Interview: Sam Elbanna, Project Director Laver Residential Projects
Kanebridge News
Share Button

Interview: Sam Elbanna, Project Director Laver Residential Projects

We discuss home ownership trends, development success and longevity in the sector.

By Marwan Rahme
Tue, Apr 12, 2022 1:26pmGrey Clock 5 min

Kanebridge News: What’s the allure of working in property for you?

Sam Elbanna: Property is the foundation of much of the world’s wealth and, for many Australians, a fundamental element of our lives. Property houses us, provides us with income, and gives us venues in which to work, play and be entertained. For me, working in property is exciting because it is tangible, always evolving and interesting due to the vast array of people I get to meet daily from all walks of life who are all brought together by property.

How do you think notions of homeownership have changed in Sydney over the last 5 years?

The last 5 years have seen numerous fundamental shifts in the way we live and work with Covid-19 being the biggest influence. Prior to Covid, certainly in the inner city, there had been a shift toward smaller apartments, often for singles and couples. This was further fuelled by affordability issues, investor demand etc. Many people were comfortable with this because the local area provided them with ample amenities to socialise, train and simply be around others.

Since we have adjusted to life with Covid, I have seen shifts in buying behaviour such as a strong desire to buy in lifestyle areas — for example near beaches, wanting apartments with designated office space, a strong desire for outdoor space nearby and as part of dwellings and for local entertainment.

What do you think people need to know before buying a property – what advice would you give them?

  1. Buy where people want to live! We know people want to be near water, shopping, entertainment, restaurants and cafes. This alone assures regular capital growth.
  2. Understand that people value convenience more and more each day.
  3. If it is cheap, it is cheap for a reason. That means, don’t buy in a suburb because you get more house for your money, buy there because it will allow you to enjoy a lifestyle you desire and is likely to increase in value over time.
  4. It is wise to sacrifice home size for better suburbs.
  5. If you are priced out of a suburb, buy in the adjacent suburb… that’s where the price growth is.
  6. If you forego luxury cars and holidays for 5 years and use that money to buy property, you will be in a much better position for the rest of your life.
  7. Research research! research. I am often amazed at how people will spend more time deciding on a pair of $400 shoes than they spend buying a million dollar plus property. Information is readily available on your smart phones.

How has project marketing changed on the business front in the last 5-10-years?

The biggest change over the last ten years has been the extensive use of technology in the marketing and selling of property. Large proportions of advertising budgets are allocated to online advertising and, over the last 5 years, social media. We are now exchanging contracts and settling online. In February this year, I showed a buyer through a multi-million dollar property via facetime. Last week we exchanged numerous contracts where buyers signed on their smart phones. Essentially, it has become more apparent than ever that if you aren’t using technology extensively, you will be left behind.

You’ve chalked up over 5000 apartment sales in your time. Has it gotten easier, harder, different?

It is just different. For a start, the internet has changed the way we operate. It has broadened the reach of advertising, and the speed of communication with consultants. But with all the changes, the one fundamental that has remained the same is that we are in the people business. People buy real estate from people.  They live in real estate with people. The properties are designed, and built by people. So, we in the sales industry have to recognise that, whilst we do this every day, the people we are selling to are making massive, life changing decisions. Successful project marketers take a collaborative approach to selling, act as advisors and play the long game.

What do you do differently that has given you longevity in the industry?

I would love to talk about discipline and hard work which obviously are important but for me, it’s a genuine love for the business. So even though some days are hard, I’m having fun and I’m surrounded by people that I genuinely like. Interestingly, many of my closest friends are somehow related to the business. And because it is constantly evolving, I am forced to constantly learn and embrace change which is exciting. Not really work is it?

What makes for a successful development, is there a recipe for success?

This quite simple… not easy but simple.

  1. Identify your market.
  2. Ascertain their needs and wants
  3. Discover what they are able to or willing to pay if you provide them their needs and wants.
  4. Calculate if you can design and build what the market needs and wants and readily sell it at a price they are willing to pay.

A live example of this is a project called The Halston in North Strathfield. Originally almost half the project was made up of 1 bedroom properties. It’s normally easy to ascertain what people want because we would look at other developments in the area and what they’re doing and how people are buying them.

But here, because there’s no new development, and hasn’t been for many years, we interviewed hundreds of people to get an idea of what people in the area wanted. It became obvious that there was strong demand for 3 bedroom properties as many people were selling their homes in the area and there was simply new little three bedroom stock available.

Now in the project, 1 bedroom units make up less than 30% and the number of 3 bedroom apartments has increased markedly. After a couple of days on the market, this has proven to be the right move with much of the interest being focussed on those apartments.

What does Laver offer that other firms don’t?

Laver is very different to other firms. It is a collection of some of property industry’s most experienced and successful people working together for a common goal. Each of us have complementary skills that are applied to each project to ensure success. We offer a complete end-to-end service to developers and financiers, from site acquisition, planning and design, right through to project marketing and sales strategy. Most importantly, our directors play an exceptionally hands-on role in every component of every project, including on the frontline making sales.

What do you think homeowners are looking for, is there a trend you see growing in the next 1-3 years?

I see a move towards a highly segmented market where trends within those segments will dictate the property landscape moving forward. For example, one of the fastest-growing and most affluent segments is the empty nester market. These are the children of the first baby boomers. These buyers are young enough to embrace technology yet old enough to understand the value of time and compounding. These buyers are overwhelmingly looking for lifestyle properties with ample space as they are often selling large family homes and anything smaller is a compromise. The other segment which will be influential on the property market are the first home buyers who are well paid, still living with their parents and seeking a property that appeals to their desire to live a certain way.

For more information on Laver Residential’s North Strathfield project, The Halston, click here.

 



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
London’s Luxury Property Market Turns a Corner
By CASEY FARMER 29/03/2024
Property
The crafty workarounds would-be buyers use to get into the market
By Bronwyn Allen 28/03/2024
Property
Australian mortgage holders defying predictions and managing debt
By Bronwyn Allen 26/03/2024
London’s Luxury Property Market Turns a Corner

After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter

By CASEY FARMER
Fri, Mar 29, 2024 2 min

The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.

After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.

Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.

All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.

“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”

Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.

Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.

Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.

“As a result, buyers are still expected to be less committed until the dust has settled,” he said.

MOST POPULAR
35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

Related Stories
Money
Green Investors Were Crushed. Now It’s Time to Make Money.
By JAMES MACKINTOSH 06/12/2023
Money
Why China’s Middle Class Is Losing Its Confidence
By CAO LI 27/03/2024
Property
The stairway to heaven for wine lovers
By Robyn Willis 15/12/2023
0
    Your Cart
    Your cart is emptyReturn to Shop