Designing, Building & Developing a Luxury home in Lindfield

Ashington Homes · May 17, 2024 4:54 pm

Hi All

This is my Friday shout out to all the lurkers in this forum

I know there are heaps of you because many of you call me and we have great conversations.

You don't need to be shy. I genuinely enjoy answering questions and if there is something technical that I don't know I always ask one of my trades when I am driving around sites.

So what I am trying to say is please feel free to ask anything, you won't be judged or criticised and if you ask a question it is a good opportunity for us to all learn.

Like the question that was asked today about the council fees was a really good one as most people probably don't know that.

And if you are too shy to ask something publicly happy for you to DM me or call me and I promise I will do my best to help. I spend a lot of time in the car driving so I can always find time to talk.

Cheers

Simeon

Joolsie · May 20, 2024 6:10 pm

Thank you so much again again Simeon, as one of said lurkers I really do appreciate the time and effort you put in to these posts.

Just sitting here on the side lines waiting for the right time (and $$$), so it's very helpful to know the trends in market & conditions.

Ashington Homes · May 21, 2024 4:53 am

Joolsie

Thank you so much again again Simeon, as one of said lurkers I really do appreciate the time and effort you put in to these posts.

Just sitting here on the side lines waiting for the right time (and $$$), so it's very helpful to know the trends in market & conditions.

Thanks for joining in Joolsie

When you do have the $$$ hopefully you will have enough knowledge to destroy your build.

Ashington Homes · May 21, 2024 5:50 am

Last night a local agent contacted me to let me know that a developer has completed a home near our site which will be hitting the market in the next couple of weeks, same sized land and they are seeking $7.5m for theirs.

I am intrigued as this one has slipped under my radar.

I need to drive past this morning to take a look and find out more.

Either they are dreaming, or they will achieve this and set a new benchmark for the area. I am intrigued,

I will post some pictures later so we can all see what we think and track their sale.

cheers

Simeon

Joolsie · May 21, 2024 1:40 pm

Ashington Homes

Joolsie

Thank you so much again again Simeon, as one of said lurkers I really do appreciate the time and effort you put in to these posts.

Just sitting here on the side lines waiting for the right time (and $$$), so it's very helpful to know the trends in market & conditions.

Thanks for joining in Joolsie

When you do have the $$$ hopefully you will have enough knowledge to destroy your build.

I think the most important thing I've learned here is that the devils are in the detail - so I'm spreadsheeting the heck out of my plans.

I'll be interested to know how you go with those double glazed tall windows - they are something I would like (to let in that toasty northern light in winter), but may have to compromise on if they get too expensive!

Pedro4137 · May 21, 2024 2:18 pm

Hi, how are building costs going? Down /up

Builders pocketing extra now or owners getting small decrease

ren_ho · May 21, 2024 3:16 pm

Looking forward to seeing how this build progresses!

Ashington Homes · May 21, 2024 6:07 pm

ren_ho

Looking forward to seeing how this build progresses!

Thanks Ren

Ashington Homes · May 21, 2024 6:13 pm

Pedro4137

Hi, how are building costs going? Down /up

Builders pocketing extra now or owners getting small decrease

Hi Pedro

Overall pretty steady at the moment, We were just discussing today that design costs have increased dramatically in the last few months.

There are still some tradies and suppliers trying to price gouge but we have found that if we shop around enough we can get some good deals.

A recent example was a driveway last week a whole bunch of prices in the $21,000-$24,000 range ( just under $300/sqm for 120mm 32mpa SL82 mesh etc) crazy numbers, but then get a $13,000 and a $17,000 quote. But we had to meet 8 groups to get the good pricing.

Went with the $17,000 guy as the $13,000 one was booked out for 8 weeks.No wonder why! The budget was $15,000 set 18 months ago so we lost money, but that's the game.

We have seen this across a range of areas. You honestly need to hunt for the gems so a fair bit of time is spent doing that.

Ashington Homes · May 21, 2024 6:14 pm

Joolsie

Ashington Homes

Joolsie

Thank you so much again again Simeon, as one of said lurkers I really do appreciate the time and effort you put in to these posts.

Just sitting here on the side lines waiting for the right time (and $$$), so it's very helpful to know the trends in market & conditions.

Thanks for joining in Joolsie

When you do have the $$$ hopefully you will have enough knowledge to destroy your build.

I think the most important thing I've learned here is that the devils are in the detail - so I'm spreadsheeting the heck out of my plans.

I'll be interested to know how you go with those double glazed tall windows - they are something I would like (to let in that toasty northern light in winter), but may have to compromise on if they get too expensive!

We are single glazing those, most likely with 10mm glass

Ashington Homes · May 21, 2024 6:23 pm

This is the home about to hit the market nearbyLike ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

So we took a drive to check out this property today.

It is quite striking in appearance. Has some views over the valley to the west towards Macquarie Park.

The site is very steep with a big set of stairs curving up from the left hand side of the letter box. I wonder if this will turn buyers off as it would be painful to have to walk up there especially for elderly parents who all seem to be moving in these days.

But overall from the outside it is rather impressive and striking. A lot of curb appeal.

I think our street is a lot better being a cul de sac and we have a flat block.

Keen to get inside when it formally hits the market.

Anyway, this will be the one that sets the tone, so I really hope they do get their price!

Till next time

Simeon

pizzashapes · May 21, 2024 8:39 pm

Ashington Homes

Last night a local agent contacted me to let me know that a developer has completed a home near our site which will be hitting the market in the next couple of weeks, same sized land and they are seeking $7.5m for theirs.

I am intrigued as this one has slipped under my radar.

I need to drive past this morning to take a look and find out more.

Either they are dreaming, or they will achieve this and set a new benchmark for the area. I am intrigued,

I will post some pictures later so we can all see what we think and track their sale.

cheers

Simeon

That would be 52 Eton Road Lindfield about to hit the market. Built by Rudder Group, an apartment builder. This house has stunning city views though so I imagine that’s factored into the asking price.

Chinese owner, Chinese builder and Chinese sales agent.

Ashington Homes · May 21, 2024 9:25 pm

pizzashapes

Ashington Homes

Last night a local agent contacted me to let me know that a developer has completed a home near our site which will be hitting the market in the next couple of weeks, same sized land and they are seeking $7.5m for theirs.

I am intrigued as this one has slipped under my radar.

I need to drive past this morning to take a look and find out more.

Either they are dreaming, or they will achieve this and set a new benchmark for the area. I am intrigued,

I will post some pictures later so we can all see what we think and track their sale.

cheers

Simeon

That would be 52 Eton Road Lindfield about to hit the market. Built by Rudder Group, an apartment builder. This house has stunning city views though so I imagine that’s factored into the asking price.

Chinese owner, Chinese builder and Chinese sales agent.

Do you think based on your experience and knowledge of Rudder Group that they can get their price? I sure hope so , but I have heard that chinese money is drying up.

pizzashapes · May 21, 2024 11:06 pm

Quote:

Do you think based on your experience and knowledge of Rudder Group that they can get their price? I sure hope so , but I have heard that chinese money is drying up.

Whilst the block, finished product and builder are all important ingredients that contribute to a successful sale price, I think the current premium end of the market is very sluggish.

On the upper north shore specifically, the time on market is blowing out for $5m+ new build homes. A couple of $6m+ transactions early in the year, then the rest have all copped discounts to expectations to sell. There is a new build listing coming to market every fortnight, but old listings are taking 6-8 weeks to sell. Buyers have plenty of choice. Many are re-listings that failed to sell first time round.

For $7.5m asking price, the agent will have a tough time convincing buyers why buying new is better value than buying a comparable block and building the same house yourself and pocket the $2m change. If replacement cost is nowhere near this figure, why would anyone offer that?

Ashington Homes · May 22, 2024 8:51 am

Do you think based on your experience and knowledge of Rudder Group that they can get their price? I sure hope so , but I have heard that chinese money is drying up.[/quote]

Whilst the block, finished product and builder are all important ingredients that contribute to a successful sale price, I think the current premium end of the market is very sluggish.

On the upper north shore specifically, the time on market is blowing out for $5m+ new build homes. A couple of $6m+ transactions early in the year, then the rest have all copped discounts to expectations to sell. There is a new build listing coming to market every fortnight, but old listings are taking 6-8 weeks to sell. Buyers have plenty of choice. Many are re-listings that failed to sell first time round.

For $7.5m asking price, the agent will have a tough time convincing buyers why buying new is better value than buying a comparable block and building the same house yourself and pocket the $2m change. If replacement cost is nowhere near this figure, why would anyone offer that?[/quote]

Interesting and thanks for your input.

In answer to your last point, we have had a number of potential clients tell us that they are worried about the risk of builder's going broke which is why they would prefer to have the risk taken out and just buy new. But time will tell how big of a premium they will pay.

It's going to be interesting following this one.

I met the agent from Park & Lane who sold 36 Waterhouse for a record $7.85m and he said he could sell that 7 or 8 times again as there was no stock. Interesting he was very strong on the fact that we shouldn't be targeting chinese buyers as that money is now very tight and it was more likely a white person who was cashed up.

I also have a client who is a fund manager and has some really good data on immigration and where money is coming from. He believes there is a lot of cashed up South Africans and English immigrants coming in.

At the end of the day, we just need one family who loves it enough and can't be bothered going through the build process to buy it. What that price is is the big unknown. We just need to manage costs so we can be flexible enough to meet the market,,,if that makes sense.

pizzashapes · May 22, 2024 1:19 pm

Quote:

I met the agent from Park & Lane who sold 36 Waterhouse for a record $7.85m and he said he could sell that 7 or 8 times again as there was no stock. Interesting he was very strong on the fact that we shouldn't be targeting chinese buyers as that money is now very tight and it was more likely a white person who was cashed up.

I also have a client who is a fund manager and has some really good data on immigration and where money is coming from. He believes there is a lot of cashed up South Africans and English immigrants coming in.

At the end of the day, we just need one family who loves it enough and can't be bothered going through the build process to buy it. What that price is is the big unknown. We just need to manage costs so we can be flexible enough to meet the market,,,if that makes sense.

So this is where I mentioned earlier about the need to get independent advice and being able to verify the information that you do receive as every agent has their own agenda to push. Whilst 36 Waterhouse sold to a non-Chinese buyer, the underbidder (who offered the highest price) was Chinese. You can ask your agent friend about this story and see what he says.

But the vast majority, and I'm talking 9/10 of new build transactions over $5m+ on the upper north shore, the surnames of the buyers will be Asian, which you can quickly verify with an RP Data search of the owner's name post settlement.

Some sneak preview pics of 52 Eton below.

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Ashington Homes · May 22, 2024 2:19 pm

pizzashapes

Quote:

I met the agent from Park & Lane who sold 36 Waterhouse for a record $7.85m and he said he could sell that 7 or 8 times again as there was no stock. Interesting he was very strong on the fact that we shouldn't be targeting chinese buyers as that money is now very tight and it was more likely a white person who was cashed up.

I also have a client who is a fund manager and has some really good data on immigration and where money is coming from. He believes there is a lot of cashed up South Africans and English immigrants coming in.

At the end of the day, we just need one family who loves it enough and can't be bothered going through the build process to buy it. What that price is is the big unknown. We just need to manage costs so we can be flexible enough to meet the market,,,if that makes sense.

So this is where I mentioned earlier about the need to get independent advice and being able to verify the information that you do receive as every agent has their own agenda to push. Whilst 36 Waterhouse sold to a non-Chinese buyer, the underbidder (who offered the highest price) was Chinese. You can ask your agent friend about this story and see what he says.

But the vast majority, and I'm talking 9/10 of new build transactions over $5m+ on the upper north shore, the surnames of the buyers will be Asian, which you can quickly verify with an RP Data search of the owner's name post settlement.

Some sneak preview pics of 52 Eton below.

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅

You really seem to know what you are talking about, and as we expand it would be great to have someone with your experience guiding us.

Just wondering if you would be interested in a paid consultancy role?

Happy to buy you a lunch or coffee if you are interested.

Cheers

Simeon

pizzashapes · May 23, 2024 8:37 am

Not at all, just a fellow traveller. Happy to share any opinions that may be of help, no paid consultancy required.

Ashington Homes · May 23, 2024 10:05 am

pizzashapes

Not at all, just a fellow traveller. Happy to share any opinions that may be of help, no paid consultancy required.

No problem. Still happy to buy you a lunch if you are ever hungry

Ashington Homes · May 29, 2024 5:29 am

I hope everyone is well.

This week has been crazy. Gearing up to start the build next week, so we have been putting everything in place...a never ending stream of paperwork and running around.

Trying to settle a home and start building a few days later is a mission.

Anyhow, enough whining.

Here is a home that sold in Roseville on the weekend well above the reserve.

They paid $3,090,000 but that was in 2020 and it just sold to a local chinese family who were upgrading for $8,250,000.

Block size is 878sqm

So even if you factor in 4 years of holding costs, this developer would have made some decent $$.

A positive sign for the market.

https://www.domain.com.au/14-park-avenu ... 2019218491

FYI I am not trying to compare Roseville to Lindfield as it's Roseville, but it is the neighbouring suburb and only a 5 min drive. More the point that there is some money in the market at the moment.