McGrath Well Positioned As Developer Confidence Returns Back Into Sydney Property Market

Recently there’s been increased interest from development groups for residential sites which coincides with a new appointment by McGrath Projects of Development and site acquisition specialist, Michael Bevan to help address the demand from developers as we prepare for busy times ahead.

Due to the rapid recovery in the residential sector the smaller to medium sized developers are back in the market looking for both DA Approved and Raw Development Sites.

Adam Sparkes, General Manager of McGrath Projects said,

Michael Bevan’s appointment is a significant addition to our Projects team as it strengthens our capability to provide a complete full service offering.

Michael has been able to specialise in site feasibility analysis through to acquisition, design and approvals, construction company appointment and ultimate full delivery, so such wide expertise is a value-add for both our clients and our agents servicing their vendors at a local level.

In an important development for acreage owners living on the fringes of Sydney who are waiting for their property to be rezoned, Planning NSW has required local councils to exhibit their local strategic planning statements, which shows how councils will deliver new areas for development.

“The councils also have to produce new Local Environment Plans over the next two years, which will mean new zonings, upgrades to current zonings and better/clearer gateways to new development.” Michael Bevan said.

The tightening of lending by the major banks off the back of the Banking Royal Commission has had the effect of creating substantial growth in the secondary lending market which has freed up greater access to funding for the more experienced and successful developers.

My forecast is that there will be a renewed level of activity from developers throughout 2020 and beyond amongst the acreage properties situated within the North West Development Areas of Sydney.

If you have any questions about what’s happening in your area or would like to discuss selling your property to a developer, get in contact with me here

Regards

Greg Vincent