances. The responsible authority may impose conditions when granting a DA or Planning Permit. Development Approval Planning Permit
Document which signify that a registered building surveyor has approved documentation for the proposed building work prior to commencement. The Building Act 1993 and Building Regulations 2006 legislate that most building work is subject to the issuing of this document and includes renovations, demolitions and removals. This process is to regulate the standard of construction required to meet all local building code regulations. Construction Certificate Building Permit
Document stating how the land is zoned and is usually required for the purchase and sale of properties. Planning certificate Planning certificate

It is important to not confuse planning permits with building permits. Building permits relate to the methods and standard of construction of a building whilst planning permits relate more to factors such as appearance and impact on the environment, streetscape and neighbours.

An overview of the process for obtaining approval for a Development Application or  Planning Application is set out below:

Step 1- Pre-application tasks

  • Discuss proposed plans with council planner
  • Establish views of neighbours
  • Consider seeking advice of professionals – architect, town planner or project manager. One such firm which offers property development advice and management services is Brutal Art + Design. This company consists of professional builders, architects and designers which can assist property owners with conducting site assessment and dealing with council regulations and approval.

Step – Submit Development / Planning Application

  • Lodge application, building plans and all relevant supplementary documents with council
  • Written notification from council of receipt of fees and application and planning officer assigned

Step – Council review of Application

  • Planning officer makes preliminary assessment, checks plans against town planning regulations
  • Formal request for more info, modifications to design
  • Consultation with other local authorities eg utilities

Step 4 – Advertisement of proposed development

  • Advertisement signage on site for at least 14 days
  • Written notice to neighbours and hearing of parties who may object to proposed development

Step 5 – Council assessment of Application

  • Review any objections and orchestrate mediation
  • Review planning scheme provisions
  • Discuss and negotiate findings with applicant

Step 6 – Council decision

a) Approval with conditions

b) Decision with conditions

c) Rejection

To obtain a Planning Permit in the state of Victoria, it is essential that building plans comply to Rescode, which is Victoria’s residential design and building code. Some key elements of the code include the following:

  • Preserving the neighbourhood character is the starting point for all permits.
  • Dwellings must not overlook or overshadow neighbours.
  • Environmental standards must be met to maximise sunlight.
  • Maximum height of new houses reduced from 12 to 9 metres.
  • Front fences are not permitted to be more than 1.5 metres.
  • Councils may prevent removal of trees.
  • Planning applications must include site analysis.

A checklist of Rescode requirements include, among other things, the following common requirements to be satisfied by any proposed building plans:

Regulation Item Requirement
408 & 409 Street setback Max: 1/3 of allotment depth
Min: Lesser of 9 metres or average of adjoining properties
410 Building height Max: 9 metres
411 Site coverage Max: 60%
412 Permeability Min: 20% permeable area
413 Parking Min: 2 car spaces with minimum sizes (in metres) of ‘6 x 3.5’ & ‘4.9 x 2.6’. However combined width can be reduced to 5.5
414 Side/rear setbacks Max: Up to 3.6 metres on boundary, 1 metre + 300mm/metre over 3.6 metres, or 2 metres + 1metre/metre over 6.9 metres
415 Boundary walls Max: 3.6 metres high with average of 3 metres
Max: 10 metres + 25% of remaining boundary length
416 Existing windows Min: For walls over 3 metres a setback of half the wall height from the window (otherwise 1 metre), with a 3 m2 light courts provided to the window
417 Existing north windows (within 3m) Min: 1 metre + 600mm/metre over 3.6 metres, or 3 metres + 1 metre/metre over 6.9 metres
418 Overshadowing Cannot shadow minimum recreational open space to adjacent properties (including shadows from other buildings), where minimum recreational open space 40 m2 with minimum 3 metre dimension (or 75% of open space if lesser) and usually secluded
419 Overlooking No overlooking of secluded open space or habitable windows within 9 metres, (taken at height of 1.7 metres and 45 degrees from edge of windows)
420 New windows Min: 3 m2 light courts with min 1 metre dimension
421 Open space Min: Lesser of 80 m2 or 20% with minimum secluded open space of 25 m2 with minimum 3 metres at side or rear
424 & 427 Front fences Max: 1.2 metres if within 9 metres of street intersection, else 1.5 metres and 2 metres for declared roads
425 Side / rear fences Max: 2 metres. Note for fences exceeding 2 metres see regulations 4.26 to 4.30 that have similar Rescode requirements to those relating to buildings as above.

Rescode came into force in August 2001 and applies to all residential development in the state of Victoria.

2-4-4 property development rule

Property development

Property development can be a risky business, especially if one is not familiar with issues such as subdivision, the process of liaising with council, utilities and relevant authorities to obtain building approval, managing builders, architects, applying for finance / development loans, obtaining accurate cost estimates, timing the market, building the right products for the right location and the list goes on.

Some investors take to property development because they feel that it may be “cheaper” than buying a property by paying retail price. Through small renovations, extensions and building new dwellings, they can “manufacture” new equity through the profit margins of the new development and hence, pay wholesale price. This thinking is logical provided the entire spectrum of property development principles are successfully carried out to minimise the risk involved.

Ron Forlee

Book by Ron Forlee

One simple rule that I follow is the 2-4-4 property development rule. I withered down extensive research on articles and books about successful property development, attending seminars by respected property investors such as among others, Michael Yardney, Steve McKnight and Ian Hosking Richards who have had decades of personal experience and have built up multi-million dollar property portfolios and successful property related businesses. One particular book that I would recommend is An Intelligent Guide to Australian Residential Property Development by Ron Forlee.

Importantly, I have also spoken and had in depth discussions with architects, builders, surveyors and project managers who are experienced in the specific location that I choose to develop and also have relevant contacts with planning officers in those local councils. By educating myself and getting into the details whilst maintaining a sense of the big picture, that is the end result of the successful development, I am able to minimise and alleviate substantial risks involved by applying this simple 2-4-4 property development rule.

My simple 2-4-4 property development rule says that in order to be successful, I must always keep strict control of the 3 largest elements of a project – profit margin, site / land cost and building cost in the proportion of 20%, 40% and 40% respectively. This rule always ensures that I should walk away from a potential development if it is not met.

A profit margin of 20% allows me some buffer for unforseen circumstances such as a sudden change in market conditions, new rulings or factors which are purely beyond my control. In such situations, this 20% margin still allows a fair return and minimise the risk of losing money. Depending on the location, the cost of the development site should be no more than 40% of the project’s completed sale value. Therefore, if the completed sale value of your project is $1 million, then the cost of the development site must not exceed $400,000, and likewise with the building cost.

Reed Construction Data has an excellent building cost calculator which can be used to calculate an approximate per square metre building costs.

This 2-4-4 property development rule is simple but can prove difficult to follow and implement. If implemented successfully, then risks are substantially minimised and margins better assured.

Related posts:

Strong cashflow AND capital growth – My own experience

Maroubra beach 4

Pristine white sand of Maroubra beach, Sydney

I bought a 1-bedroom apartment located about 800m from Maroubra beach in Sydney through an auction on 22 April 2009. On its first anniversary today, I am happy this little gem of an investment has lived up to all my expectations of both strong rental return AND good capital growth.

The scenario in April 2009

Maroubra beach

Strolling at Maroubra bay, Sydney

Looking back, April 2009 was in the midst of the Global Financial Crisis where interest rates hit a 49-year low of 3.00%. I remember the sentiment of the market was weak where many property investors were uncertain about the future and how long the GFC would continue to affect the global economy. Many were tipping house prices and  interest rates to fall further, thus delaying their decision to enter the market.

I believe there were 5 registered bidders at the auction and I was eventually successful in purchasing the property for $345,000, outbidding the second bidder by $1,500.

At the time, I felt the fair value for the property was approximately $335,000. However, I gave this property a 2-3% premium based on its location, public amenities and lifestyle choice. As Michael Yardney says, sometimes, you need to consider paying a little more than fair value for a high growth location which appeals to both owners and tenants alike. In the long run, the stronger capital growth will more than compensate for the initial small premium.

The results in April 2010

One year on today, rental income for 10 months to March 2010 was $17,650. The projected first year rental will be $21,210 based on the current rental rate of $410 per week. This first year rental yield is 6.15%.

The bank has confirmed the apartment is valued at $385,000 for refinance purposes through a desk-top valuation on 21 April 2010. Therefore, first year capital growth is 11.6%, giving an overall return of 17.65%.

This is despite a recent sale of a unit within the same block with identical internal floor plans for $400,000.

Lounge and kitchen

Galley style kitchen, timber floorboards

I believe the strong performance of this property is due to the following factors:

1. The location is within walking distance to Maroubra beach and is attractive to young professional couples who value proximity to the beach. There have been 2 different tenants since day one and both were young couples looking to live the beach and surf lifestyle. The apartment is located off the main Fitzgerald road and has a quiet and private feel.

Moreover, it is merely 1.5 km or 5-minute drive to Pacific Square Shopping Centre in Maroubra junction.

2. Public transport – There is a bus stop directly in front of the apartment where commuters catch a  bus route directly into the CBD and Circular Quay.

3. The apartment has a galley style kitchen with European appliances and gas cooktop and gas ducting to the balcony for the BBQ. It is located on the top level of a 2-storey boutique block of only 14 units.

It offers a secured underground car space and storage cage, which is vital to alleviate clutter within the living areas. The bedroom is a good size with built-in wardrobes and en-suite with its own Juliet-style balcony.

The main living areas open to a separate balcony for entertaining.

Despite the recent surge in property prices in major capital cities in Australia, I believe investors can still find properties that can show both strong cashflow as well as above average capital growth in locations which is in high demand from both owners and tenants, good public amenities and entering the market at a strategic time within the upward cycle. This involves researching suburbs in strategic locations which may be undervalued compared to its neighbours.

Related posts:

Maroubra bay 8

Maroubra bay, Sydney

Cashed up Chinese investors fuelling Aussie property market

Azure Waterfront Village, Rhodes

Azure Waterfront Village, Rhodes in Sydney by Pacific Asian Developments

There is anecdotal evidence Asian home buyers and property investors, especially those from China are firing up the Australian property market. When wealthy Chinese go abroad for their holidays, their shopping lists extends beyond high-end, branded luxury goods to real estate. Australian cities are now at the top of their shopping lists for property investment.

“I would estimate that around $200 million of my sales come from buyers from China each year,” says Harry Triguboff, managing director of Australia’s largest apartment developer. Triguboff, whose company Meriton has built thousands of apartments across Sydney, especially in central Sydney, says the portion of Chinese buyers in some locations could be as high as 60 percent.

“Last year was my peak year. We sold between 230 and 250 apartments in Sydney to Chinese investors,” says Ray Chan, managing director of Henson Properties in Sydney’s Chinatown.

David Morell, a buyer’s agent in Melbourne, is sure that money from China was responsible for his client being outbid for a house in Camberwell in Melbourne’s east two weekends ago. “She was about 19 years old, she had no English and she didn’t really know how to bid – she just kept her hand up. She was buying on a student visa,” he says of the young woman who pipped him with a bid of $1.82 million for the three-bedroom house that, in his words, had been given the “feng shui tickle”. Chinese investors now prominent at auctions in Melbourne’s eastern suburbs have “single-handedly fuelled Melbourne’s growth, he says. “Asia is looking at Australia as the new Switzerland”.

In Sydney, too, there are anecdotes of auctions dominated by Chinese bidders, of well-to-do Chinese families arriving at real estate agents, their teenaged children acting as interpreter and snapping up multi-million dollar units close to the city.

Unit 1138 - 2 Marquet street, Rhodes 2

2 bedroom apartment at 1138/2 Marquet street Rhodes, for sale at $729,000 through Tracy Yap Realty

Chinese government restrictions phased in from last year to dampen the red-hot domestic Chinese market had “sent a wall of capital offshore”, according to Brian White, Chairman of Ray White. At the top end of the Sydney market, a Chinese buyer was one of three parties vying for a $30 million home, Mr White said. The others are an American and an Australian.

Local Asian buyers had a huge impact on the first-home buyer market last year, but had flowed through into the upgrade and prestige markets, Mr White said. “It is a new market force and one which we had underestimated the strength of,” he said. Sydney prestige homes, particularly over $4 million, had increased in price by 10 per cent, with offshore buyers helping to fuel the growth.

The growing trend of mostly Asian parents buying apartments, many worth more than $2 million, for their children to live in while studying here was also fuelling capital-city residential markets.

New luxury apartments in the Sydney suburb of Rhodes which are being developed by Mirvac, Meriton and Billbergia are being snapped up mainly by overseas Chinese buyers. Two bedroom apartments in the new Azure Waterfront Village on Shoreline Avenue in Rhodes are now selling off-the plan, some of which are well over the $710,000 price range.

Ewan Morton, managing director of Sydney-based Morton and Morton, said 16 percent of the real estate agency’s sales last year were to Chinese buyers, with $21 million in property changing hands. This compared with 5 percent in 2008. “I don’t see it abating,” he said. “The mainland Chinese are looking for purpose-built new apartments with water views…their kids are here studying.”

Colliers International’s NSW director of project marketing, Murray Wood, said that at the Stamford Residences, a 30-level tower at The Rocks in Sydney, one buyer recently bought an apartment for $2 million for their child to live in while studying here. About 6 of 122 apartments had been sold to buyers from mainland China.

Agents say the student market has also boomed in Melbourne. Colliers International’s managing director of project marketing for Victoria, Tim Storey, said about half of the 100,000 people living in central Melbourne were overseas students.

Global real estate adviser DTZ’s Queensland project marketing director, Paul Barratt, said while less than 1 percent of Queensland’s residential property was sold to foreign buyers, changes in late 2008 by the Foreign Investment Review Board allowing 100 percent of a new residential project to be sold to offshore buyers, meant this could change.

The above article are excerpts from the following:

Related articles:

Most affordable suburbs to buy a house in Australia

15 Kurrajong Crescent Melton @ wealthruproperty.com

3-bedroom house on Kurrajong Crescent, Melton South, Melbourne

Based on research by Tim Lawless, Director of Property Research at RP Data an appropriate benchmark for affordable capital city houses in Australia is $350,000 whereby there are still many opportunities to buy a house below  this price in most cities. Hobart and Canberra are the most affordable and least affordable capital cities in Australia respectively based on the number of suburbs with a median house price of $350,000 or less.

Below is the list of most affordable capital cities in Australia:

Rank

Most affordable capital city

# suburbs < $350k

Total # of suburbs

%

1

Hobart

30

70

54.3

2

Adelaide

96

327

29.4

3

Melbourne

87

392

22.2

4

Brisbane

70

328

21.3

5

Sydney

130

625

20.8

6

Perth

25

259

9.7

7

Darwin

0

39

0

8

Canberra

0

84

0

* Note: All analysis is based on suburbs with at least 10 sales over the 12-month period to January 2010.

As at January 2010, Gagebrook in Hobart was the most affordable capital city suburb in Australia where median price was $153,000.

Hobart is the most affordable capital city with a median house price of $342,000. The median house price for capital cities over the three months to January 2010 are as follows:

Rank

Most affordable capital city

Median house price $

1

Hobart

342,000

2

Adelaide

395,000

3

Brisbane

460,000

4

Melbourne

489,000

5

Perth

490,000

6

Darwin

515,000

7

Canberra

545,000

8

Sydney

572,000

The 5 most affordable capital city suburbs for houses are as follows:

Suburb

LGA

City

# sold

Median price $

12-month change %

Avrge 10-year growth %

Dist CBD

Gagebrook Brighton Hobart 26 153,000 7.7 15.9 16
Clarendon Vale Clarence Hobart 27 155,500 -4.9 14.5 10
Primrose Sands Sorell Hobart 51 180,000 5.9 14.3 28
Bridgewater Brighton Hobart 50 180,500 6.2 14.6 19
Rokeby Clarence Hobart 58 190,250 0.9 13.3 9
Elizabeth South Playford Adelaide 39 200,000 4.2 13.6 21
Smithfield Plains Playford Adelaide 42 200,000 8.1 15.7 28
Elizabeth North Playford Adelaide 56 200,500 -1.2 13.8 26
Davoren Park Playford Adelaide 125 202,000 2.5 14.4 27
Elizabeth Playford Adelaide 13 210,000 -6.3 12.7 24
Lamb Island Redland Brisbane 15 205,000 -3.5 n.a 39
Russell Island Redland Brisbane 87 220,000 -6.8 14.9 42
Macleay Island Redland Brisbane 94 240,000 -7.0 13.2 37
One Mile Ipswich Brisbane 53 245,000 -3.9 13.3 34
Leichhardt Ipswich Brisbane 91 249,000 0.0 14.1 34
Millgrove Yarra Ranges Melbourne 48 218,500 1.2 11.9 61
Melton South Melton Melbourne 206 222,000 10.9 9.4 35
Melton Melton Melbourne 236 225,000 3.9 9.5 35
Frankston North Frankston Melbourne 123 237,500 4.3 12.1 39
Diggers Rest Melton Melbourne 29 240,000 6.0 8.8 32
Hillman Rockingham Perth 51 280,000 2.0 12.7 38
Armadale Armadale Perth 219 284,000 2.2 14.2 26
Parmelia Kwinana Perth 141 288,000 2.1 13.8 33
Camillo Armadale Perth 109 290,000 -1.7 13.5 23
Brookdale Armadale Perth 48 297,250 2.5 14.8 27
Moulden Palmerston Darwin 75 392,000 17.9 11.7 15
Gray Palmerston Darwin 53 409,000 14.2 11.9 15
Humpty Doo Litchfield Darwin 113 419,000 -1.9 11.2 33
Karama Darwin Darwin 72 420,500 8.7 9.8 11
Driver Palmerston Darwin 62 437,500 19.9 10.9 15
Chamwood ACT Canberra 44 351,000 3.2 13.4 13
Macgregor ACT Canberra 227 370,000 9.0 10.6 14
Ngunnawai ACT Canberra 98 380,750 5.8 10.1 12
Holt ACT Canberra 72 392,500 5.9 12.0 13
Casey ACT Canberra 47 395,000 n.a n.a 13
Wilmot Blacktown Sydney 34 219,500 9.8 9.2 41
Tregar Blacktown Sydney 63 220,000 8.9 9.6 40
Lethbridge Park Blacktown Sydney 68 225,750 9.6 9.6 40
Whalan Blacktown Sydney 72 229,975 6.7 9.0 39
Blackett Blacktown Sydney 51 230,000 9.5 10.6 38

Top Ryde City Apartments

Top Ryde City Apartments

Top Ryde City Apartments in Ryde (Photo courtesy: Top Ryde City Apartments)

Top Ryde City Apartments are located at the corner of Devlin street and Blaxland Road in the suburb of Ryde, approximately 14km north west of Sydney CBD. The development is a mixture of residential 1,2 and 3 bedroom apartments with approximately 270 retail and specialty shops in the Top Ryde City Shopping Centre .

The Top Ryde City Shopping Centre offers convenience to nearby residents whereby there is a host of restaurants, cafes, banks, medical facilities as well as large grocers like Woolworths, Big W and Aldi.Standard one and two bedroom apartments range from $420,000 – $470,000 and $585,000 – $680,000 respectively.

Investors should note Top Ryde City Apartments are located in a relatively busy area of Ryde, where there is constant build up of traffic along the Devlin street, Blaxland and Victoria road junctions. Many established 2 bedroom apartments in Ryde are of older style and most have typically only 1 bathroom. There are many houses in Ryde off Lane Cove road which are leased on a long term basis to Defence Housing Australia which provides housing to members of the Australian Defence Force. Ryde is a suburb which do not have a train station whereby public transport would involve buses running through Victoria road into Sydney CBD.

Views from selected the apartments include district view of Sydney city and water views of the Parramatta river.

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