Property Australia

Place-making, productivity and innovation

Ken Morrison Ken Morrison September 17, 2019

There was both an opportunity and challenge for the property industry in Professor Ian Harper’s presentation at last week’s Property Congress on Hamilton Island. 

At a time of concern about slowing economic growth and debate about how to reboot productivity, Professor Ian Harper called out our industry’s role in driving productivity and building prosperity through place-making. 

You can read more about his remarks in this issue of Property Australia, but it was a very salient reminder of our contribution to the country’s economic and social well-being by building places that stimulate collaboration, innovation and entrepreneurship. 

These themes were also amply on display over the last two days as I joined members of the Retirement Living Council in Canberra for a strategy session and a series of roundtables with policy makers. 

Providing accommodation and care solutions for elderly Australians has never been more important. The Retirement Living Council is the Property Council’s leadership group for this sector and brings together the major for-profit and not-for-profit operators and developers of seniors living. It is now shaping the successor strategy to our 8-point plan developed in 2017. 

Industry leaders showcased the innovation being delivered in accommodation type, care arrangements, aged care integration and tenure models. It’s an innovation spectrum that we can expect to broaden as the targeted demographic cohort deepens. 

The key message to policy makers is that this is a successful privately run and funded solution for older Australians that is an important part of the aging landscape. One that residents overwhelming enjoy and meet their needs. And one that has the added benefit of delaying the entry into the expensive government-funded aged care system by an average of five years. 

It’s an important sector and a growing part of the property industry.