The Future is Bright for the Sunshine State

Property industry experts spoke positively about the future of South East Queensland, at the fifth annual Property Leaders’ Lunch, held on Thursday 19 July at the Sofitel Brisbane.  

Almost 600 people attended the sold-out event, where prominent industry leaders were guided through a conversation about the property industry and its future outlook, by Turi Condon, Property Editor- The Australian.  

The complex national debate around housing affordability was tackled by panellists, Susan Lloyd-Hurwitz, CEO and Managing Director of Mirvac, and Mark Steinert, Managing Director and CEO of Stockland. Both suggested the recent dip seen in the Sydney and Melbourne residential market, is a reaction to the years of accelerated growth. Mark added, “Unless we see big changes in migration, jobs, wages… the markets will stabilise.”  

Fellow panellists, Steve Leigh, Managing Director of QIC Global Real Estate and Daryl Browning, Chief Executive Officer of ISPT, believe that Queensland will continue to have positive steady growth in the residential sector, continuing the trend we have seen in recent years.  

Following on from housing affordability, panellists also addressed the infrastructure needed to cater for Queensland’s increasing population. Essential developments such as Cross River Rail and the Brisbane Metro, were seen as paramount to maintain prosperity within the state.  

The panellists also stressed the combined efforts of government and industry would be especially important when responding to the public’s scepticism on the benefits of population growth.  

“We have been growing for decades. This is not a new development. The industry understands a lot more about good growth and it’s important to get a positive message out there,” said Raynuha Sinnathamby, Managing Director of the Springfield City Group.  

When asked about areas of concern for the property industry, the panellists overwhelmingly agreed taxation remains problematic. “We always become the easy target, whether at a State or a Federal level,” Raynuha said. “I would like to see a backflip on the foreign investor tax. It is not a good message for our country.”  

A recent study by AEC Group, commissioned by the Property Council revealed a decline in foreign investment in Queensland since 2016, has equated to a decrease in Gross State Product of between $2.4 billion and $3.9 billion.  

The Property Council would like to thank Raynuha, Susan, Steve, Mark and Daryl for their excellent contribution to the event, and Turi for moderating the discussion.

The Australian’s coverage of the Property Leaders’ Lunch can be found here. [PAYWALL]