Revenue assumptions
- Per-unit pricing: pulled from comparable sales no older than 3 months.
- Selling cost: 1.5–2.5% of GRV.
- Marketing: ~0.5% of GRV.
- Settlement profile: tail-loaded, 6–12 months from PC to last settlement.
Cost assumptions
- Construction rate: current QS or recent build, not 2023 numbers.
- Professional fees: 7–10% of construction.
- Contingency: 5–7.5% of construction.
- Statutory: per current schedule, suburb-specific.
Finance assumptions
- Equity ratio: usually 25–30% of TDC.
- Senior rate: current bank-quoted rate (not last cycle's).
- Establishment fee: 1–1.5% of facility.
- Line fee on undrawn: 50–100bps.
Timing assumptions
- Design and approvals: 6–12 months for boutique apartments.
- Construction: 14–24 months for 4–6 levels of apartments.
- Settlement: 3–9 months tail.