At the Property Congress, four industry leaders shared their outlook for the next 12 months and highlighted an area where people might regret not taking a more active role.
Mirvac Group Chief Executive Officer & Managing Director Campbell Hanan highlighted the potential impact of economic changes on business confidence and productivity.
His hope is that some current challenges—particularly rising interest rates—will ease in the year ahead. Looking ahead, he suggested that stabilising interest rates could be a pivotal factor.
“Hopefully interest rates will be on the other side of where we are today, which will bring back increased confidence,” he remarked.
In his view, easing costs, especially in construction, will create a ripple effect, boosting productivity and stimulating investment.
“And I think hopefully productivity will be returning as the cost of construction, particularly for our sector, starts to get a little bit more under control,” he added, linking this to an expected uptick in capital flow.
Meanwhile, Charter Hall Office CEO Carmel Hourigan pointed to volatility as a persistent reality.
“I think this year there’s still a lot of volatility. We would hope that next year there’ll be less, but I think we’re just going to be in volatile times, so that’s not going to go away,” she noted.
Despite this, she believes that current conditions offer unique opportunities—ones that, in retrospect, may seem fleeting.
“You’ll look back and you’ll think, ‘geez, wish I’d been a bit more courageous in maybe some of the decisions I’ve made’,” she said.
According to Ms Hourigan, the real estate market could see a shift once interest rates signal even modest stability.
“I look at the property markets, I actually think it’s going to be a very quick recovery in terms of people just slamming the brakes on. ‘Well, I’m not going to sell that at that price’,” she said, adding that 2023 may ultimately be seen as a period of rare opportunities.
“You will look back and say, wow. And maybe actually, you’re looking back at ’23 and you’re saying, ‘wow, those opportunities were once in a lifetime that we would see in some of the sectors’.”
For ISPT Group Executive Head of Property Amanda Steele, 2025 will likely be marked by heightened deal-making and market movement.
“If I was on stage [next year] reflecting back on the last year, I think we’ll be really busy. I think there’ll be more deals. I think there’ll be more acquisitions, there’ll be more movement in the market,” she said.
“So, I think we will have a good year that has shown more growth than we’ve seen in the last two or three.”
Executive Chairman of Scape Group Craig Carracher AM sees 2024 as a time to take action rather than hesitate.
“I also feel that 12 months from now, looking back, we’ll have said that now is probably the best time to be doing something and not waiting.”
The lead times for projects, he emphasised, require action now for benefits later.
“I honestly have no view on the future other than I know what today is, and today is pretty good,” he added.