Paul Blackburne, an award-winning property developer from Western Australia, shares his journey of developing over $1 billion in property. He discusses his unexpected entry into real estate spurred by family needs and reflects on lessons learned from the 2008 financial crisis. Paul emphasizes the importance of relationships in navigating market challenges and highlights the evolving demand for luxury developments tailored to aging demographics. Additionally, he touches on the balance between professional goals and personal life in the competitive property space.
Paul Blackburne attributes his deep understanding of property development to his childhood experiences and family engagement in real estate.
His successful approach to property relies on careful financial planning, risk management, and the use of personal capital for investments.
Blackburne identifies a growing demand for high-end apartments among baby boomers, highlighting a unique market opportunity in property development.
Deep dives
Foundational Experience in Property Development
Paul Blackburn shares the significant influence of his upbringing in Gooseberry Hill, where his family engaged in real estate. Growing up surrounded by property discussions and activities instilled a deep understanding of the industry in him, even as a child, such as handing out flyers for apartment projects. Despite initially resisting a career in real estate, the experience over the years led him back to the field, driven by a combination of family legacy and personal ambition. He emphasizes the importance of personal engagement in the business, noting how formative childhood experiences shaped his skill set and perspective on property.
The Learning Curve and Career Development
After completing a business degree, Blackburn initially traveled and explored various interests before realizing his passion for property development. A pivotal moment came when he began working part-time to assist his father's real estate business, where he quickly discovered a knack for sales. This experience sparked a deep engagement with property development that evolved into a successful venture. He reflects on the importance of persistence and seizing opportunities, particularly highlighting that early financial success reinforced his commitment to the property sector.
Navigating Challenges in Property Development
Blackburn recounts the lessons learned from the global financial crisis, particularly regarding the importance of careful financial planning and risk management. He highlights the vulnerability of relying on high leverage and external financing, advocating for the use of personal capital when making investments. The experience taught him that developers need to be cautious and aware of market fluctuations, emphasizing the necessity of sustainability in growth strategies. This understanding has been instrumental in shaping his approach to future projects and managing potential risks.
Market Trends and Demand
The demand for high-quality residential developments among baby boomers seeking to downsize is a key driver in Blackburn's current projects. He identifies an increasing need for well-designed, high-end apartments, which cater to affluent individuals looking for modern living spaces. Blackburn effectively combines design with practicality, propelling his projects into a coveted market segment that combines luxury with functionality. He notes how the aging population in Western Australia creates a unique opportunity for tailored developments that meet the specific needs of this demographic.
Sustainable Growth through Innovation
The innovative approach to design and construction has been a hallmark of Blackburn's success in property development. He emphasizes the importance of using established teams of architects, builders, and consultants to ensure consistency and quality across projects. This strategy fosters collaboration, leading to better-designed spaces that fulfill community needs while maintaining high standards. Blackburn's commitment to investing in quality and details shows his dedication to ensuring long-term success for his developments.
Future Outlook and Personal Balance
Looking ahead, Blackburn is focused on expanding his business while also prioritizing work-life balance and family time. He notes the significant growth potential in Western Australia’s property market, emphasizing the need for ongoing economic development in the region. However, he is also careful about not overstretching his resources and has set realistic objectives for his ventures. By achieving a comfortable balance between work and family life, he aims to continue his personal growth alongside his business achievements.
Welcome to our latest Ep of Finding the Front. We are very fortunate to have leading, award winning, Western Australian property developer Paul Blackburne as our special guest. Paul’s 20+ year old business Blackburne has developed and settled some $1 billion of property in the last two years alone with a strong future pipeline of high end apartments in hand.
In this wide ranging podcast, Paul provides a unique insight into his background, travel, building his business and property development including risk, using your own equity, buyer types, assessing a potential development, cost of building and lots more. For those who love their property, there is plenty to take away from this conversation given Paul’s vast experience and understanding of the industry.
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