Ralton Property Group is a well-known name in the low rise property space including small to medium residentials and the team's success can be seen in the $128 million worth of development site sales in the last three months.

Harj Uppal, Managing Director told WILLIAMS MEDIA that many of these deals are to be done under the new Government "Low Rise Housing Diversity Code" from 1 July, 2020 which became mandatory across all of NSW.

"The Code allows homeowners and property developers to develop up to 4 units on a typical residential housing block, subject to certain conditions, without requiring a DA," said Mr Uppal.

"The Code calls a 4 unit development a Manor House.

"The Low Rise Housing Diversity Code also allows well-designed dual occupancies, manor houses and terraces (up to two storeys) to be carried out under a fast-tracked complying development approval pathway."

Bondi - $2.1m for a duplex site sold. Photo: Ralton

Head of Asian Markets, Chen Ma said to WILLIAMS MEDIA that demand for small to medium size residential and mixed-use development sites have increased in the Bayside and Sutherland areas.

"With the current rezoning and revised housing codes, quality sites coming into the market in these areas will attract a great number of competitive offers from both local and overseas investors," said Mr Ma.

Business Development Manager Scott Bustos told WILLIAMS MEDIA Sydney, following the quickest turnaround in decades prior to the global pandemic, is primed to be the one of the highest performers in the COVID-19 bounceback. 

“When the prices fall, the buyers only become more motivated to snap up what they consider to be undervalued assets," said Mr Bustos.

Kensington & Kingsford – $42.1m for two student accommodation sites sold. Photo: Ralton

"With investors and landbankers pulling their properties off-market or turning them into rentals in hopes of recouping equity, coupled with aggressive rezoning policies to support a growing urban population, your everyday mum and dads who suddenly find their properties rezoned for higher density dwellings end up sitting on unrealized goldmines, now with less competition."

Mr Bustos said the Canterbury-Bankstown City rezoning, in the works for almost a decade, is a great example of this.

"Developers are still scrambling to pick up development sites even in areas with lower resale values than more central locations," said Mr Bustos.

"The greatest advantage to have in terms of property and wealth is information, if you’re unsure of the development potential of your property, there is no better time than now to capitalise on what may be a gold mine.

"There is a lot of misinformation out there currently that tries to paint a story of the real estate market being completely destroyed with prices falling up to on average 30 per cent, but this is simply not true.

Sutherland – $5.2m for an amalgamated townhouse site sold. Photo: Ralton

"We are fortunate to have the State Government and the RBA doing everything they can to support the Australian economies growth through these trying times.

Senior sales executive Ryan Greenhalgh said to WILLIAMS MEDIA they have been in close contact with key clients during the isolation period of COVID19.

"One thing has been clear is the developer’s bullishness, intent and hunger to acquire more development sites in Sydney," said Mr Greenhalgh.

"Developers that have been rewarded for their completed projects over the past 2-3 years are now cashed up and seeking more development sites to acquire. 

"Purpose built student accommodation (PBSA) has been comparatively the least affected in the build to rent sector, with some large PBSA developers at circa 70 per cent occupancy rates (Scape, Craig Carracher Link).

"On the other hand hotels have been hit hardest with occupancy rates as low as 20 per cent at the height of the crisis."

Successful development sites sold

• Sutherland – $5.2m (Amalgamated townhouse site w/ option)
• Willoughby – $43.5m (Four townhouse sites w/ options)
• Bondi - $2.1m (Duplex site)
• Kensington & Kingsford – $42.1m (Two student accommodation sites w/ options)
• Padstow – $7.8m (Amalgamated site w/option)
• Leichhardt - $24m (Amalgamated site w/option)
• Wollongong - $2.9m (DA approved sale)

To learn more about Ralton Group click here.

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