The competition heats up

The Olympics are coming and as always, the pre-Olympic headlines focus on drug cheats, delays in construction, bankruptcy and a new one this time around - Zika. But, August 5 will come and the whole world will stop, take note and embrace the world’s greatest sporting competition.

With competition at the forefront of my mind I can’t help but realise that we are faced with competition every day. It is the world we now live in and have become accustomed to operating in.

The property world has always been a competitive space but right now we are seeing competition for houses, property and land heightened. And the fundamentals that keep fuelling this competitive environment do not look to be going away any time soon.

So how does this competitive environment affect our public assets? More people coming in, means greater pressure on public assets. Other than housing, we do not hear much about our public assets and how they are creaking at the seams. It is not personal to people and so is not standard media fodder. I know for a fact that a number of our Local and Central Government clients are like ducks on a pond working feverishly away to determine what is needed – more open space, more schools and more public infrastructure.

But where to put it? And who has priority when two or more public works are competing for the same piece of dirt? Is it more important to have roads that connect our suburbs and cities? Or is it more important to protect our open space and natural habitat in amongst all of this development? And what about schools? Of course, there is no one winner here and each has their place in a successful, vibrant and liveable city.

The trick is to ensure that the respective authorities work together to achieve collective goals. Co-sharing of land or joint acquisitions for multiple purposes will become more common and the will is definitely there. I am currently assisting several of The Property Group’s clients with their site identification, site selection and site acquisition requirements to achieve collective objectives.

Whilst I am all for healthy competition – having a winner and inevitably a loser – sometimes playing together nicely in a collaborative way is the right thing to do.