Joshua Bunton’s Post

Vancouver Multiplex Update We have now crossed the 700 homes mark. The City has 168 multiplex applications approved making up 707 homes. The City was expecting 150 applications all year so with 5 months to go I would say the Multiplex initiative has exceeded expectations. The City will likely have over 1100 homes in development by year end. Three units: I am loathe to call them triplexes as most seem to be front/back duplexes with a laneway home in the back. Lightwell has two in development. There are 46 in development making up 138 homes. The laneways range from 750 to 1100 square feet depending on the lot size. The laneways offer an affordable entry point into low density living. Four units: 71 applications resulting in 284 homes. Interestingly developers approach four units two different ways. The first is to create four units in one building. Alternatively is to develop two duplexes one behind the other. Lot size and dimensions dictate which approach to use. Five units: 21 applications making up 105 units. Surprisingly half are in the East Side. Lightwell has 2 developments on the West Side with five units each. Six Units: 30 applications with 180 units. The majority are being developed on the West Side of Vancouver where lot sizes are bigger. Lightwell has 3 developments in process with six units. While multiplexes provide density they are not the answer for affordable housing. On the West Side multiplexes are more affordable than half duplexes and provide less costly options in neighborhoods bereft of townhomes. They are still a welcome and much needed solution to make housing more attainable for many home buyers. Our first development begins construction in November so I look forward to seeing our first buildings completed. It will be exciting to see more people in our neighborhoods. #multifamily #multifamilydevelopment #realestatedevelopment #realestate

// 📈 City Housing Markets Surge: Valuers Predict Significant Price Increases for Apartments and Houses 🔥 The latest CBRE survey indicates a strong outlook for apartment and house prices in major city markets over the next 12 months. Valuers are particularly optimistic about Perth, with more than half predicting apartment values to rise by at least 5%, and nearly one-fifth expecting similar growth for Sydney apartments. Brisbane and Adelaide are also expected to see significant gains, with 37% and 28% of valuers, respectively, forecasting a 5% increase in apartment values. This marks a substantial improvement from the previous quarter's predictions. As reported in the AFR, house prices are also expected to climb, especially in Perth, Adelaide, and Sydney. Nearly one out of five valuers predict Perth's house prices will increase by more than 10%, while a higher percentage anticipate at least a 5% rise in Adelaide, Sydney, and Brisbane. The robust demand, coupled with low stock levels and strong population growth, supports these positive forecasts. As new apartment supply remains limited and construction costs have surged, existing properties are becoming more valuable, further driving up prices in these city markets.

Land getting dearer, properties getting smaller! A fascinating new report has revealed the difference in house prices and sizes among the capital cities, and how this relates to affordability. Sydney houses cost a median of $2,590 per square metre to buy, compared to just $712 in Darwin, according to Domain. Not coincidentally, Sydney houses sit on relatively small blocks (563sqm), while Darwin houses sit on the largest blocks (802sqm). Domain found a clear link between land cost and house size – and that as land has been getting dearer, properties have been getting smaller. “While this may seem counterintuitive, it actually creates more opportunities for home ownership. Higher density translates to increased affordability. This stems from a fundamental truth: as the population continues to expand, available land remains finite,” Domain said.

Land getting dearer, properties getting smaller! A fascinating new report has revealed the difference in house prices and sizes among the capital cities, and how this relates to affordability. Sydney houses cost a median of $2,590 per square metre to buy, compared to just $712 in Darwin, according to Domain. Not coincidentally, Sydney houses sit on relatively small blocks (563sqm), while Darwin houses sit on the largest blocks (802sqm). Domain found a clear link between land cost and house size – and that as land has been getting dearer, properties have been getting smaller. “While this may seem counterintuitive, it actually creates more opportunities for home ownership. Higher density translates to increased affordability. This stems from a fundamental truth: as the population continues to expand, available land remains finite,” Domain said.

Housing affordability is an ongoing challenge, one that has been exacerbated in the last few years by rising interest rates and home prices. One alternative that is proving popular is the build-to-rent (BTR) model, which includes communities with apartment-style or single-family homes, or a combination of both.

The trend in Greater Vancouver's housing market is insightful. The Composite and Apartment Benchmark Prices have shown stable growth over the past year, despite external economic factors. Minor fluctuations aside, the overall trajectory remains upward, indicating a resilient market. Notably, Apartments have lagged behind the broader market trend, with more moderate price growth. However, the data suggests a robust housing market in Greater Vancouver, driven by continued demand across property types. For more information, refer to: https://lnkd.in/gDAJd-cv

New York City sees tightest rental market in more than five decades Contact me to discuss the latest scoop in real estate! #newyorkrealestate #newyorkrealestateagent #newyorkrealestatebroker #longislandrealestate #nyrealestate #realestatenyc #realestateny #newyorkrealtor #nycbuildings #housingmarket

New post where Nathan Lauster and I trying to quantify the harm done by planning restrictions. We ask the simple counter-factual question: "What would rents be if every apartment building built in Metro Vancouver over the past five years had been on average 20% taller?" The short answer is that we estimate that planning decisions preventing apartment buildings built in the past 5 years in Metro Vancouver from being on average 20% taller are resulting in an annual redistribution of income from renters to existing landlords on the order of half a billion dollars across the region via higher rents. The question and methods are motivated by a recent report by the New South Wales Productivity Commission. More details in the post: https://lnkd.in/gPxViFF4

Great news for Sydney's housing market! I'm back in Sydney today, scaling up our plans with an advanced modular CLT inclusive residential grade mid-rise apartments model, a "fast-to-market solution." Our scalability. Our "Thrive Alliance" Cross-Laminated Timber (CLT) in Australia and Internationally is made from renewable plantation forest trees. CLT=stored carbon capacity is up to 40,000 “residential grade” midrise apartments per year, targeting the “Baby Boomers” and "Essential Workers " including social housing on a scale (including disability workers) across Australia, including Regional Australia, built in up to 75% less time than current custom construction methods, in excellent designs, detailing and finishes with almost zero waste of valuable building materials. As a proven "Placemaker" with major-scale residential urban projects, I have a rare sense of "social responsibility." I have set aside 30% to 50% of all my inclusive major residential urban projects for affordable dwellings with no mandatory requirements just through my initiative and sense of social responsibility over the last 50 years. My major sites won at State and Local Government tenders, including a worldwide tender for 3.5km of suburban beachfront unloved land in South Australia abandoned by one of Australia's leading institutional groups. We won that international State Government of South Australia tender and transformed this massive site with a negative value into today's value of around $3.5bn, with the State's highest capital growth for investment properties over the last twenty years. Buyers have achieved above-average capital growth over the decades in my previous major urban projects. We got right the blending of "new with historical overlays", a much-needed skill set in the ALP Premier Minns proposed rezoning of 30 significant Metropolitan Railway stations to residential-grade mid-rise apartments within walking distance of railway stations, our target market in all these nominated Premier Minns proposed rezoning areas. Over the decades in Sydney, I haven't seen any major residential urban project that's got this right other than "creating bots" on the landscape and alienating the very community that's a built-in buying base. Residents in those communities predominantly bought all my past inclusive medium-density and mid-rise apartments with these projects. There is no point in navel-gazing on where Sydneysiders should have bought a dwelling; very soon, we will announce our first "showcasing" inclusive quality residential grade mid-rise apartments in Metropolitan Sydney, as in the past, with expectations of a "complete sell-out" with our inclusive scalable, sustainable CLT offer from renewable plantation forest trees into Cross-Laminated Timber = Stored carbon. Thriveconstruct.com.au #Sydney #advancedmodular #residentialgradeapartments #inclusive #housingcrisis #fasttomarketmarket #sustainable

Contrary to the conviction of some, Australian homes are NOT getting bigger. The Australian housing landscape is not evolving into a ‘mansion-market’, but a home market with an emphasis on construction-efficiency and cost-sensitivity, complimented by a concerted shift toward higher density. - The average new Australian dwelling has decreased in size from 2008/09 to 2022/23. - This is partly because Australians are increasingly choosing to build apartments instead of a detached house. - The data suggests that the larger the share of the new home market that are apartments, the larger the footprint of the average detached home, in that region. - Between 2008/09 and 2022/23, the average floor area of a new detached house declined by 3.4 per cent. - The living space within a detached houses is falling at a faster rate, than this data reveals as planning regimes have increasingly required a garage to be within the footprint of the house. - Between 2008/09 and 2022/23, the average floor area of a new apartment declined by 0.6 per cent. - Between 2008/09 and 2022/23, the average floor area of a new townhouse increased by 16.9 per cent. Housing Industry Association (HIA) discussion paper available here: https://lnkd.in/gFe96UfU