The popular annual event brought together key industry figureheads Lucy Turnbull, AO, Chief Commissioner, The Greater Sydney Commission; Steve McCann, CEO and Managing Director, Lendlease and Carmel Hourigan, Global Head of Property, AMP Capital to discuss Australia's current property markets and changes to NSW Infrastructure.
The Nine Network’s Ross Greenwood moderated the session attended by 500+ property industry professionals, delved into the current state-of-play of the sector, the focus areas of the city’s future growth, as well as the opportunities that innovation and technology can provide.
The five key insights captured from the event were:
Sydney’s future lies to the west of the CBD, if future plans become realities. Growth corridors lie in areas reaching towards Parramatta and surrounds, presenting many untapped opportunities for our city’s future infrastructure development plans. With Macquarie Park a shining example of a successful transformation which now serves a bustling community with the right balance of transport access, amenities, commercial and residential possibilities – the pockets of promise within 30 minutes to work, the CBD, universities, airports, and other valuable infrastructure is where we should be pointing our focus over the next 20 years.
Location, location, location is the name of the property game. With David Jones HQ in the process of relocating to Melbourne, and UK department store, Debenhams, announcing Victoria’s capital as its first Australian home, has the cost of Sydney’s retail real estate market become too challenging? Our commercial leasing sector is registering strong interest however, with the Barangaroo development’s first two buildings 80% leased, and the third over 50%. Perhaps this would indicate that appetite for brand new infrastructure is what will attract ongoing investment.
Community consultation and knowledge sharing will go a long way to improving real estate and infrastructure outcomes for our city’s future. For a prosperous poly-centric city, all parties need to be considered and involved, including having local and state government support. Co-ordinated and productive action will mean we can realise a liveable and sustainable city. We need to think big together, but do so with all factors in mind.
Disruption is real and relevant and plays a significant part in how we will continue to plan our city’s growth. We’re playing catch-up with our continuing construction and development efforts, taking the light rail as an example.
Improving our liveability means disrupting our here and now to make the changes needed to sustain our future. Resisting change means creating problems - we’re a smart city and we need to adapt and grow with the many challenges planning and development presents.
Innovation will help our growing economy harness the talent and gain the investment need to prosper, because technology and the growth of innovation should never be underestimated. As we move forward with significant advances in sustainable building and other initiatives, we’ll be able to better absorb the growth of our population. Exposure to, and involvement with, the elements of our changing environment will encourage effective collaboration.
Please see link to highlights vid from the lunch here.