Image by STUART McEVOY
MACKENZIE SCOTT – THE AGE 3 JUNE 2019
Softer market conditions in Melbourne has done little to faze property developer Spring Yang, head of the Young Group, who is looking to more than double the company’s development pipeline in the coming months.
The national property market is likely to bottom out by the end of the year, with price falls continuing to moderate, potential improvements to loan serviceability and a likely rate cut tomorrow. It is helping a stem declines in the Melbourne market, which fell 10% in the year to April 30, according to property researcher Corelogic.
While sentiment is beginning to improve, it is strong state and national population growth, infrastructure and employment data that is driving Ms Yang’s belief in the market
“I disagree that it is a bad time for property,” she said. “From a developer’s perspective, the market presents fantastic opportunities to really prove our credentials and deliver top quality projects.”
“We believe that as a company, we cannot be short sighted. We are buying at the bottom of the bell-curve, and we are confident that the Australian property market will grow in the years ahead because the three fundamentals drivers of growth are in good health: population growth, infrastructure investment, and employment growth.”
So strong is Young Group’s commitment to the market, it is actively looking to grow and diversify its development pipeline from $400m to $lbn.
Ms Yang took the reins of the company from her father in 2015, becoming managing director at the age of 39.
The group is working on five projects within a 20km radius of Melbourne city. One of the two residential towers planned for Clarendon St at Southbank will include a luxury hotel operator, with the group in late stage talks with an international operator.
Ms Yang said she was enjoying the challenge of being a high ranking woman in a male dominated industry, believing it gave her developments a market edge. “I was in a meeting this morning thinking, ‘Wow, I am enjoying my career’,” she said.
”When it comes to design, men always think about this communal area with bar or wine cellar. I’m not really a fan of that” All Young Group townhouses are at least 400sq m to ensure they are big enough for families.
Ms Yang strives to ensure unit and townhouse complexes are family orientated by drawing on her own experiences of raising two kids. There are inclusions such as communal planting boxes, mini-golf, a rock climbing wall for kids and outdoor cinema.
Young Group CEO Spring Yang in her Melbourne office
