- WA is very well placed to win the war for talent
- Business success isn't a goal to attain once, but a mindset that allows you to keep going everyday
- The rate cycle may bottom out in Q1 2023
The UDIA National Congress will be held in Perth from Monday 27 to Wednesday 29 March 2023 and features a range of high-profile speakers sharing their expert knowledge about the property market, the economy and a range of issues impacting our industry.
Mark Bouris AM is one of Australia’s foremost financial advisors and current executive chairman of Yellow Brick Road Group and TZ Limited and chairman of Anteo Diagnostics.
Many of our readers may be familiar with his forays into television, having hosted The Apprentice on the Nine Network for several years. It may come as a surprise that Mr Bouris also lived in Perth for some years and is very familiar with our unique and beautiful city.
Mark took some time out of his busy schedule to sit down and answer some questions from The Urbanist in the lead-up to his Keynote Address at Congress where we look forward to hearing more from one of Australia’s most trusted business voices.
What keeps you so driven to succeed and innovate in your businesses?
I’ve been very lucky in my business life to realise earlier on than most that success in business isn’t about getting an outrageous sum of money in an exit or whatever. For me, it’s watching people grow, develop, and innovate through their work and in themselves.
That’s success for me in business. It’s not a goal to attain once but a mindset that allows you to keep going every day.
Curiosity is a big driver for me as well. Partly to see where these people go and what they do, but also curiosity about the world.
I’m 66 and even still I’m learning new things, and you look at the boundaries that are being pushed in technology and science – artificial intelligence and understanding how the brain works really fascinate me – that kind of stuff is quite cool, and definitely keeps me going.
I want to see where it all goes, and the way to do that is by being involved in it day-to-day.
How have challenges in recent years, including the impacts of the pandemic influenced how you do business?
I think like everyone, events over the last couple of years have forced me to think a bit more than I used to about how my people were doing in a mental health sense, and more importantly act on that thinking to try and drive a positive change for them.
Your people are the most important asset so you’ve got to make sure they’re doing well so your business can too. Lockdowns were so tough on people mentally, especially for my people in Victoria. Even in WA, being disconnected from friends and family around the country – we’ve all become a little wiser I think about how mental health impacts our productivity and culture at work.
The current skills shortage is posing significant challenges for the property industry here in WA (along with the rest of the country). What are your thoughts on how WA can position itself to attract more people and ‘win the global war for talent’?
I think Western Australia’s in a pretty good place to try and win the so-called “war for talent”. The biggest thing is telling the WA story a little louder. I lived in Perth for four years and I loved that experience.
I had business and personal relationships there and Western Australia has its own rhythm which chimes into the eastern states but is still its own pace and vibe. That needs to be shared more.
Analytically, on the list of things that attract top-tier global talent, the fundamentals for WA are strong and improving.
Connectivity is a big part of that, both internally and externally. Look at all the transit infrastructure being built right now in Perth. Every global city out there – London, New York, Singapore, Tokyo, Hong Kong – all have great public transport. The Perth to London route is also a big marker in how Western Australia’s connectivity is improving.
The cost of living is another factor. Energy prices are out of control pretty much all around the world, but WA is definitely doing better in a relative sense. But lifestyle is one of the most important factors that win you a war for talent, and I don’t have to preach to the converted on how good WA has got it in that regard.
So, you’ve got to get that story out there. Western Australia and Perth in particular I think are starting to develop their own identity as part of Australia, but unique within it. I think leaning into that more, being proud of the unique West Australian businesses, culture, environments, and lifestyle and exporting that story to the world is what needs to be done.
How do you think recent interest rate rises will impact the housing market in Australia (and Western Australia in particular)?
Every month I chat with economist Stephen Koukoulas about the housing market and what impact rates are having on it. We’re both in agreement, I believe that we’re close to the bottom of the cycle, and we’ll probably see it bottom out in Q1 2023.
These rate rises are really a normalisation by the Reserve Bank, and while they’ve contributed to a recent dip across all markets, we’re already seeing auction rates increasing, along with all the other factors that show the housing market moving back towards an increasing trajectory.
Specifically for WA, well I think the recent dip impacting the Melbourne and Sydney markets more heavily indicates how much they were over-valued. We haven’t seen that same drop-off in Perth which reflects the relative price stability in the WA market.
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For more details, head to the UDIA National Congress website.
This story was originally published in The Urbanist magazine, an official publication of the Urban Development Institute of Australia (WA). It has been edited for republication by The Property Tribune.
The Property Tribune thanks the UDIA WA for the opportunity to republish the work, and share thought leadership in relation to urban development and community creation with our readers.
Read the original copy of The Urbanist by heading to UDIA WA’s website under the News tab.
