Top Tips To Building A Profitable Development
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SROI Property Group is a custom home building and construction team transforming properties throughout Melbourne. With a deep care for our clients and passion for what we do, thoughtful design, modern construction and personalised finishes are at the heart of every successful build.
Alongside a deep love for our craft, we knowingly limit our construction projects to focus fully on your needs, budget and vision. This care and attention to detail is how we deliver a proven construction process that keeps costs down, replaces home-building stress with excitement, and has led us to the trusted and approachable boutique home building team we are today.
We work alongside both homeowners and developers, whether they're new to the industry or seasoned professionals, to craft bespoke solutions tailored to your needs. Keeping up to date with Melbourne's latest trends, we consistently strive to deliver impeccable finishes that surpass expectations. Request a consultation with a member of the SROI team today to learn more about how we can help build your dreams into reality.
You deserve a custom home that’s unique to your vision. Whether you're a homeowner looking to build a beautiful home or a developer planning a new project, our team of skilled custom home builders are dedicated to making your next construction project successful.
Are you looking to upgrade your lifestyle or increase your equity? Whether it's an existing home or a new purchase, our custom home renovations transform your lifestyle, breathe new life into old spaces, and significantly increase the value of your home.
Ready to extract maximum ROI from your next build? SROI builds custom duplexes and multi-unit developments for families and developers alike. Enjoy strong growth, increased equity, better redraw options and high rental yield with a custom multi-residential home tailored to your needs.
My name is Mechel Sarkis, I’m semi-retired and live in Concord, Sydney. I've known John for most his life. John and I got very close when we started my first development project together in 2016-2017. I had always wanted to invest in Melbourne as I found Sydney too expensive. John owned a block in Oak Park, Melbourne's Inner North, and next door was for sale. John made the suggestion that if I purchased the block, his architects had confirmed we could build 8 units on this site. John ran the numbers and it sounded very profitable.
John arranged mostly everything including talks with architects and council, building surveyor, trades, suppliers, land surveyors, body corporate and even the real estate agents. I had minor input as John knew the Melbourne market a little better than myself. All that was required from me was stage payments on time to not slow down construction.
Fast forward 12 months, the project was complete and we created 25% in equity, the properties were cash flow positive. I found the process very simple, my biggest hurdle was accessing a purchase loan and re-drawing on existing loans because of my age. The Oak Park project ran so smooth, I decided to get involved in another Melbourne development. With John's guidance, we discussed the numbers, and I purchased a 650sqm block in Melbourne inner north to develop multi-units on the site.
We begun this development just after Melbourne's material costs were inflated and the material shortages begun. This did create some obstacles and although adjustments needed to be made so the project could proceed on time and on budget, we completed the project in a little over 12 months. There were problems that arose with this development but with every problem there was a solution. This project took a little longer than Oak Park, interest rates did increase 7 times, and property prices did slightly go down/stabilise, however the project finished very profitable still.
Every project will have a problem and no 2 projects will ever be the same, but both projects were very profitable and at my age I’m looking for the adventure more than the profits. I enjoyed the previous developments and am currently looking for a 3rd development site. I will say working with John has made the development process simple and enjoyable.
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View ResourceThe cost of building a house in Melbourne can vary significantly depending on several factors, including size, layout and location.Industry experts suggest that the average cost to build a single-storey, 3-bedroom house in Melbourne is between $1,300 and $2,000 per square metre.
For a 4-bedroom house, this increases to between $2,000 and $3,000 per square metre. You can expect to pay 5-10% above these estimates for double-storey properties.
A prime cost is an item that has not been selected or price can not be determined at time of preparing the contract.
i.e. If our client is after a bench top which needs to be imported and we have not determined price for this, we will allow a reasonable price for this item at time of contract.
A provisional sum is a reasonable cost of carrying out work (labour), at time of contract signing.
i.e. If landscape plans are not confirmed at time of preparing contract, we will allow a provisional sum for this work.
Some clients assume by sourcing their own trade this will save them money. This isn't always the case and could cost you more money and delay construction time.
Our team has a process in which we coordinate our projects, all our trades have worked with each other and understand each other process. This leads to more efficient work and ensures minimum delay from trade to trade. Our team of trades talk and lookout for each other which reduces items being missed and ensures the consistent flow of work.
It's important to get organised and talk to your builder soon as you can. Majority of the time builders have projects booked 6-12 months in advance.
Although an accurate quote is unable to be presented until structural engineering is complete. Engage in a builder as soon as plans are approved from council.
Depending on the scope of works:
New build: 8-12 months
Duplex: 8-14 months
Major renovation: 6-10months
We've built a trusted and reliable team who share the same mindset for work. We have various suppliers we deal with to ensure material expenses are kept to a minimum and always shop prices on material.
A common unseen blowout is bedrock. A geotechnical test can identify bedrock, but the extent is unable to be seen until excavations begin.
- Know what you want from the beginning
- Pick your fittings and fixtures early as possible and try to not change your mind.
- Paying your builders invoice on time will reduce delays in your project
Whether you want to renovate, extend, or build a custom home, you’re in the right place. Partner with the team at SROI Property Group and let’s turn your dreams of a beautiful, architecturally designed home into reality.
SROI specialises in new builds, major high-end home renovations and extensions, and multi-residential developments throughout Melbourne for both homeowners and developers. Whether you’ve got a design ready or need help expanding a spark of an idea, let’s take the first step towards building your vision.
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