Earlier this year, Stewart McKenzie joined Opteon to lead its established Residential Development team in Victoria – now one of the largest in the state. Stewart’s significant expertise in medium-large residential built form and englobo land developments, combined with that of our other specialists in the team, means Opteon is now even better placed to support banks, developers and councils with significant residential development valuations and transaction advisory work.
The promise of property development
Stewart, who has worked on many substantial residential developments in both urban and regional areas, is known for his valuations and transaction advisory expertise in englobo land, residential subdivisions, built-form residential developments, split contract projects and mixed-use developments.
He has significant experience in assets spanning rural holdings to medium-density land, the delivery of built-form proposals, boutique estates and master planned communities, as well as a broad variety of established assets. He also regularly advises community groups and government departments, including assessments for Development Contribution Plans.
One of the things Stewart enjoys most about his role is using his insights to provide clients with a detailed understanding of their assets, market drivers, opportunities and risks.
‘We are in significant undersupply at this time and with the government’s long-term housing plan to involve 70% of all new homes to be built in established areas, with the balance in the growth areas, there is substantial opportunity for the growth in the Melbourne and broader Victorian residential sectors for our clients. With the recent targeted recruitment of specialists, we are able to support our clients with all forms of residential development across the region,’ he said.
He added: ‘Of course, the biggest factor for residential development growth remains the demand versus supply dynamic. The great Australian dream of owning your own house remains alive and well for young families, most of whom are attracted to new homes in outer areas, which are often more affordable than family-sized apartments in established areas. We continue to expect rapid growth throughout the metropolitan fringe, where land supply is more plentiful and the price point is more palatable to the broader market.’
Professional focus
Stewart is professionally fulfilled by sharing his knowledge and supporting his team, creating an environment in which people can flourish. ‘I try to be open and generous, sharing my skills and experience by way of a collegial attitude to sharing my experience.’ For that reason, he decided to make the move to Opteon.
Stewart said: ‘When I was considering a career move, I sought the advice of trusted industry contacts within both the advisory and banking sectors, with the latter in particular recommending Opteon. At Opteon, I’ve identified an existing capability in residential developments, combined with the right culture, a flexible approach to work-life balance, a supportive management structure, and market-leading proptech infrastructure.’
‘These elements are critical for my personal and professional aspiration of Opteon being recognised as a significant player within this market segment, not just within Victoria but across Australia. We are actively developing our product offerings and marketing to ensure the broader industry knows “we are open for business”. This, coupled with an ongoing targeted recruitment process, will build our capacity and standing across the sector,’ he added.
‘Opteon is a great place to work, servicing all the major banking institutions and an expanding portion of the private banking sector. Everyone is aware of the scale of the residential platform but, as awareness of our specialised valuation business group grows, I expect we’ll continue to see industry professionals and lenders seek us out for the insights we can provide,’ said Stewart.
Family focus
Stewart has now spent more than a decade specialising in residential property development and remains passionate about the sector, including the emerging trends in community housing models, syndicated builds, and eco-friendly design.
When he started considering his professional career, becoming a qualified valuer seemed like an obvious career choice as it’s one that ‘runs in the family’ as several members of his extended family, his sister and brother-in-law have worked in various areas of the profession.
Years later, with two children of his own, Stewart also appreciates the nature of the role in terms of the flexibility it offers. In a company like Opteon, he can now get involved in meeting the daily demands of family life, including school drop-off and pick-up and attending the kids’ school events and sports, as well as generally enjoying spending time with his young family when he’s not working – doing things like spending time at the beach, camping, cycling and snow skiing.
Stewart McKenzie
Senior Director – Residential Development
0408 340 488
stewart.mckenzie@opteonsolutions.com
