Property Leaders’ Lunch

Queensland’s property industry assembled at the Sofitel Hotel, on 9 June, to hear – for the fourth year in a row – from some of the industry’s most respected leaders. 

The Property Council’s Property Leaders’ Lunch provides an opportunity for the industry to hear an honest assessment from some of the most prominent voices in the industry, on the current health of the sector and their outlook for the future. 

Daryl Browning, Chief Executive Officer – ISPT, Steve Leigh, Managing Director – QIC Global Real Estate, and Mark Steinert, Managing Director & CEO – Stockland, all returned to the panel this year, and were joined by Raynuha Sinnathamby, Managing Director – Springfield Land Corporation. The conversation was directed by Turi Condon, Property Editor with The Australian. 

Turi drew out the panellists’ opinions on the level of infrastructure investment in Queensland, and the impact of targeted investment in catalytic infrastructure was analysed. Concerns were raised over the quantum of infrastructure funding in Queensland when compared to NSW and Victoria – where asset leasing policies are generating significant economic activity.

The complex national debate on housing affordability was addressed by the panel. Mark Steinert spoke to the strong impact of the First Home Buyers’ Grant on the Queensland greenfield market. The Grant, Mark outlined, had driven growth in the share of first home buyers purchasing new homes in Stockland’s Queensland developments, from 26% to 45%. All panellists agreed that, fundamentally, the housing affordability issue needed to be resolved by an increase in the supply of new dwellings.

The panellists also discussed the outlook for the retail sector, and the potential impact of Amazon on the Australian market. Steve Leigh expressed his scepticism of the strength of the threat from Amazon, outlining that the market share of online retailing has been flatter than expected. Steve outlined that retail property owners have experienced relatively strong growth in recent years, and are positioning their assets away from ‘disruptable’ uses.

The Property Council would like to thank Deloitte Real Estate for their generous sponsorship of the Property Leaders’ Lunch and thank Turi Condon, Daryl Browning, Steve Leigh, Mark Steinert and Raynuha Sinnathamby for their insightful contributions.

Photos from the event can be found here.

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