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One hundred guests joined ACBC at Pitcher Partners for our Financial & Investment Services event on managing risks in property investment and development. The event MC Mr Theo Sakell, Partner & Executive Director at Pitcher Partners began the proceedings by introducing the first guest speaker, Andrew Hogan, Managing Director at Point Polaris.
Andrew launched into a discussion about the changing nature of Australia’s property market and how to successfully navigate these changes. This included suggestions on the best approaches to acquisitions and feasibilities, bank financing and sales management. Andrew delved into the details regarding restrictions on foreign purchasers, planning changes and changes in buyer preferences, stating that ‘mediocre is not good enough anymore… the market is demanding quality’. Andrew then shifted focus onto the benefits of Melbourne’s current economic equilibrium whereby the supply of new property in the city is now meeting investor demands, and how this is boosting overseas purchases and investor confidence. This boost is raising predictions regarding the level of additional retail and office space to be built in the near future. Point Polaris predicts that by the year 2021, Melbourne will need to accommodate for 8 million square metres of new office space and 200 new office buildings.
Guests heard next from Callum Fraser, Founder and Director of Elenberg Fraser, an architecture and interior design company currently delivering around 42 per cent of the apartments nearing completion and under construction in Melbourne. Preferences of owner occupiers of residential property in Melbourne was the key focus of Callum’s discussion, including considerations such as size, amenity, management and community, which all contribute to occupier preferences.
Lilian Jiang, State Manager in Victoria for the Bank of China was the third speaker of the day, providing an introduction and overview of Bank of China’s role in Chinese property investment in Victoria and some of the trends they have been seeing in investor perceptions and preferences. Lilian shared the Bank of China’s advantages in Australia, which include a solid client base with both corporate and retail customers, an extensive local branch network and a strong business relationship with Australian financial institutions.
The last speaker of the event, Councillor Ken Ong, Chair of Planning at City of Melbourne, shared his predictions about where we are likely to see the majority of incoming investment being targeted in the future and shed light on governmental and policy factors that investors must take into consideration when formulating investment strategies, noting with particular emphasis the policies that dictate the treatment of Melbourne heritage sites.
The final half-hour of the event gave the audience the opportunity to ask questions and voice their own opinions, experiences and concerns regarding the future of the property market and investment trends in Victoria, allowing for more in-depth discussion about key areas of interest.
We kindly thank all of our speakers for their time and insightful discussion and extend our special thanks to Mr Theo Sakell and Mr Ben McKie, PDS Group, for their facilitation of the event. ACBC Victoria also wishes to thank Pitcher Partners for hosting the event and for their ongoing support of ACBC Victoria.