The first case of Covid-19 was reported in Australia on 25 January and although it’s been a tough few first months of the year, Australia is recovering.
Australia’s strongest advantage in keeping Covid-19 at bay was always going to be over 35,000km of coastline, but we also acted fast. Australia closed its borders to all non-citizens on Friday 20 March. This advantage is almost unique among English speaking countries. And it has helped us, along with New Zealand, to be so far been largely successful in suppressing the spread of this virus and keeping deaths comparatively low.
Brisbane also tackled the pandemic head on by closing the state borders as well as restrictions on non-essential travel and social gatherings. This action by Queensland’s state government most likely reduced the number of infected by thousands. Simply by doing the right thing and staying at home, together we've all helped to flatten the curve, allowing for some restrictions to start being lifted. This can only mean good news for the property industry as a whole, especially commercial real estate.
Strict social distancing measures has kept consumers locked up inside their homes most of the time, which had an unprecedented negative impact on our economy. Ultimately though, a strong construction sector is ultra-important for industry confidence and maintaining jobs everywhere. This was evidential when Prime Minister Scott Morrison said construction activity continuing as close to normal as possible is a national economic priority, with projects required in the pipeline for the most successful recovery phase.
In spite of industry numerous analysts having a negative outlook on the construction industry as a whole, costs have remained fairly steady with an increase of only 1% over the first quarter. Thankfully this has meant that many construction projects in Brisbane have continued to go ahead, as well as a few major projects breaking through during 2020. In this edition of Pulse, we visit some of these projects.