73 – Planning system decay, dispute and disappointment in property development

Property Developer Podcast

Decay, dispute and disappointment is how former Victorian Premier Ted Baillieu describes the planning system. In this thought provoking discussion we will cover who cares about rising construction costs and how developers can deliver better outcomes. Most property developers lament at their experiences of going through the planning system. There often seems so much about it that is frustrating and inexplicable for marginal outcomes. That’s why this discussion with Ted Baillieu is so interesting and thought provoking. Ted is a trained architect, turned politician, who was premier of Victoria from 2010 to 2013. His family also has a long connection to the real estate industry across Victoria. Most property developers lament at their experiences of going through the planning system This is not a uniquely Victorian story, I think the topics we cover are relevant in most areas and I’m sure they will be familiar to most developers. Property Developer Training If you are keen to get started today in learning about the property development process and what you need to do at each step, then jump into the Property Developer Training course (www.propertydevelopertraining.com). This is the program that Justin has put together to help you get quickly started in property developing. Complete the course at your own pace and in your own time, and learn the tips, trips and techniques that Justin has used in all his projects. Find out more at www.propertydevelopertraining.com Property Developer Quiz Keen to find out how ready you might be to become a developer? Then take the Property Developer Quiz (www.propertydevelopertraining.com/quiz) and get a sense of where you are at… Pro Property Development While Ted openly admits to being pro-development, that doesn’t mean its just open slather for projects getting approval. While in opposition, Ted was among other things, the shadow minister for planning, so he understands the issues and challenges that relate to property developing, coupled with his professional training in architecture. So I think Ted brings a unique perspective to the table in terms of the wider social/political environment in which planning occurs, and then the practical aspects of the developing process. He also has a unique insight into what it’s like balancing the competing interests on all side of planning and developing when you are the government of the day. During the conversation we cover some very interesting ground including why construction costs continue to rise, what’s wrong with the planning process, and the ongoing importance of understanding your local market. Keep an ear out for Ted describing the slow decay of the planning process and the impact that has on the confidence that all parties have in the system. Now, the audio of this recording is not as great as I would like, but stick with it, as there is some real gold in this conversation. Lessons for real estate developers Okay, there you go. I hope you enjoyed that conversation as much as I did. I found it fascinating to hear some of Ted’s thoughts on how the planning process is letting many people down, including developers, and what can be done to fix it. Sadly, I think many governments are too afraid of upsetting people to make any meaningful changes to the system. Anyway, here are three things I took away from the discussion: 1. Property developers should raise their sights Ted’s key piece of advice for property developers looking to take their business to the next level is to raise their sights. So, how can you improve your current or next project? Can you up the quality of the design, improve communal spaces, sharpen the finish? There’s so many little things that you can look at to improve your overall project. 2. Keep your local community on board when proposing new property development projects For some people, community engagement can be a challenge,