Red Tape Tangles Resimax’s 1000 Homes a Year Plans

He plans to deliver 1000 new homes each year over the next five years, but one of Victoria’s largest private developers says government delays approving projects are derailing efforts to meet housing targets. Resimax Group recently acquired more than 700ha of land across metropolitan Melbourne in deals valued at $8 billion. These strategic acquisitions include 274ha at Beveridge, 115ha at Wallan, 148ha at Sunbury, 116ha at Rockbank and 71ha at Melton. Combined with its existing portfolio, including the group’s flagship Eynesbury project, the acquisitions position Resimax Group to deliver more than 22,000 lots for an estimated house and land value exceeding $17 billion. By focusing on areas where fast-tracking would be logical—targeting land abutting existing residential developments and prioritising locations with available infrastructure—the developer says it has structured operations to deliver housing efficiently—once approvals come through. “This strategy allows Resimax Group to deliver a critical volume of housing in northern and western growth corridors of the state, where land parcels are still affordable and migration is booming,” Resimax Group founder Aziz ‘Ozzie’ Kheir tells The Urban Developer . Kheir says he is doing what he can to get people in houses quicker. To address affordability issues, Resimax Group has developed a compact detached housing model , reducing average lot sizes to 300sq m to 350sq m, which is 20 to 30 per cent less than Greater Melbourne’s average of 429sq m. “From surveying residents, we’ve found that a majority are increasingly sacrificing backyard space to prioritise internal living spaces,” Kheir says. Smaller private outdoor areas are compensated by infrastructure such as parks and walking tracks. But while Resimax is ready to act on the Government’s ambitious targets, it says it’s unable to proceed mostly due to approval bottlenecks. Kheir says the situation is frustrating—for him and for many other developers. “It seems strange that there’s such a call for housing and we’re in the midst of a housing crisis, yet governments are dragging their heels on getting approvals and helping developers get the ball rolling,” Kheir says. ▲ Resimax Group recently acquired more than 700ha of land across Metropolitan Melbourne in deals valued at $8 billion. Recent data from the National Housing Supply and Affordability Council projects Australia will miss its 2029 housing target by 160,000 homes. Kheir argues that additional resources at the state level are crucial to expedite Precinct Structure Plan (PSP) approvals. “There have been no approvals” Kheir says. “The Government talks about wanting to approve residential land close to infrastructure, train stations and freeways. “We have that sitting there. Rockbank, Melton, Sunbury—they’ve all got train stations. The infrastructure exists, but nothing is moving forward. “If additional resources are put into place on a state government level now, developers can deliver housing faster and work towards closing this housing shortfall over the next five years.” The lack of clear timelines also compounds the problem. “Most developers and builders would be OK if there were guidelines on when things will happen,” Kheir says. “If it’s 12 months, 18 months, three years—you can plan for it. But there is no communication from the state governments. And whatever timelines they tell you, you just double it these days.” Kheir said councils were doing what they could to get things going. “On the flip side, I’ve generally found that councils are willing and able to really push things through as much as they can. Even with the lack of resources they’ve had—they’re really trying. “And ... if they say they’re going to do something, they do their best to deliver. “And that’s interesting because the live commentary on councils has often been negative.” ▲ Resimax is big on build-to-rent offerings, such as this one in the flagship Eynesbury estate. Ready, willing, but unable Resimax Group, which was established by Kheir’s parents, Joseph and Mary as J &amp; M Kheir Builders in 1973, estimates it is operating at only 40 per cent of its potential capacity due to approval delays. “We’re working on strategies on how we slow everything down,” Kheir says, “trying to work out how we slow down house constructions because we’re going to run out of work—unless we get approvals. “We need to keep the team busy. We need more approvals and permits, and we need government to fast-track decision-making and get their skates on, because they’ve been a bit slow for the last couple of years—or probably pretty much inactive for the last two or three years. “But we’re hoping, and we’re hearing, that will change soon. I think once it does change, there will be some traction there which hopefully gets more houses built.” While Kheir is not so concerned for the welfare of his business overall, he frets for builders, many of whom face insolvency. “You’ve got these builders that are hand-to-mouth right now,” Kheir says. “They’re running out of work. They’ve got no forward pipeline because there’s no land for them to build on. They can’t sell homes because there’s no stock for them. “But even if you’re delivering the land after you get your approvals, you can’t get a subdivision started. I’m just not sure how these houses can be delivered if we can’t get speedier approvals.” And approval delays affect more than just developers and builders. Kheir suggests that the uncertainty is deterring investment in Victoria. ▲ Resimax Group's Mernda Rise development is 100 per cent sold out. Despite the challenges, Kheir, who is also a hugely successful racehouse owner with two Melbourne Cup and two Caulfield Cup wins to his credit among others, remains cautiously optimistic. “Most developers are optimistic. You wouldn’t be a developer unless you had an optimistic view. If you give a developer a little bit of hope, they’ll hang on to that. But right now, I don’t think there’s enough of that around.” The solution, according to Kheir, lies in a more collaborative approach between government and developers. “The Government needs us to hit these targets. We’re all willing and able to act the second they act,” Kheir says. “Nearly every developer is in the same position. We just need a more collaborative approach from government to get these things happening, to hit these targets it’s setting.” The housing crisis clock is ticking and, Kheir says, developers are ready to go. “We’re sitting there on the blocks, waiting and waiting, thinking, ‘When’s this gun going to go off?’.” You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

Red Tape Tangles Resimax’s 1000 Homes a Year Plans

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