Hi, and welcome to March and the beginning of autumn,
Cooler weather is definitely here, and the market change feels afoot.
We’re experiencing a really interesting phenomenon: out of the 16 odd projects we’re working on, about 30% of them seem like they’re going through mud and don’t seem to be moving ahead at all. And it’s not even due to the lack of decision-making by the clients – it seems that other consultants internally are causing delays, and it’s almost impossible to get traction out of those projects. Ultimately there is only so much we can do to push the projects along, but it seems to be an industry-wide issue rather than project-specific.
Earlier last month, I travelled to visit some of our clients in Brisbane, and they were voicing similar issues – their building subcontractors are not in the mood to work – it’s crazy to hear this considering the larger-scale issues that the industry is facing – rising construction costs, fluctuating market demand and changing consumer preferences.
In positive news, though, one of the projects in the City of Boroondara that we’ve been working on since December last year went to a VCAT hearing in early February and subsequently was granted a permit within a very short period of time without any further changes – so that was pretty exciting for our clients and also the additional investment paid off as they agreed to create further photomontages to what was initially proposed on the advice from the planning lawyers.
It was extremely gratifying to see that a panel member had ruled in favour of the project as the objectors were trying to argue for the heritage value of the existing building.
Since there’s been so much hoopla about artificial intelligence (AI) in the last 3 or 4 months with the public release of ChatGPT – we thought to interview an expert in this space – Dr Jamie Sherrah, Ph.D. Dr Jamie Sherrah is an expert in machine learning, computer vision, and software development, with 25+ years of experience. He founded Inject AI and taught at the Australian Institute for Machine Learning. With 40+ published papers and 5 patents, Dr Sherrah is a respected thought leader and his passion and commitment to progress make him a trailblazer in AI. Click here to check out the first episode on Artificial Intelligence Systems – the Overview here.
I also wanted to feature a project we created a while back and the clients have put together a digital brochure with further information about it – click here to check it out.
This month’s feature article talks about how to market large-scale residential land subdivisions to diverse target audiences – how to appeal to luxury buyers versus budget-conscious first-time homeowners or investors. And especially for high-tech-oriented property developers who utilise interactive masterplans in their marketing campaigns.
All the best for your month ahead, and I look forward to hearing your thoughts if you have any further insights into why the industry-wide delays are happening still (we’re now three years past the pandemic outbreak, so the supply chain issues from back then should’ve sorted themselves out by now).
To your success.