Frequently asked questions
What is a niche?
A niche is a special interest group where people share similar values, interests and preferences of accommodation and community. Each niche creates a social network for the contribution of living needs and ideas. A niche can range from the broad to the more specific, but a niche with lots of members has a higher chance that projects specific to its needs will be proposed.
How does my input shape the projects?
While CitiNiche gives you the opportunity to provide input and feedback on development projects, it is ultimately the responsibility of the design teams to lead this process. You can submit your housing preferences through a detailed survey via the website. You can also post ideas on the niche page. The design team interprets ideas, comments and data and proposes a project that is commercially viable. It may not be possible for all your ideas to be included.
Once you commit to a project, you have an opportunity to meet with the design team to discuss the details in person, after which time you have limited input. Note that projects are subject to change as they progress.
What is the role of the design team?
The professional design teams associated with CitiNiche are recognised leaders in their field. Design teams consist of architects and project managers who design and implement the project from inception to construction. Along the way, the design team arranges a consortium of professionals ranging from planners, urban designers and landscape architects, to builders and other specialists.
The design teams monitor niche activity to identify the demands that could be met with a commercially viable residential project. The design team interprets the input from a niche and its members to propose projects of interest to the majority of the members.
If there is sufficient interest in a project, the design team communicates with niche members obtaining input into the design, and keeps them up to date on the viability and progress of the project.
Which projects are chosen?
A niche and its members may find there are no projects proposed that respond to their needs. This may be because the design teams are busy with other projects, or because there are simply not enough people that share its interests. Remember, developments have to be commercially viable to get built, so try recruiting more people who share your views to your niche.
Does it cost any money to join?
With CitiNiche there is no cost to sign-up, join a niche or share ideas. If however you are a serious investor looking to purchase a home or investment property, you have the opportunity to put a small, refundable deposit down once designs commence. The size of this deposit varies, and a larger deposit may entitle you to certain rewards such as first choice of apartments or lower overall costs.
Once a project gains planning approval, you have the opportunity to place a full deposit on a place off-the-plan, with contracts drawn up accordingly.
What are the risks?
Like any investment, buying property through the CitiNiche model carries certain risks. Property development is an uncertain and changeable activity and the final product does not always reflect preliminary designs. Problems with funding, obtaining planning permission and myriad other issues often occur, and you should do independent research to fully understand any apparent risks.
CitiNiche is an independent third party that pairs you with competent industry professionals. As such, the risks may vary between various development consortia. CitiNiche ensures that contracts are put in place to protect both parties.