Time is running out to have property projects finished in time for the Brisbane Olympics in 2032, development advisor Riye Arai-Coupe has warned.
“We’re at the starting line now of the Olympics’ decade, the golden decade,” Bluebird director Arai-Coupe said.
“But it can take such a long time to get some pretty big projects out of the ground.”
With less than 10 years till the starter’s gun, some projects risked missing out unless they sped up, she said, as the process of acquiring sites, designing plans and securing planning permission was lengthy.
“So if you’ve got the site and you’ve got the plan approved and you’re under way, effectively, you’re off and racing then,” Arai-Coupe said.
“One high-density development can take five years to get out of the ground.
“So if that’s not already acquired and approved and the planning isn’t appropriate, it can take quite a quite a period of time to get these sites off the ground.”
Brisbane-based Bluebird specialises in property advisory, development and project management, and development partnerships.
Arai-Coupe will be a panellist at The Urban Developer’s Australian Property and Economic Outlook in Brisbane on February 16.
Given the closing window to 2032, Brisbane City Council was looking at creating 14 sub-precincts rather than overhauling neighbourhood plans because commercial, retail and other infrastructure needed to be provided sooner rather than later, Arai-Coupe said.
“To get a project catalyst or a high-density or significant project through, it could be two to three years in the planning process.
“And then if it’s a residential development, it can take another 12 months to sell through.
“Then it takes another three years to build and then all of a sudden you’re looking at seven or eight years in the development time frame and you are only two years out from the Olympics.”
Arai-Coupe first caught the property bug as a teenager intrigued by the renovations her friend’s parents were doing.
After asking many questions about the renovations and subsequent sale of the property, she knew it was an industry she wanted to work in.
She started Bluebird by partnering with a former colleague after working for small private firms and large corporate developers.
Her work allows her to see the trends occurring across the residential sector in south-east Queensland and Brisbane.
She will be speaking about future trends, issues and solutions people will need to be aware of at The Urban Developer’s upcoming 2023 Australian Property and Economic Outlook event in Brisbane on February 16.
