Hi there and welcome to my thoughts for the month ahead,
It’s a bit of an interesting time in the market – (cue the ancient Chinese saying – “May you live in interesting times“) – on one side we’re on the other side of the winter months and nearly ready to get into spring and be optimistic about the time ahead – but the winter is holding on. Plus the economy is in a weird state – most people we talk to, feel that we’re in the early stages of recession and the consequent interest rate rises will only make matters worse.
It’s definitely different to the state of the world 12 months ago when we were coming out of winter and lots of projects were going as developers were quite excited about the spring and summer seasons ahead. This time around – the well-funded projects are going through and into construction – like the three that we’ve just finished off – one in Edithvale, one in Brighton and another in Hampton East, versus some of the others where the developers were a bit shakier with their feasibilities and underestimated the sudden increase in construction costs versus the falling consumer sentiment in buying projects off-the-plan.
It’s a bit reminiscent of the times in 2008 and 2018 – only it feels like right now we’re at the beginning of the down cycle and until the inflation is under control and interest rates stabilise – the “interesting times” are set to continue.
On the exciting news in our corner, we’ve decided to join the local UDIA chapter here in SA and last Friday night, I partied like it’s 2022 at the Gala awards night at the Adelaide Convention centre. It was amazing to hear from some of the winners about their projects and we hope that one of ours may get to that level of recognition down the track.
This month we’re finishing off the video series on modular wiring with Chris Bellamy talking about how MyModular handles the completion stages of a construction project when temporary low voltage lighting is removed and instead, they use the backbone already set up to install the “soft” modular wiring solution. “Soft” – because it can be easily replaced and re-located around as required versus hard-wiring which causes a lot of waste and inefficiency. Click here to check out the video.
The feature project this month is Plains Hall Edithvale – a beautiful redevelopment of the heritage-listed cinema in Edithvale that’s being converted into a mixed-use residential development. We produced a package of 3D exterior and interior images and 2D floorplan graphics to support the marketing campaign about to hit the market. Click here to check out the visualisation works.
As always, I look forward to your thoughts and comments and may our times get a bit less “interesting” from here on as we finally get to warm after the chilly winter.