The prominent role of Australia's housing industry in the country's economy makes it difficult to imagine a time when property was a burgeoning asset class.

Such was the case in 1969 when Australia’s Building Owners and Managers Association opened its doors in the hope of educating, advocating, and speaking with one voice.

At the time, building and rent controls- imposed during the Great Depression and only repealed after the Second World War- had taken their toll, superannuation was confined to the public sector, not one life or pension fund was empowered to invest in property, and building height limits were set by fire-ladder lengths.

However, a surge of population growth and rapidly expanding manufacturing capabilities had begun to change the shape of Australia’s cities - business districts and multi-storey headquarters were springing up in capital cities as demand for office space grew.

It was during the post-war construction boom that long-term head of AMP Property, Ray Powys, saw the potential for property as an investment asset class.

Taking inspiration from the US, he gathered together representatives from large property companies, national mutual societies and insurance firms, all with portfolios of large commercial buildings, and founded BOMA. 

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The BOMA Research team in 1994. Source: The Property Council of Australia.

While initially formed as an educational and professional body, it soon evolved to represent the interests of members on matters of public policy. 

Another change came in 1996 when BOMA was reborn as The Property Council of Australia, which has since continued to promote an advocacy, education and research agenda.

The council is celebrating its 50th anniversary this month through a range of different initiatives designed to remind its members of the body's history.

Chief Executive Ken Morrison told WILLIAMS MEDIA the "tremendous" evolution of the council reflected the journey of Australia's property industry.

"Back in 1969, there were very few national firms when it came to property," he said.

"Fast forward five decades and we have an industry that provides 1.4 million jobs to Australians and shaping our cities for the future.

"Our primary goal was to represent the industry to governments at all levels and I think the industry has a place at the power tables of decision-makers around the country."

Looking ahead, Mr Morrison said quality, affordability and technology would each have a major influence on the industry's future.

"We haven't really seen a lot of technological disruption to the way buildings are produced, but that may all be in front of us," he said.

"Affordability remains a problem for Australia, so it's very important that the industry is part of the solution." 

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