Epping Builders and Property Development
Epping has been growing quickly over the last 4 years. After being labeled by the State Government as a Priority Precinct in 2015 development has been strong. Approvals came flooding in with many apartment buildings planned around the 5 level size and a number of larger projects over 20 levels closer to the station. Our Epping builders have been helping deliver these quality projects.
The Northwest Rail Link is also providing continued interest in the region. Epping will be the beginning of this line, drawing more commuters through the town centre. In 2012 the State Government initiated the Urban Activation Precinct which you can see in their video. The Epping rezoning map is a useful tool to see where the change is planned.
The average price for apartments in Epping are $869,475 and 300 were sold last year placing it as the 22nd most active market in NSW. Your Investment Property has a good breakdown of the house and unit market in Epping to guide your decisions.
Costco has moved to Epping with their $40m store currently under construction. There are some other large projects planned in the area including CBUS’s mixed use development at Langston Place. The three towers are up to 28 levels with retail and commercial on the ground levels. Another is a $1bn medical, retail and residential mini suburb.
What's Driving Renovation Growth
A population explosion is set to hit the Northern District suburbs over the next 20 years. Epping, which is well under way with its high rise development, will see an increase of more than 48%. This is another 12,000 people for the township in 20 years.
Surrounding areas such as Maquarie Park, Eastwood and Ryde will be seeing growth even higher than this!
A Busy Market
Despite the very active Sydney Construction, Epping Builders have been competing hard for work in this region. There is a large pool of quality builders to choose from and quality projects and developers active in the region so builders from outside the area are more than happy to work there. With this large number of builders it can be hard to choose the right group. Especially if your projects margins push you to accept the cheapest quote.
Banks also have been tightening their lending criteria lately requiring more pre sales. Also the builders they have on their pre approved panels has been reduced. They have done this for risk reduction in a changing market. Builders with too much work on and offering build quotes too low are among some of the reasons.
Construction Costs - Epping Builders
The past 4 years of busy growth and development in the area have seen the construction costs increase as well. They have generally followed the trend of greater Sydney. At that time you could build a medium level finish apartment to meet the market for under $300k each. Now this price is $320k each as a starting point. Should the quality be higher than the standard it can easily reach $400k per unit.
Again as with all areas, taking the lowest construction cost can be risky. We have seen this in Epping and it did not go well for the developer who was continually hit with variations.
Epping Construction Costs
Our Experince with Epping Builders
Our network of Epping builders has grown significantly over the last four years. This has been driven by increased enquiries from architects, project managers and developers wanting to know who are the best performing Builders for their projects.
Projects we have worked on in Epping have ranged from Townhouses to high density 100 units. These have not only been from property developers but also project managers and architects. The Consultants see value in our Epping Builders network because these are vetted builders who have a track record in the area. They value the recommendations we can make and the information we can provide on the builders performance.
More recently we introduced a project manager to two builders for a 64 unit project in Epping. The project manager is a repeat client of ours and we introduced two excellent builders who provided excellent submission and negotiated further with the developer. The costs for these jobs was around the $320-$330k per unit range.
Choosing the right Epping Builder
There are many builders competing for work in Epping. They are not just local builders but others from all around the state and greater Sydney. First thing you need to do is make sure they will be approved by your institution if borrowing from a major. Should they not be in the good books there is no point taking them further.
Don’t be afraid to use builders from outside the area. There are some great builders from out west and down south who are building high quality work for more competitive rates than the tier one and two builders. Many of these builders have been dominant in their local markets and now look to expand.
Make sure you have a builder who delivers only quality product. There are many out there who are pricing low and delivering marginal quality. Then only to come back and continue fixing the building.
Don’t go for the lowest price. A builder experience on that size project, good trade and bank relationships, and quality past projects all need to part of the decision process. This will help you avoid variations and disastrous outcomes as your projects get built.
If you contact us we can put you in touch with Epping builders experienced in your type of project. They can help guide your cost expectations and avoid surprises.