Below is a summary of 2016 census data from the Canterbury-Bankstown Local Government Area (LGA), which is an LGA located in New South Wales, Australia. Based on this summary table, you are setting up a development plan. Conducting a thorough market analysis is required to complete a successful development. In order to reach your goal (i.e. successful development) please answer the questions listed below. This is based on the census summary table.

Age	Canterbury-Bankstown	%	New South Wales	%	Australia	%
Median age	35	--	38	--	38	--
0-4 years	24,976	7.2	465,135	6.2	1,464,779	6.3
5-9 years	24,182	7.0	478,184	6.4	1,502,646	6.4
10-14 years	21,883	6.3	443,009	5.9	1,397,183	6.0
15-19 years	21,865	6.3	448,425	6.0	1,421,595	6.1
20-24 years	24,494	7.1	489,673	6.5	1,566,793	6.7
25-29 years	26,488	7.6	527,161	7.0	1,664,602	7.1
30-34 years	26,567	7.7	540,360	7.2	1,703,847	7.3
35-39 years	23,995	6.9	499,724	6.7	1,561,679	6.7
40-44 years	22,859	6.6	503,169	6.7	1,583,257	6.8
45-49 years	22,021	6.4	492,440	6.6	1,581,455	6.8
50-54 years	21,786	6.3	485,546	6.5	1,523,551	6.5
55-59 years	20,110	5.8	469,726	6.3	1,454,332	6.2
60-64 years	16,828	4.9	420,044	5.6	1,299,397	5.6
65-69 years	14,087	4.1	384,470	5.1	1,188,999	5.1
70-74 years	10,810	3.1	292,556	3.9	887,716	3.8
75-79 years	8,881	2.6	217,308	2.9	652,657	2.8
80-84 years	6,986	2.0	155,806	2.1	460,549	2.0
85 years and over	7,487	2.2	167,506	2.2	486,842	2.1
Registered marital status People aged 15 years and over	Canterbury-Bankstown	%	New South Wales	%	Australia	%
Married	141,342	51.3	2,965,280	48.7	9,148,218	48.1
Separated	9,498	3.5	190,198	3.1	608,059	3.2
Divorced	21,805	7.9	512,298	8.4	1,626,890	8.5
Widowed	14,925	5.4	331,653	5.4	985,204	5.2
Never married	87,694	31.9	2,094,460	34.4	6,668,910	35.0

Employment People who reported being in the labour force, aged 15 years and over	Canterbury-Bankstown	%	New South Wales	%	Australia	%
Worked full-time	85,599	56.8	2,134,521	59.2	6,623,065	57.7
Worked part-time	44,841	29.8	1,071,151	29.7	3,491,503	30.4
Away from work	7,755	5.1	174,654	4.8	569,276	5.0
Unemployed	12,420	8.2	225,546	6.3	787,452	6.9
Family composition	Canterbury-Bankstown (A)	%	New South Wales	%	Australia	%
Couple family without children	23,619	26.9	709,524	36.6	2,291,987	37.8
Couple family with children	46,332	52.8	887,358	45.7	2,716,224	44.7
One parent family	15,988	18.2	310,906	16.0	959,543	15.8
Other family	1,884	2.1	32,438	1.7	102,559	1.7
Household composition	Canterbury-Bankstown (A)	%	New South Wales	%	Australia	%
Family households	83,008	77.0	1,874,524	72.0	5,907,625	71.3
Single (or lone) person households	21,173	19.6	620,778	23.8	2,023,542	24.4
Group households	3,589	3.3	109,004	4.2	354,917	4.3

(Source: https://www.abs.gov.au/)

Question 1.

The Highest and Best Use Analysis (HBUA) arises from the fact that land is a productive factor that can have multiple uses. Understanding the highest and best use is fundamental to the valuation and the productive development of land. Use the site information below and the information within the census information to answer Question 1.

Site information

The site is a 950sqm flat vacant site located in a R3 Zoning NSW - Medium Density Residential Zone in the Canterbury-Bankstown Local Government Area. The height restrictions on the land allow for 2 storey buildings. There are no overlays on the site. The site is located close to a train station, a retail precinct, and several schools.

Using the above information about the site in the Canterbury-Bankstown Local Government Area, propose a basic development proposal overview for the site.

Demonstrate how your development is the Highest and Best Use by using the four (4) criteria of the HBUA. Make assumptions where necessary within your answer

Question 2.

Using the census data provided, list three major findings related with the demographic composition of the Canterbury-Bankstown LGA when compared with the average of Australia using the Census data from the above page. (Recommended length 3 sentences) (3 marks)

In Week 2, we learned that there are different types of United Nations sustainable development goals (UN SDGs). Using your development proposal from Question 1, propose two design features which would complement two UN SDGs that would suit the proposal and explain the reason based on your findings.

Question 3.

Now that you have a certain development plan in your mind from Question 1. Let's assume that you already own the piece of land that is suitable for your proposed development in Canterbury-Bankstown LGA. However, you would like to see if your plan is legally permissible and be compliant with environmental factors. What factors would you look into? Explain the factors (at least three factors) in the context of legal constraints, one of which must relate to environmental regulation.

Question 4.

You learned that the issue of planning has several goals. Of course, any plan against the planning scheme requirements is not likely to be approved by the planning authorities.

What are the goals of planning and why do developers and local/central authorities care about the planning issues, in particular to social issues? (Recommended length about 3 sentences)

Define what an "overlay" is and discuss 2 different types of overlays which are typically found in rural properties?

Question 5.

You are about to undertake financial analysis. You are trying to estimate the construction cost of the proposed project in the Canterbury-Bankstown LGA but have no clear idea as to how to start the analysis. After asking a few professionals, you learned that you could use either the superficial method or quantity surveyor method.

What are the advantages and disadvantages of each method to your proposed development from Question 1?

Which method would you choose? Explain the reason based on your proposed plan from Question 1?

Question 6.

Prefab (or prefabricated construction) methods are becoming more commonly used in the property development space.

Identify and discuss two building components which could be prefabricated in your proposal from Question 1. (Recommended length about 2 sentences)

Explain three benefits a developer receives when using prefabricated construction methods within the property development. One of the three benefits explained needs to relate to sustainability.

Question 7.

Explain what the "Capitalisation rate" means from the point of view of a property investor.

Below is a summary of projected financial information of your plan. Calculate the value of the property based on the information provided below.

Name	Nuhaw Wahl Project
Address	321 Station Street, Canterbury, NSW
Net operating income	$953,000
Operating expenses (per year)	$500,000
Company tax rate	30%
Australia 10-Year Bond Yield	1.147%
Cash Rate in Australia	0.10%
Market capitalization rate	4.5%

Question 8.

During the development process, developers are asked to conduct feasibility analysis multiple times during the process. Why do developers undertake feasibility analysis multiple times?

Question 9.

After lodging your planning application, you received a letter with planning consent. However, you find that a few conditions are attached to the planning consent. These conditions are part of the "planning agreement (or planning obligation)".

What is a planning agreement?

What is the purposes of the planning agreement conditions? And what is an example of a condition that may have been placed on your planning agreement for the development plan from Question 1?

Question 10.

During the development process of your proposal from Question 1, a Real Estate Agent contacts you and suggests you should consider pre-sales and multiple advertising options to dispose of your dwelling/s given the market conditions.

What is a pre-sale in the context of property development and why would a developer employ this strategy?

What are some advertising strategies a Real Estate Agent could use to sell your property/properties for the highest price. List and explain 4 strategies.