Talk of a Sydney housing bubble is “misguided”, argues Stockland chief executive Mark Steinert ,who acknowledges the hot market for both housing and development sites.
He added that there are sites which were selling at prices the country’s biggest residential developer is not willing to pay for, reports The Australian.
“People are getting into pre-bidding and gazumping — it’s all back on,” Steinert told the Committee for Economic Development lunch in Sydney this week.
“It is clear that some of that capital is looking to deploy in development at total returns of a level that we wouldn’t entertain.
Steinert was included in the panel that recently discussed New South Wales’ property market, along with GPT chief ­investment officer Carmel Hourigan, UrbanGrowth chief executive David Pitchford and Commonwealth Bank head of real estate Graeme Ross.