I recently attended the National Housing Conference in Melbourne. It was certainly an enlightening and educational event. Affordable Housing was the number one agenda item, and a range of discipline experts (planners, economists, demographers, sociologists, anthropologists, financiers, developers) sought to unravel the holy grail “How do we provide affordable housing in the context of today’s environment?”.
Whilst at first I was a little hesitant about attending this conference, being a haven for “leftie socialists” with little relevance to economic outcomes, I was surprised and enlightened to determine that the two areas of focus (social outcomes and economic outcomes) are inextricably linked.
I attended one of the sessions, where the discussion centred around the redevelopment of the City of Dandenong. It was noted that this city represents a significant convergence of ethnic origins, with some residents only recently resettling from their birthplace. It was also noted that many of the commercial businesses represent more than just a retail outlet – they represent a vital link to the core principles of life for many of the local residents. An example was described of the Afghan rug store – of how important it was to the stable existence of many of the recent arrivals, many of whom have arrived as refugees with little or no belongings and few if any memories of their homeland.
I was relaying this story the following day to a client who owns a major retail centre and is considering further expansion. This client’s investment property is also located in an area of diverse ethnic origin. We agreed that a major consideration in the future design of the centre expansion should be a “look and feel” to enable ethnic and cultural harmony.
Whilst this in first instance appears to be a social outcome, it is the important driver to the commercial and economic outcomes as well. A place where people feel comfortable will enable a thriving population and economy to develop – a place where people want to live, work and visit – these are the building blocks of economic outcomes.