Rich Harvey

So it's important that thoughtful design and putting the right kind of finishes that's appropriate to the area, not over the top, is really important.

So

you see a lot of classic old homes like i said more than 100 years old they can often attract a premium price so really think about design if you are building really think about design because that really helps to to add a lot of value uh to the end end result and also the rent return that you're going to get from that property as well because you don't want to be living in a hovel you know people renting a home they need space for storage they need place to do their washing to put their bikes to have a play area for the kids

it's really important to make sure you're thinking empathetically with the person that's going to dwell in that home itself.

Very significantly, Craig.

You know, this is one of the things that's in my arguments for continuing to buy property now, even in a declining market, even if prices are coming off the boil, because construction costs are rising so rapidly with inflation.

You know, we've seen the price of timber rise between 15 to 20%.

My son is a carpenter trying to get LVL beams.

It's just so difficult.

There's such a delay on them at the moment.

the cost of steel, aluminium, everything has gone up quite significantly.

And a lot of builders are running into trouble because they've got fixed price contracts and they won't be making a lot of money on some of their existing builds.

They're almost doing it for nothing.

So what that means for the value of the property is that in fact, it turns this myth on its head that buildings can actually hold their value.

Yes, they go down in value, but they continue to hold their value

well over time, particularly in periods where you've got rising construction costs.

So rather than saying land appreciates, buildings depreciate, it's more that land appreciates and buildings need maintaining.

I think if you want to sort of change the way that that statement reads.

A lot of sort of so-called property spruikers will quote that statement to try and support the fact of selling a house and land package.

They'll say, look, hey, we've got this 50 lots out the back of wherever.