Issue 28 | The Property Development Review

DevelopmentReady - Article

Developers Cautiously Optimistic As Values Continue To Climb

A lot of that has also beendrivenby the fact that the dynamics of theworkplace have changed forever. “I can’t see it going back to a five dayworkweek and I think that is incentivising a lot of people to say if I only have to travel three days aweek towork, whether that’s in the CBD, orwhether that’s toGlenWaverley or Mulgrave, I only have to commute three days aweek and the other two I’ll work fromhome. Those people don’t necessarilywant to live inmetropolitanMelbourne.” He sees the end of COVID triggering growth in residential subdivision, social infrastructure, health care, child care, retail (“Retailers will go wherever the people are”) and industrial.

Developers are optimistic about the property market as Australia emerges from COVID but they are not giving any long term predictions and they are warning of danger signs ahead. Mark Wizel fromAdvise Transact (A/T), a specialised division of Wizel Property Group, points to geographic pockets of growth in regional areas and outer suburbs, fu- elled by the community’s emergence from COVID-19. “We’re certainly big believers in the regional story,” Wizel said. “Sea change and tree change have really accelerated on the basis that that people have jumped off the treadmill for the first time in a couple of decades and paused to reflect what they reallywant out of life.

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