And just like that, we are through the summertime and the year is well and truly in full swing. It seems that while Jan was very active, the development market hit a bit of a bump in the road with the coronavirus affecting confidence and impacting on travel plans.
At least the bushfires that the country went through are now over and recovery can take place, but now the world is dealing with another challenge.
As we all know a lot of property investment and development relies on the sentiment of the market and it doesn’t take much to impact this confidence. We found that while we still had a lot of projects on the go from early January and before the new year, the new projects didn’t quite take off in Feb unlike what happened earlier.
Some of the projects we are working on are a 12 storey residential tower in Brisbane getting ready for off the plan marketing, 17 townhouses in Fitzroy and a variety of commercial as well as some town planning lodgement visualisation projects.
We are also excited to be working with one of our favourite projects in urban food production where the developers are continuing the work in creating a pioneer project to reinvigorate a disused rooftop previously used for car parking – they are now further along the planning application process, so it’ll be great to see the project come to life.
From all the conversations I’ve been having with property developers and marketing agents, the year ahead is going to be a busy one as a lot of them had to struggle through the last couple of challenging years and can see an uptake in activity for the year ahead as land prices have come off the boil and end value sales are starting to recover as banks have eased up their lending criteria’s.
Perhaps the silver lining in the Coronavirus issue, is that the Asian and local investors will be more focused on investing in Australian real estate as a safe haven from both the security and health safety standpoint.
All the best for the month ahead – to your development success,