2016 Property Market Outlook
A record crowd of 7 cemented the Property Council’s annual Property Market Outlook lunch as ‘the event’ of the industry’s first quarter calendar.
The future movements of Queensland’s diverse property market cannot be easily predicted, but the task falls annually on Bernard Salt – KPMG partner, author, columnist, futurist, satirist and social commentator.
Bernard elevated the crowd to his “high altitude perspective” by framing a big picture viewpoint of the post-war Australian property market. Australia has never experienced such an uninterrupted run of continual economic growth than the one currently occurring. This run of growth has reached the point where few current senior business decision makers have recession experience.
Growth is expected to continue courtesy of our regional neighbours in China. Bernard outlined that the number of global head offices in Beijing has increased from 12 to 51 in the last ten years (over the same period, New York had declined from 22 to 17). The pursuit of a stable nearby property market to park Chinese capital has led to what Bernard labelled the “Dubai effect”. Bernard drew a parallel between Dubai’s successes in the 1990s as a destination for regional investment and Australia’s potential to continue to capitalise on China’s success.
In dissecting the latest cultural and market trends, Bernard highlighted the Australian pursuit of lifestyle. Bernard surmised that the post-war influx of southern European migrants had woken Australians to the realisation that they lived in a Mediterranean climate. Bernard labelled the phenomenon the “mediterranean-isation” of our values. There is no comparison between a 19s Australian cottage home, a staple of post-war suburbia, with the alfresco, multi-decked, modern outdoor-living homes currently in high demand.
Casting his eye to population growth, Bernard outlined the need for South East Queensland to “dense up.” With far more population in half the area, Melbourne was highlighted as the archetype for SEQ to follow to meet projected housing demand. Bernard outlined that the impending revision of the SEQ Regional Plan must support job decentralization and transport infrastructure.
Bernard was the joined on stage by Charter Hall Head of Office Development, Andrew Borger, and Grocon CEO, Carolyn Viney. The panel further unpacked developing industry trends and fielded audience questions.
The Property Council greatly appreciates the support of major sponsor Charter Hall and supporting sponsor Ray White.
Photos from the event can be viewed here.
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