Civic Spotlight: Property Sector Urges Bold Action
The Property Council of Australia ACT today hosted its annual Economic Outlook event, with keynote speakers Luke Yeaman, Chief Economist of the Commonwealth Bank of Australia, and Adrian King, Director of Scyne Advisory, providing insights into the territory’s economic trajectory.
Property Council ACT & Capital Region Executive Director Ashlee Berry said that with the ACT Budget just weeks away, the Outlook came at a critical moment for Canberra’s future.
“Civic is the engine room of Canberra – but it’s at risk of stalling. We need a clear plan to adapt and re-energise the City Centre,” Ms Berry said.
“That means backing mixed-use development, adaptive reuse, and a bold approach to bringing more people into the city to live, work, and spend.”
Scyne Advisory presented evidence showing Civic contributes nearly 20 per cent of the ACT’s economic activity, but that growth is plateauing. Barton and Fyshwick are on the rise, driven by stable public sector growth and a diversified industrial base.
The Outlook event also put the spotlight on critical issues in housing supply. Commonwealth Bank analysis showed housing starts and completions falling short of the levels required to meet demand, while costs and affordability pressures continue to climb.
“There’s no single lever that will fix this – it’s going to take coordinated, urgent action from government on land release, planning reform, and construction pipeline certainty,” Ms Berry said.
“Supply is not keeping up with demand for housing in Canberra. That’s why reforms like the recently announced Missing Middle policy are so important. There is no silver bullet, so we need government to pull every lever for more homes to be built, and quickly.
“The property sector stands ready to play its part in delivering the homes, jobs and infrastructure our city needs – but we need government to move faster and act decisively,” Ms Berry said.
The Property Council’s Economic Outlook brought together business leaders, policymakers and investors to assess economic trends and shape future planning. Today’s event was a key forum ahead of the ACT Budget.
The Outlook considered Canberra’s long-term economic shape, with forecasts showing the City Centre remains the dominant precinct – but only if planned infrastructure and development projects stay on track.
https://www.propertycouncil.com.au/media-releases/eyes-on-civic-as-property-sector-calls-for-bold-action