Gross realisation value (GRV)
Gross realisation value is the total revenue you expect to receive from selling every dwelling in the project — before any costs, GST or selling fees are taken out.
Formula
Sum the price of every dwelling, every car space and every storage cage you intend to sell.
Why it matters
GRV is the top of every residential feasibility. Profit, margin, residual land value and peak debt all derive from it. Get the GRV wrong and every downstream number is wrong by the same percentage. Most feasibility errors trace back to a sales mix that doesn't match what the market will actually pay.
Worked example
A 28-apartment scheme in Waterloo with 12 × 1-bedroom at $720,000, 12 × 2-bedroom at $1,050,000 and 4 × 3-bedroom at $1,480,000, plus 22 car spaces at $65,000 each.
- 1-bedroom: 12 × $720,000 = $8,640,000
- 2-bedroom: 12 × $1,050,000 = $12,600,000
- 3-bedroom: 4 × $1,480,000 = $5,920,000
- Car spaces: 22 × $65,000 = $1,430,000
GRV = $28,590,000. This is the gross figure, before agent fees, marketing or GST.
What GRV does and doesn't include
GRV is gross. It does not net out selling costs (typically 1.5–2.5% of GRV in agent fees plus marketing) and it does not take out GST. Some lenders quote GRV inclusive of GST and some exclusive — always check which one you're being asked for.
Where GRV usually goes wrong
- Optimistic per-unit pricing without comparable evidence.
- Counting car spaces, storage cages or rooftop terraces twice.
- Forgetting that the market price for a 1-bedroom doesn't scale linearly with floor area.
- Ignoring the time value of GRV — staged settlements over multiple years are worth less than today's GRV.
Questions
Frequently asked
Is GRV the same as gross development value (GDV)?
Yes. The two terms are interchangeable. GRV is the more common term in Australian residential development; GDV is more common in the UK and in commercial work.
Should GRV include GST?
Convention varies. Most Australian residential feasibilities quote GRV inclusive of GST and then back out GST as a separate line. Confirm which side of the line you're working on before sharing a number.
How do I check my GRV is reasonable?
Pull recent comparable sales for the suburb, dwelling type and size. The most common error is assuming today's headline price holds at completion two or three years away.
See these numbers in your own feasibility.
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