Big Guns III

Nearly 5 guests attended the Property Council’s third annual ‘Big Guns’ luncheon on 13 May to hear three industry titans grilled by one of Australia’s leading property journalists on the current health of the sector and their outlook for the future. 

The Big Guns event has grown in popularity every year and has become a hotly anticipated occasion for the Queensland property industry.

As in previous years, the assembled Big Guns were Daryl Browning, Chief Executive Officer – ISPT, Steve Leigh, Managing Director – QIC Global Real Estate, and Mark Steinert, Managing Director & CEO – Stockland and National President of the Property Council of Australia. The conversation was directed by Turi Condon, Property Editor with The Australian. 

Turi drew out the panellist’s opinions on the current state of the market. Despite low interest rates, the panellists outlined the difficulties being faced by the industry in the current low growth economy. Steve Leigh outlined that broader economic conditions meant that property has “no tailwind behind us.” While Daryl Browning suggested that when the economy improves the conditions could change rapidly and businesses need to be prepared to capitalise on improved conditions.

With the backdrop of the federal election campaign, Turi turned the panel’s discussion to the impact of potential changes in policy to the property industry.  Mark Steinert outlined that the ‘margin for error’ in government is far less than ever before, with the economy so finely tuned that policy missteps could have a large impact on industry competitiveness. 

The panellists also discussed the approach from the Federal Government to foreign investment. While all the Big Guns want to see more done to encourage foreign investment, Steve Leigh warned that it was a two-way street with the Chinese Government needing to free up their regulations around overseas investment.

The Queensland finalists for the 2016 Property Council / Rider Levett Bucknall Innovation and Excellence Awards were also showcased at the lunch, with the University of Queensland’s Global Change Institute crowned the Queensland Development of the Year.

The Property Council would like to thank Deloitte Real Estate for their generous sponsorship of the Big Guns event and thank Turi Condon, Daryl Browning, Steve Leigh, and Mark Steinert for their insightful contributions.

The Australian’s coverage of the Big Guns luncheon can be accessed here.

Photos from the event can be found here.

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