THE PROPERTY DEVELOPMENT REVIEW
Key metrics that we track at Belle Property Commercial are listing appointments, property inspections and days on market, which has nearly doubled for appointments and inspections and halved for days on market over the past 24 months. When guiding our key clients, it’s imperative we algin their campaign with the cycles of the market which is varied at times but generally falls into 2 parts, being End of Year and End of Financial Year, so we’re currently in a sweet spot with the August to November period being the best time to go to market and capitalise on positive market sentiment. With regard to public infrastructure, take us through some of the major projects that will transform your State & the impact you anticipate these projects will have in terms of driving new investment & development. I’m biased in my opinion’s as my core market is ‘City Fringe’, so I prefer to see money being spent in that area but with an estimated infrastructure project spend of circa $30 Billion there’s plenty to get excited about in WA. Top of the list for me is Perth METRONET which is the single largest investment in public transport that Perth has seen, with a vision of a well-connected Perth with more transport, housing and employment choices with approximately 72 kilometres of new passenger rail and 23 new stations, METRONET is a catalyst to turn more than 8,000 hectares of land around new stations into desirable places to live, work and play. Other notable projects on the horizon are Perth City Link, Perth City Deal which represents a landmark $1.75 Billion investment in projects and infrastructure that will transform our city and bring ECU & WAAPA to the city & then the newly proposed East Perth sport and recreation hub along many others. With both the cost of capital & destination of capital incredibly competitive throughout Australia, what do you see are the advantages that your State offers and how is this being translated from a global real estate capital perspective. I often ask people smarter than I “what would they invest in, if they had $1M (AUS) today”, the answer obviously varies depending on appetite and risk but over the past 12 months in WA the weight of capital chasing yielding assets in the mid to high $1M’s is
unheard-of. These buyers are chasing yields and we’ve seen this nationally, but I feel the value dollar for dollar is greater in Perth now than other capital cities, these buyers are also hedging their bets that interest rates will drop in the next 6 months where they can see greater returns. From an innovation standpoint, what are some of the new initiatives your agency is pursuing & how are these being received by clients. I love innovation and it’s the cornerstone of the ‘why’ behind opening Belle Property Commercial Perth, as innovation will be our point of difference against a dull traditional commercial landscape. As an example Belle Commercial Perth will be the first West Australian agency to use a bespoke digital listing and proposal platform for all our IM’s, Appraisals, Presentations and provides real time data to the agency rather guessing a clients interactions. The client feedback has blown us away, where we’ve seen vendors opening our links on a Saturday night and spending 30 + minutes reviewing the document we have sent them the previous week. We are also working on the ‘GM Innovation Fund’ which takes a small portion of profit and reinvests it into the business for innovation opportunities to solve problems that we might not know we need. In closing, how are you positioning your business to capitalise on new growth opportunities over the course of the medium to long term. Belle Property Commercial Perth is still in its infancy & so we’ve gone all in that the market in WA will remain buoyant for commercial property for the next 5 + years. We have created a youthful approach to our team that algins with the current transition of wealth which estimates over the next two decades, baby boomers and the silent generation will pass down a combined $3.5 trillion in wealth and assets to younger generations which is being dubbed the “Great Wealth Transfer,” this phenomenon is already underway and will impact millions of families. The younger generations are where Belle Property Commercial Perth see the opportunity to work with these families, where we are placed in a position to serve the existing stakeholders and future stakeholders over the next 2 decades and longer.
August / September 2024 – 137
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