Pace Development Group has garnered a reputation for creating unique and high-quality residential projects in sought-after locations. Understandably, this is showing up not only in initial demand for each new project they announce, but also further down the life of these properties.
A recent apartment resale in Pace’s 181 Fitzroy Street, St. Kilda project – 3 bed, 2 bath, 2 car space – achieved a price of $2.375 million, well over a quarter of a million dollars more than it originally sold for.
So why do Pace apartments perform consistently well at resale? We spoke to Daryl Wilkinson, Pace’s Sales Manager to find out.
How successful have recent Pace projects been at resale?
We have been very pleased with the resale values we have seen recently with our apartments at Ode, 181, and Brunswick.
At Ode, the original purchaser sold for $170k above their original purchase price. At 181, an original purchaser sold for over $250k more than their purchase price. And at Brunswick, 4 apartments did not settle and were resold by Pace for a combined additional $120k above their originally contracted value. That’s a 6.3% increase.
What does this say about the demand for Pace’s projects?
Pace Development Group pride ourselves in the quality and value of our apartments. We design with both owner occupiers and investors in mind. Our apartments are a good size and we offer decent outdoor areas, plus the commercial amenity downstairs adds value to the apartments.
Our apartments are also designed and constructed to have low maintenance, which helps to preserve the appearance of the building over a longer period of time.
Image: Pace of Ascot Vale living room.
Why do you think Pace projects perform so well in a short time?
We believe it’s the Pace difference. We design, build and construct our developments and there are not many other developers that own the whole process from start to finish.
In general, Pace inclusions are superior to other developers. As an example, a bank valuer recently mentioned that it is refreshing to see a developer offer fly screens and robe fit-outs as standard inclusions. Not all developers offer that. Pace also offers full carparks, not stackers, and has an anti-condensation vent as standard which reduces condensation in apartments.
How do Pace projects perform across the board – what is Pace’s philosophy for creating desirable residences?
As an award-winning developer and builder, we don’t just build apartments – we deliver world-class living that offers residents homes, facilities and amenities that suit their needs and ensure value is maintained over the years.
Our apartments are designed for owner-occupier living. Comfortably sized dwellings are complemented by larger outdoor areas which provide residents with multiple living zones.
Is there anything buyers can do to ensure their investment performs well?
Do your research on the developer and the area before you buy. If you have time, join the body corporate so you have a voice in critical decisions that can impact the value of your asset.
There’s a high ratio of Owner-Occupiers to Investors in most Pace developments, what does this say about them?
Roughly 70 - 75% are owner-occupiers which has been quite consistent over the years. We believe our apartments are fantastic to live in – they are designed with the Better Apartment Design Standards from the beginning, ensuring natural light, comfortable internal areas, and decent-sized balcony to provide multiple zones for residents to enjoy.
We also offer our investors added value through Space Property Co: our specialist property management and leasing agency who can take care of our investor purchasers looking for tenants and ongoing property management. They generally have access to apartments prior to settlement which may result in investors securing tenants earlier than other agents. They also have an in-depth knowledge of the apartment as well as the building’s facilities and amenities.
Thanks to Daryl Wilkinson at Pace Development Group for taking the time to speak with us. Apartment Developments currently has three Pace project listings that buyers and investors may be interested in – Pace of Abbotsford, Pace of Sunshine North and Pace of Ascot Vale.