A young family headed by a tradie turned developer, David Colley, with his fiancee, Rebecca Soden, and children, Dominic, 4, Raphael, 3, and Gabriella, 10 months. Picture: Nigel Hallett.
A Brisbane tradie who spent 15 years installing bathrooms has turned property developer, betting on the city’s booming knockdown-rebuild market.
David Colley of Domrafi Property is among a growing number of small builders backing themselves to transform ageing homes in Brisbane’s middle-ring suburbs into high-end family residences, as demand for turnkey properties continues to surge.
Mr Colley, a tiler and builder, said he decided to move away from client work to focus on developing homes himself.
This house at 33 Zeehan St, Wavell Heights, is scheduled for auction on Saturday, March 14, with Drew Davies of Place Ascot.
“I had a bathroom and basin business for 15 years and wanted to see what the next thing was for me,” he said.
“I didn’t want to do client builds; I just wanted to do them for myself.”
He has now completed five knockdown-rebuild projects, focusing on suburbs in Brisbane’s north such as Wavell Heights and Nundah, where large blocks and established neighbourhoods continue to attract families.
David Colley, pictured with his family, is transforming post-war knockdowns in Brisbane’s middle-ring suburbs into architectural marvels. Picture: Nigel Hallett.
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But finding suitable sites has become increasingly competitive as more developers chase opportunities in Brisbane’s middle ring.
“Finding the block is always the hardest part of the project,” Mr Colley said. “We engage buyers agents to help us find properties.”
Across suburbs like Wavell Heights, the transformation has been rapid, with older post-war homes increasingly replaced with architect-designed residences.
This brand new house at 33 Zeehan St, Wavell Heights, is going to auction with Drew Davies of Place Ascot.
“If you drive through so many of these suburbs, they’ve transitioned so much from even five years ago and development’s good for the growth of a suburb,” Mr Colley said.
“You’re seeing old weatherboard houses disappearing and being replaced by nice, architectural style homes.
“It’s almost now getting to the point where there are almost no old houses left.”
Demand from buyers wanting a finished home rather than building themselves is helping fuel the trend.
“There’s a real demand for the finished product,” Mr Colley said. “A lot of people don’t want to go through the build process.”
This brand new house at 33 Zeehan St, Wavell Heights, is going to auction on March 14 with Drew Davies of Place Ascot.
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However, rising land and construction costs mean these projects are becoming harder to stack up financially for developers.
“It’s definitely getting harder and that’s where you really have to do your numbers early,” he said. “Wavell’s getting really expensive to buy a knockdown now. It’s a bit of a challenge, but there’s still value if you can find the right block.”
Mr Colley said the cost of a knockdown-rebuild project averaged just over $3m in a suburb like Wavell Heights, where a knockdown property costs in the “high one millions”.
The kitchen inside the home at 33 Zeehan St, Wavell Heights.
His latest project — a five-bedroom home on a 663sqm block at 33 Zeehan Street, Wavell Heights — is scheduled for auction on March 14 and is being marketed by Drew Davies of Place Ascot.
Designed in collaboration with architect Daniel Zullo of DZ Architects, the residence features sculptural curves, layered timber and stone finishes, along with a curved in-ground pool overlooking a large backyard.
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