Reflections from the front row seat

Reflections from a front row seatStepping away from the desk after 28 years as the doyenne of property journalism, the Australian Financial Review’s Robert Harley reflects on the industry’s highs and lows, and the leaders who inspired him.After chalking up time as a real estate agent, Harley (pictured) joined The Fin in 1988. Since then, Harley has had a front row seat during a quarter of a century of unparalleled growth in Australia.He’s witnessed two property busts and three booms. He reported through the Asian financial crisis, the tech boom and bust – and of course, the global financial crisis. He’s witnessed several game-changers – from the emergence of Australian Real Estate Investment Trusts to the shift towards sustainability, and “the increasing focus on urban renewal, mixed-use development and bringing people back to the cities”.Waves of international investment has reshaped the industry during Harley’s time at the helm. “Japanese investors had a huge impact, then it was a whole bunch of other Asian investors, and now the Chinese are playing a very important role in providing capital for apartment projects around our cities,” he says.Two deals stand tall among the hundreds that Harley has covered. “Lendlease’s bid for The GPT Group, which eventually led to GPT going its own way in 2005, was an extraordinary property landmark and kept us busy for half a year,” he says, adding that the global restructure of Westfield in 2014 was a similar standout.As for the buildings themselves, “the Queen Victoria Building still knocks my socks off as a remarkable example of urban renewal,” while Barangaroo South in Sydney and Docklands in Melbourne also get Harley’s applause.The distinguishing characteristic of successful companies in the property sphere comes down to one thing, he says. “Leadership. Companies need good leadership.” And this means leading on behalf of investors and having an instinct for property.”Frank Lowy has an incredible feel for property and Harry Triguboff has done a remarkable job just in the sheer number of apartments he’s created. Bob Hamilton was someone who always listened to his customers.”At valedictory drinks last week, Property Council President Mark Steinert said the Property Section of the AFR had been a strong part of the paper’s ongoing success.”How has the property pages of The Fin defied so much of the change that is occurring around it? It has done so because of the quality of the journalism. It has been led by a journalist with old school qualities: integrity, reliability, attention to detail, trustworthiness and insight.”We are, as an industry, better because of Rob’s reporting,” Steinert said.As he logs off for the last time, what will Harley miss?’I’ll miss the people – there are some very good people in the property industry, and I’ll miss them.”