Your Guide to Property Development in Melbourne: Q&A with Melbourne Townhouse Builders
Whether you’re just starting out in property development or have some experience, navigating the complexities of townhouse and dual occupancy development in Melbourne requires expert insight. As specialists in Melbourne townhouse building, we’ve compiled some of the most frequently asked questions to help you succeed in the competitive market. Here’s your 101 guide to property development in Melbourne for 2024.
1. Is Property Development a Good Investment in 2024?
The Melbourne property market continues to thrive, with strong growth in unit prices across various suburbs. According to the latest reports, Melbourne’s western suburbs, including Footscray and Essendon, have a median unit price of $473,250, reflecting a 5.60% increase from 2023. In inner suburbs like Fitzroy and Carlton, the median unit price stands at $581,500, showing consistent growth over the past year.
For property developers, this means now is an ideal time to invest, especially if you own land suitable for dual occupancy, townhouses, or multi-unit developments. With rising property values and increasing demand, partnering with an experienced Melbourne townhouse builder can help you maximise your return on investment (ROI).
2. How Can I Maximise ROI on My Property Development?
Maximising ROI starts with a comprehensive feasibility assessment to determine the viability of your development project. A feasibility study provides an overview of costs, including initial planning, construction, subdivision, and real estate fees. This ensures that you’re making informed decisions from the outset.
At delcon design and construct, we offer free feasibility assessments that break down every aspect of your potential project, helping you understand all the associated costs. A well-planned project will significantly improve your profit margin.
Learn more about Feasibility Assessments here.
3. How to Get Started in Property Development
For beginners, starting small is key. While large-scale developments might seem tempting, they come with complex regulations and higher risks. By starting with a small-scale development, you can manage the project more effectively, reduce paperwork, and avoid unexpected financial strain.
Alternatively, you can engage a professional property development builder who offers a turn-key service. This service handles everything from design and planning applications to construction and final touches like landscaping. A turn-key solution is ideal for inexperienced developers or those who want to avoid the hassle of managing multiple contractors and suppliers.
4. What Are Realistic Timeframes and Costs for Property Development?
One of the most common questions we receive is: How long will my multi-unit property development take, and how much will it cost?
For multi-unit developments, the timeline can extend beyond what most new developers expect. Typically, projects involve knocking down an existing structure, building multiple units, and subdividing the land. This process can take 12-24 months, depending on the scale and complexity of the project.
In addition to the construction phase, time must be allocated for planning approvals, town planning considerations, and title changes. The cost of these steps varies widely, but a detailed breakdown of potential expenses, from legal fees to construction costs, can help manage your expectations.
Click here for a detailed breakdown of expected costs.
5. Why Choose a Specialist Melbourne Builder for Your Development?
Property development is a multifaceted process involving finance, legal matters, design, construction, and marketing. Working with an experienced Melbourne townhouse builder ensures that all these aspects are managed cohesively, helping you avoid costly mistakes and ensuring that your project is completed on time and within budget.
At delcon design and construct, we have decades of experience guiding property developers through every stage of the process, from initial planning to completion. Our goal is to help you achieve a high ROI on your Melbourne property development, whether you’re building a single dual occupancy or a large multi-unit project.
For more advice or to discuss your upcoming project, call us today at 1800 335 266 or email: info@delcon.net.au.