2022: The Year in Review
As the year comes to a close, it’s time to pause and look back.
The year 2022 will be remembered as a tough one.
As Australia settles into the post-pandemic era, everything is reshaping our worldview at a speed beyond imagination. This year, we have experienced surging inflation, supply chain crises, low consumer sentiment and eighth-straight interest rate hikes.
As for the property sector, the market downturn was like a storm sweeping through the entire industry and affecting every single practitioner. Almost every company within the sector has reset its business strategy and as it grappled with market headwinds.
This year, after careful consideration, Orion decided to speed up the pace of industry exploration. Australia’s population is ageing. A trend of continual growth at a faster rate over the next 20 years will drive strong demand for senior living communities. So, we identify our next growth opportunity is to provide purpose-built and well-designed independent living apartments for the local elderly population.
In response to the market demand, Orion’s strategic goal is to make deeper inroads into the retirement living market.
The first move is currently underway, which is to prepare for the launch of our retirement living brand next year. Supporting our vision is the prominent 2,378 square metre site in Ringwood–set to become home to Orion’s first landmark retirement living development.
“The sun will rise tomorrow and even in your darkest hour, light will shine on you to show you the way, just believe.” – M.G. Schoombee
Australia may not be immune to the global economic headwinds, but we strongly believe that the border reopening, the unemployment rate at a historically low level and the steady growth of Australia’s GDP will shine like lights in the darkness.
Eventually, the Australian economy will emerge from the Covid recession.
We also believe that the return of overseas migrants, the decline in vacancy rates, strong rental growth, and global investors’ expectations for the housing market to bottom out will drive the Australian property market out of the downturn in the near future.