2024 was a mixed bag for #development. Some of the country sustained an extended sales and delivery cycle, with challenges. Other markets remained very flat or depressed entirely.
Intrapac Property isn't immune to those macro impacts. On the positive, the fantastic results at Whiterock stand out: record sales, incredible consumer interest, and significant construction progress. The project sets the standard for Ripley, with a top display village & recently opened community building with community development officer in tow.
Whiterock looks amazing, and we have big plans for 2025 like progressing the primary school and Whiterock Village which will form the future heart of the precinct.
2024 also saw the conclusion of 2 projects – Harvest Rise, Greenbank & Kingscoast, Cudgen. Both are fully settled with many happy residents living in those new communities.
A post-NT election spike saw a major boost for our NT projects after a period of political uncertainty.
On the other hand, conditions in Victoria and Northern NSW remain tough. Frustratingly, the issues are not sales or delivery, but rather ongoing planning delays.
Five projects have been stymied by a collection of unnecessary approval delays. These are projects/applications that should have comfortably passed through approval phase by now, yet remain stuck. This is an industry-wide issue until attitudes change towards saying “yes” and understanding the importance of time.
Thankfully most of those approvals look to be forthcoming soon which will have us incredibly busy in early 2025.
On the horizon are multiple project launches & relaunches, combined with an enormous delivery program for next the few years.
The real take away from 2024 has been how topical #housingsupply and #affordability has become. I've not seen this level of public discourse or debate about solving the problem in my career.
Despite good-intentions, most government announcements have prioritised things that don't improve the significant feasibility challenges impacting new supply short term. Post pandemic challenges persist including supply and cost of labour/materials, plus lack of productivity, meaning the sector's capacity remains diminished.
It's acute in the high density apartment space, but the entire housing continuum is impacted – detached homes, townhouses, civil works, commercial and retail projects.
Significant government effort is being put into creating more higher-density opportunities. This could pay off long term, but the short- to mid-term outlook presents significant barriers to delivery that will not improve quickly.
Meanwhile reforms which would accelerate planning and infrastructure delivery for far more attainable & feasible housing projects continue to fall short.
🤔 Perhaps 2025 will present a renewed impetus on things that actually work, instead of just things we wish will happen? One can only hope.