I am deeply honoured and humbled to be inducted into the PC Hall of Fame.
My journey in property started nearly 50 years ago and was a little accidental but once I started it was and still is the industry, I wanted to participate in.
I have also been extremely lucky to be in the right time and place during which we have seen enormous changes in Australia led by a rapid expansion of our population and industries which make Australia unrecognisable from post WW2.
In its simplest form real estate provides shelter in all its forms to allow human comfort and endeavour which we have excelled at and the other great achievements has been the provision of shelter for the financial needs of our community via investment vehicles which now dominate real estate ownership in Australia.
The evolution of the intersection of capital markets with our industry in the form of securitising our property market for the benefit of all Australians has been a wonderful industry achievement, one which I have had the privilege to have participated in.
When I first commenced my career there was a handful of listed property trusts and companies and a few obscure unlisted syndicates. The market was dominated by life offices seeking the security of the cash flows flowing from commercial rental income. Since that time, we have seen the rapid expansion of the public involvement in property investment via listed AREITS, unlisted retail syndications and wholesale mandates and I would like to think we and our predecessors have been at the forefront of those property investment vehicles.
We have also developed robust sustainable governance and compliance regimes as good as or if not better than our global peers. This in turn has enhanced the industry’s contribution to national GDP over the long term.
The property industry has been at the forefront of changing social, economic and political needs and policies. Our industry, over the past two decades has creatively either promoted or responded to community and economic needs by creating new property sub-sets such as infrastructure, early learning, social/affordable housing, build to rent housing, seniors living, age care and disability housing. As our society and economy continue to evolve, I am confident our industry will continue to meet the challenges of providing both personal and commercial shelter and access to appropriate infrastructure.
I have many people to thank which I intend to do personally with those who have guided and supported me on this journey.
Before I conclude I will single out one group without whose help I would not be here this evening. That group is led my wife and partner, Kerry who with our children, Nicola, Toby and Lach have been with me almost the whole journey without whom I would not have achieved this generous honour.
Thank you once again.
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Greg Paramor AO
