THE PROPERTY OPTION THAT IS A WINNER FOR ALL
In a time where first home buyers are struggling to impact the property market and investors are looking for high returns, Infill is rising in popularity, as it becomes a housing option that services all parties.
Infill is the process of subdividing large blocks of land or existing properties in already established areas.
It is becoming increasingly popular as it gives home owners a more affordable option of living closer to their city’s CBD and close to transport services.
No longer must buyers in the market look to move towards the outskirts of their city, given the urban sprawl.
Craig Gemmill, Managing Director of Gemmill Homes says Infill provides a better opportunity for investors, more affordable property for first home buyers and takes the pressure of local government to continually provide more services to newly created suburbs.
“With the urban sprawl, as people move further and further away, more infrastructure such as trains and shopping centres are required to service these people,” Mr Gemmill said.
“There’s obviously longer travel times for work too for people living so far away, and that’s why infill has become popular,” he said.
“People are looking at suburbs with established infrastructure, shops, train stations, bus networks, hospitals and schools.
“The people that have these bigger blocks now can subdivide and put one, two or three houses on them. It’s a great opportunity for investors.”
Gemmill says building practices have advanced to the stage where subdivision and developing multiple properties is now easier than ever.
Building companies, like Gemmill Homes, have streamlined the process and can now handle all aspects, easing the burden for clients.
“It’s not complicated like people think,” Gemmill explained.
“The processes that the builders have developed has matured over the last 10-15 years, so they can take care of every aspect for you.
“Now it is really a one stop shop, when before it wasn’t. There used to be so many pieces to the puzzle.
“Before the client had to do a lot on their own. That has all changed. Now we can do everything for them. From demolition, to drawing up plans, liaising with councils, we can handle every aspect.”
Gemmill says now is a great time to be looking at Infill as an option, with APRA having removed the cap on lending regulations.
But Gemmill warns investors to seek the right advice to ensure the best outcome.
- Trust the Professionals: There are a lot of pitfalls and problems associated with property development, a professional can handle all aspects and guide you through the process.
- Get informed: Talk to an expert before you buy land or existing property. Don’t wait until you have done the demolition. This ensures no nasty surprises and no budget blowout.
- Sweat the small stuff: Small details in the development can easily be overlooked. Issues such as securing the premises, impacting neighbouring properties and undermining existing structure can all lead to big problems.
- Know the end game: There are potential tax implications and added building and planning costs. Decide whether to build, sell, rent beforehand, to ensure a smoother process.
“The initial investment to those contemplating infill is just time,” Gemmill said.
“It doesn’t cost more than that, it doesn’t cost people anything to talk to us,” he said.
“But the returns are there for investors. First home buyers are looking for a way to get into the market and infill provides affordable homes, close to the city.
“It’s a real winner for all parties.”
For more information on Gemmill Homes, visit - https://gemmill.com.au/