Valuation
What it is worth
An assessment of an asset's market value as it stands today. Usually prepared by a registered valuer for finance or a transaction.
It answersWhat would this sell for now?
Designed for the teams behind Australian property development
What it is
What development appraisal means.
In property development, appraisal is not a valuation and it is not a static report. It is the financial read on whether a site is worth pursuing — the decision layer before capital goes in.
In plain English
Development appraisal is the financial assessment of whether a development site stacks up before you commit capital. It combines land price, acquisition and transaction costs, construction, professional fees, contingency, GST, finance, holding costs, timing and sale revenue to produce residual land value, development margin, margin on cost, IRR, peak debt and the equity required. It sits between a valuation, which tells you what an asset is worth today, and a full feasibility, which is the detailed model of staged costs, funding and returns. Popurise is development appraisal software built for Australian developers, so you can run the assessment in the browser and screen sites quickly.
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The distinction
- Valuation
- What an asset is worth today.
- Appraisal
- Whether developing the site stacks up.
- Feasibility
- The detailed model of costs, funding and returns.
Three different questions
Appraisal, feasibility and valuation are not the same thing.
They get used interchangeably, but each answers a different question. Getting the distinction right is what keeps a development decision honest.
What it includes
What a proper development appraisal holds.
A real appraisal has to carry all of this at once. Popurise structures the same inputs and outputs so nothing hides in a cell, and the result recalculates as assumptions change.
01
Costs to acquire and build
Everything that leaves the account before a dollar comes back.
- Land and acquisition costsInput
- Stamp duty and transaction costsInput
- Construction costInput
- Soft costs and professional feesInput
- ContingencyInput
- GSTInput
02
Timing, finance and holding
The moving parts that decide how much capital is at risk, and for how long.
- Planning and timingInput
- Debt and interestInput
- Holding costsInput
- Peak debtOutput
- Equity requiredOutput
03
Revenue
The top line — how the money comes back through sales or income.
- Sale revenue and gross realisationInput
- Rent and holding incomeInput
04
Returns and tests
The numbers that decide whether the site moves forward.
- Development profitOutput
- Margin on costOutput
- Equity IRROutput
- Residual land valueOutput
- Break-even sale priceOutput
- SensitivitiesOutput
Tax and GST are handled at a general level for Australian residential projects, not as formal tax advice.
See the logic
Appraise a site in the browser.
A quick, in-browser residual profit screen. Enter the assumptions and watch development profit, margin and profit on cost update live — the core of an appraisal, without a spreadsheet.
The workflow
From a site to a decision.
The same path every time — so appraising the next site is a repeat of a known process, not a rebuild.
- 01
Find the site
Start from a listing, an off-market approach or a site you already hold, with an asking price to test against.
- 02
Enter the assumptions
Land, acquisition costs, construction rate, soft costs, contingency, GST and expected revenue go into structured fields.
- 03
Model costs and revenue
The full cost build-up and gross realisation update as you change assumptions, so the picture stays live.
- 04
Test debt and timing
Set the program and debt facility to see interest, peak debt, equity required and how funding moves month to month.
- 05
Review the returns
Read residual land value, margin on cost, IRR and break-even against your hurdles, up front.
- 06
Compare scenarios
Run conservative, base and stretch cases side by side, and see which assumptions actually move the result.
- 07
Decide whether to proceed
Keep screening, park the site, or take it into a full feasibility with saved projects and shareable outputs.
The spreadsheet problem
Why spreadsheets get painful for appraisal.
A workbook is a fine place to start an appraisal and a hard place to keep one. As the deal moves and the file gets passed around, the spreadsheet is usually the last thing to keep up.
How Popurise helps
Appraisal, without the workbook.
The same assessment, structured in software — so it holds up across every site you screen, and is quick to hand to someone else.
A modern, browser-based workflow
Open an appraisal on the site visit or at your desk. Nothing to install, nothing to email around.
Clearer assumptions
Land, costs, contingency, finance, GST and revenue stay visible and editable, so the answer is never buried in a cell.
Faster early-stage screening
Get to residual land value and margin quickly, so you can sort the sites worth a deeper look from the ones that do not stack.
Monthly cash flow
Timing, debt drawdown, peak debt and equity required are modelled monthly, not bolted on at the end.
Scenario review
Conservative, base and stretch cases sit side by side in one project, with sensitivities on the assumptions that matter.
Australian development context
Acquisition costs, stamp duty, GST on sales, construction and finance modelled the way local residential projects run.
Who it's for
Built for the people who decide on sites.
Anyone who has to answer whether a site is worth pursuing — from the first screen to the investment committee — before the money goes in.
Acquisition managers
Screen more sites and back the bids that actually stack, before the opportunity moves.
Developers & developer-builders
Know a site's numbers cold before committing capital, consultants or a contract.
Analysts
Model costs, finance, timing and returns without rebuilding a workbook for every site.
Development & investment teams
Bring one agreed set of numbers to the committee, not five versions of a file.
Consultants & advisers
Run cleaner appraisals for clients without carrying the spreadsheet overhead.
Lean teams screening early
Get a decision-grade read before spending on formal consultants or a full feasibility.
Pricing
Simple pricing. Serious leverage.
Use Popurise free right now to screen more sites, test more scenarios and stop rebuilding feasibility workbooks.
Normally A$199 per month. Free right now while we open Popurise to Australian development teams.
One analyst hour can cost more than a month of Popurise. One missed site can cost far more.
Currently free
Normally A$199/mo
Free
Use Popurise free right now while we open it to Australian development teams.
- Unlimited projects
- Unlimited scenarios
- Structured inputs, outputs and cashflows
- CSV exports
- Support for Australian development teams
- No project caps
No card required.
Questions
Development appraisal, answered.
What is development appraisal?
Development appraisal is the financial assessment of whether a development site is worth pursuing. It takes land price, acquisition and transaction costs, construction, professional fees, contingency, GST, finance, holding costs, timing and sale revenue, and returns residual land value, development margin, margin on cost, IRR, peak debt and the equity required — so you can decide whether the opportunity stacks before committing capital.
What is the difference between a development appraisal and a valuation?
A valuation tells you what an asset is worth today, usually prepared by a valuer for finance or a transaction. A development appraisal is forward-looking: it tests whether developing a site produces an acceptable return, and what you can pay for the land to get there. A valuation answers what would this sell for now; an appraisal answers does this site stack up.
What is the difference between a development appraisal and a feasibility?
An appraisal is the decision: does the site stack up, and what can you pay for it. A feasibility is the detailed model behind that decision — staged costs, monthly cash flow, debt drawdown, timing and returns across scenarios. Popurise runs both in one place, so a quick appraisal can become a full feasibility without rebuilding anything.
What should a development appraisal include?
At a minimum: land and acquisition costs, stamp duty and transaction costs, construction cost, soft costs and professional fees, contingency, GST, planning and timing, debt and interest, holding costs, and sale or rental revenue. From those it should return development profit, margin on cost, IRR, residual land value, peak debt, equity required, a break-even sale price and sensitivities on the assumptions that move the result most.
Does Popurise calculate residual land value?
Yes. By working back from gross realisation, costs, finance and a target return, Popurise calculates the land price a site can support — the residual land value behind a land bid — and lets you stress-test it across scenarios.
Is Popurise built for Australian development appraisal?
Yes. Popurise is designed for Australian residential development — apartments, townhouses and medium-density sites — with acquisition costs, stamp duty, GST on sales, construction, holding costs, finance and timing modelled the way Australian projects actually run.
Is a development appraisal financial advice?
No. Popurise is a modelling tool for testing development assumptions. Outputs are illustrative and depend entirely on the inputs you provide. They are not financial, investment, planning, tax or valuation advice.
Appraise your next site in Popurise.
Test whether a site stacks in minutes — residual land value, margin on cost, IRR and cash flow — then take the ones that do into a full feasibility. Free right now, no card required.