Dominic Wong from Grant Thornton comments on the continued rise in residential property development in Australia and highlights things to consider when taking on property development.
Looking to take advantage of this unprecedented growth are established residential property developers and also many ‘one-off’ property developers, such as ‘mum and dad enterprises’ and first time foreign developers dipping their toes in the Australian market. Whilst the lure of development profits is attractive in a growing market, these can quickly turn to losses. As with any business venture, it is important to plan carefully and seek expert advice as early as possible, as even the most experienced developers can be tripped up. In this article we look to highlight some areas that should be considered when considering a development.