Meet the neighbours before you buy: The real estate portal taking buyers behind the scenes
Co-founder of Homely, Jason Spencer, discusses how his own experience of a failed property purchase led to a lightbulb moment, and the birth of a new property platform
5 min
Jason Spencer is passionate about technology, but not for the sake of it. Instead, Spencer’s focus is the kind of ‘life changing’ technologies that make a difference in the way we live and do business. His most recent obsession is Homely, a real estate platform with a difference, offering reviews of suburbs and streets — by the people who live there. Founded with Adam Spencer, it’s the kind of game changer Jason wished was around when he was on his home buying journey, tapping into a desire from buyers to take a deep dive before purchasing, as well as giving locals the opportunity to share what they love about their area. The Homely story starts with a very personal experience, as Jason Spencer explains.
Kanebridge News: The Homely story comes out of your personal experience of moving to a suburb in inner Melbourne. What happened? Why did you hate it?
Jason Spencer: Homely was created out of my own frustrations with real estate. After buying my home in a nice leafy suburb in Melbourne, I quickly realised that the street wasn’t for me. Almost immediately after we moved in, we had all sorts of issues. First it was the neighbours, who we didn’t get along with, then it was the cut-through traffic and noise, the flooding and — the final straw—the swarms of bats that flew over our house each night, settling in our backyard! One night I remember saying to my co-founder, “If only I knew about this street before I bought the house”. And that was the lightbulb moment. That was when Homely was born.
KN: What would you have liked to have known before buying?
JS: The inspiration for Homely was the truth that “finding the right neighbourhood is just as important as finding the right home.” I’d like to have known what the locals thought, not just of suburbs but of individual streets as well. Before Homely, the majority of people would rely on generic suburb information available on Google and if lucky they’d find a static local guide page, census data or Wikipedia entry. To address this gap, we established a forum and community where real locals could openly share their experiences, insights, and history about their streets, suburbs, and towns. This kind of information is invaluable for making an informed decision about property, especially considering it’s one of the most significant decisions someone can make.
KN: Did you move? If so, what did you do differently the next time you were in the property market?
JS: Yes I did. I moved to something a little further out from the city but with more land and a bigger home for a similar price. This time, I did a lot more research on Homely and by asking locals what they thought. People were more than happy to share what they loved about their home suburb and streets, which is why we have the wealth of content on Homely we do.
KN: How did that personal experience spur you and Adam on to found Homely?
JS: For most of us, finding a home is one of the most difficult and stressful decisions we can make. As founders, we felt the combination of useful local information written by those that live in the neighbourhood combined with the access and utility of a real estate portal would make for a very unique way to find a home online. We wanted to create for real estate what sites like TripAdvisor had done to travel.
KN: You’re starting to build a substantial database of suburb reviews now. Where are the reviewers drawn from?
JS: Our reviews come from all over Australia. When we launched the site, we received some great media coverage, which generated an initial base of content. This encouraged locals to have their say about areas they knew well, which in turn created a sense of community on the Homely platform that grew, along with relevant property listings from all over Australia. We have seen some intense debate about suburbs, which is always interesting!
KN: What has surprised you, if anything, about the reviews?
JS: The amount of information (and passion) that locals are prepared to share about where they live. People love to talk about the great schools in a suburb, the best restaurants and shopping. Of course, crime and safety are always hot topics.
KN: What can a review on Homely give a buyer that a visit to a suburb cannot?
JS: Homely gives you immediate access to reach out to a community and unlock secrets and truths about the neighbourhood that you just can’t do easily by visiting the suburb. You can also ask questions and join local forums. We’ve had feedback that Homely reviews have saved people time and money, as they’ve been able to refine their property search and time spent on inspections.
KN: How specific can reviews get? Is it possible to read a street review?
JS: We pride ourselves on being the first in Australia to offer reviews down to the street level, delivering “hyperlocal” content that even includes vendors reviewing their own streets to give potential buyers a sense of what drew them to the area initially.
KN: What have buyers said about the value of the reviews?
JS: Buyers consistently tell us that Homely is a great starting point to the home buying journey. Whether they’re investors seeking information to bolster their decisions, or families searching for the perfect suburb, Homely reviews often serve as a first stop, offering valuable information they can’t get anywhere else. We find many buyers land on our street and suburb reviews via Google after searching for a specific location. While reviews can be diverse it’s the nuggets of information contained within the reviews that really help buyers.
KN: You’ve been in property for 25 years. What still excites you about the residential market?
JS: The untapped opportunities for innovation in the proptech space and the property seeking journey are what excites me most. From the birth of the first property websites in the early 2000s, to the innovations that Web 2.0 and Google Maps brought to portals in 2007, to the role of smartphone technology in the search experience, I’m now very excited to be a part of how AI and blockchain can enhance the home search experience.
KN: What’s next for Homely?
JS: We have a strong pipeline of innovations to make the home search experience better for every consumer. We are looking forward to a big 2024 with an increase in residential listings hitting the market and a forecast record number of home buyers and renters looking on Homely to discover their next perfect place to call home.
Ophora Tallawong has launched its final release of quality apartments priced under $700,000.
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Ophora Tallawong has launched its final release of quality apartments priced under $700,000.
3 min
Ophora Tallawong has launched its final release of apartments, positioning itself as one of the last opportunities for buyers to secure a new Sydney home below $700,000.
The project, located in one of the city’s fastest-growing corridors, is offering rare buyer protections at a time when affordability is tightening and competition for quality stock is intensifying.
According to JLL’s Q2 2025 Apartment Market Overview, Sydney’s median apartment price has already climbed to $795,000, setting a record.
With interest rates now on a downward trend and supply still heavily constrained, experts warn that today’s price brackets may not exist next year.
Ronnie Rahme, Development Manager at KDMC, said buyers were responding to the combination of quality and value.
“You simply don’t see this level of finish at these price points anymore,” Rahme said. “That’s why demand has been so strong for this final release.”
Dr Andrew Wilson, Chief Economist at My Housing Market, says the economic drivers are clear. “High rents and higher prices continue to provide clear incentives for first-home buyers and investors chasing solid investment returns,” he told Kanebridge News.
“New government initiatives to support first-home buyers will also act to place upward pressure on prices.”
The bigger picture
JLL’s research reinforces that point. While over 15,700 apartments are expected to be delivered nationally this year, a 40% uplift on 2024, Sydney remains undersupplied, with demand continuing to outpace completions.
The report also notes that reductions in the RBA cash rate are expected to further fuel buyer activity, with constrained supply continuing to push prices higher into 2026.
With construction costs soaring, Government contributions climbing, and interest rates remaining high, projects are harder than ever to bring to market, putting upward pressure on newly completed apartments.
The pipeline of new supply is shrinking as developers delay or abandon projects that no longer stack up financially.
According to JLL’s overview, only 2,554 completions are forecast for Sydney this year – against annual demand exceeding 30,000 dwellings.
At the same time, population growth, rental demand, and first-home buyer incentives are intensifying competition for limited stock. The imbalance between constrained supply and resilient demand is leaving new apartments scarcer and more expensive across Sydney.
Ophora: Last Chance In Sydney’s northwest
Developed by KDMC and designed by Architex, the $50 million project has launched its final release, with limited availability of 81 brand-new residences from just $545,000 for a one-bedroom, or $695,000 for a two-bedroom, which is far below Sydney’s median and significantly cheaper than nearby competition.
The five-storey development at 37 Reis St, Tallawong, combines affordability with premium inclusions more often seen in luxury builds: ducted air-conditioning, timber floors, premium finishes, fridge cavities with water plumbing, video intercom systems, fibre internet, EV charging, landscaped gardens and a rooftop terrace with sweeping views.
It also comes with something almost unheard of at this price point, a 10-year Latent Defects Insurance (LDI) policy. Typically reserved for multimillion-dollar projects, LDI guarantees structural integrity for a decade and is only awarded to developers with a strong building track record.
SHC Insurance Brokers founder Stefan Hicks acknowledged the rarity of obtaining LDI, particularly for entry-level residential apartment complexes like Ophora.
“Gaining LDI is no mean feat. It’s offered selectively to developers and builders with a quality building history, and it requires both parties to employ an independent inspection service throughout construction,” he said.
“While this insurance is well-established around the world in about 40 countries, in Australia, we’re typically seeing high-end buildings covet LDI. The fact that Ophora has joined this exclusive list of quality-assured builds is a coup for entry-level home buyers.”
Raising the standard for affordable luxury
Rahme says the KDMC team wanted to set a new benchmark.
“Our mission with Ophora has always been clear: to raise the standard of what buyers should expect, regardless of budget,” he said.
“We’ve delivered a collection of apartments with finishes and features you’d usually only find in luxury projects, and we’ve backed it with one of the most stringent insurances available in the market. That gives buyers peace of mind that their investment is protected for the long term.
“People are walking through and realising you simply don’t see this level of quality at these price points anymore, as it’s effectively replacement cost in 2025.
“With rates coming down and limited competition, buyers and investors are moving quickly because they know the window won’t stay open. Investors, who have recently purchased at Ophora, have reported a strong rental demand, with minimum rental yields exceeding five per cent.”
Developments like Ophora, move-in ready, competitively priced and backed by rare structural protections (LDI), may represent the last chance for buyers to secure a sub-$700,000 apartment in Sydney.
View Ophora on cpmrealty.com.au
To arrange a private viewing or request more information, contact Sam Elbanna from CPM Realty: 0411 222 260
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