With local industry bodies cautiously optimistic about the recovery of the Western Australian property market, developers across the state are starting to rev their project engines once again.
The Real Estate Industry of Western Australia President Hayden Groves has maintained that a moderate and steady improvement is forecast for the 2018 Perth property market, with some growth expected over the next 12 months after the market showed signs it was in a recovery phase toward the end of 2017.
Western Australian developer Yolk Property Group is confident the market is on the rise, with the company entering a new phase of expansion launching an exclusive selling arm; creating a new Project Director Licensee role; and preparing to commence sales on five new projects.
Yolk Property Group Director Pete Adams said whilst it has been a challenging market, Yolk were able to identify prime sites ideally located near amenities, in the downward cycle, to be capitalised on in a better market.
“As a boutique developer, our projects are medium size, which allows us to move in and out of market cycles quickly and nimbly and this appeals to investors in uncertain times,” Mr Adams said.
“Timing is everything and we’ve been able to bring the right projects to market at the right times, working relatively swiftly.”
Mr Adams said the company was geared by the momentum of 12 active projects, all at differing stages of the development, marketing and sales life cycle.
“We’re anticipating a busy year, both with the projects on the go and the hunt for new acquisitions, which will only increase with our new Project Director on board,” he said.
Taking up this newly created role is Andrew Graham, who has worked for high profile national and local development companies and has delivered numerous land and built form projects over the past 25 years.
Mr Graham, who will also hold the role of Director of Yolk Real Estate, said he was pleased to join the Yolk team and was looking forward to playing a role in expanding the company.
“Yolk approaches things from a different perspective, pushing the boundaries when it comes to innovation and sustainability, which really appeals to me,” he said.
“The company’s been kicking a lot of goals under the radar for a long time, but I think we’re at a point now where the industry is really starting to take notice.”
Yolk was the first property developer in Western Australia to utilise shared solar technology in a large-scale strata-setting and also delivered the first apartment development in the state to be recognised by Bioregional Australia Foundation as a One Planet Community, a highly-regarded international sustainability accolade. The company was also awarded the Rising Star Award at last year’s Urban Development Institute of Australia (UDIA) WA Awards for Excellence.
Yolk has been quietly building a reputation as a developer of choice with Government over the past 12 months, collaborating with the Department of Communities and LandCorp on multiple urban-infill developments across the state. The most recent being The Amble Estate in Girrawheen, a collaboration with the Department of Communities and Ventura Home Group; and Evermore WGV, a collaboration with LandCorp, Curtin University, Solar Balance, Australian Renewable Energy Agency, Low Carbon Living Cooperative Research Centre and Commonwealth Scientific and Industrial Research Centre, at LandCorp’s WGV estate in White Gum Valley.
Mr Graham said Yolk was successful in joint venture projects not only because of their ability to deliver affordability, sustainability and creativity across developments, but their capacity to work collaboratively.
“For a development to be successful, there needs to be trust and excellent communication. I think many project partners and consultants appreciate that they can speak with the actual Directors of the company to chat about the project and make required decisions quickly.
“There’s been a significant surge in enquiries since Yolk’s involvement in Evermore WGV and The Amble. These projects have helped highlight that Yolk has the capability to deliver award-winning developments that all project partners will be proud of,” Mr Graham said.
Yolk Property Group has 12 active projects across Western Australia and is seeking new acquisitions. More information on Yolk can be found at www.yolkpropertygroup.com.au.