The challenges of 2020 are continuing without an obvious end in sight and as much as we want to believe in the positive signs of progress in the medical advancements – it seems that it’s going to be a long and drawn-out process of returning to a life where unrestricted travel or live entertainment events are going to be easily accessible.
But in the meantime, the agents in Melbourne are reporting that the vendors who previously had unrealistic expectations for their land have lowered them considerably and in turn, developers who timed their projects well, are getting back to active buying as the primary fundamentals of supply and demand haven’t really changed.
And while our inquiry rate for both August and July have been well down for new projects than normal – there is a lot more movement in greenfield land estates. It seems a number of typical townhouse and apartment developers are turning to greenfields especially as the first home buyer grants are so generous.
Ultimately the strength and resolve of property developers come down to their ability to navigate these cycles in the industry and to explore this – we present to you a new set of videos to talk about “Wealth Transfer in the Times of Crisis“. We interviewed a successful business owner and property developer in his own right, Stan Kontos from Star Pharmacy group on his thoughts about where hidden opportunities may be in this part of the cycle. In Part 1, we explore how human patterns impact property and economic cycles and what it means to be a contrarian investor – check it out here.
Amongst the projects that we completed over the last couple of months, I wanted to feature a set of 3D planning photomontages for a highrise residential tower in the City of Melbourne – have a look at the images here.
As always I look forward to your thoughts and questions and all the best for the month ahead,
To your development success,