Gold Coast development: Legendary property figure Barry Morris’ advice

One of the Gold Coast’s most experienced developers reveals what he believes will come out of the COVID-19 crisis for the building industry.

BARRY Morris, a crisis survivor who has become the Gold Coast’s major high-rise developer, says the coronavirus pandemic will open opportunities for the brave.

The 63-year-old head of the family-run Morris Property Group yesterday said he had lived through multiple property and economic setbacks and the end result always was the same.

“Financial shocks are painful but normality always returns.

Barry Morris and James Morris, Gold Coast developers

“That will be the case on the Gold Coast, which I am sure will bounce back strongly.

“This city, because of its rate of growth and lifestyle appeal, could be among the first in Australia to come out the other side of the pandemic crisis.

“In the interim, there will be opportunities for those who are financially secure enough, and bold enough, to take advantage of them.

“In the meantime, we certainly aren’t shutting up shop and sitting on our hands – we are alert and ready to act.”

Mr Morris said a national crisis -- the Ansett pilot dispute in 1989 -- was the catalyst for the birth of his property business, which today spans the eastern seaboard.

“I was living in Canberra and keeping myself busy with a diversified portfolio, including four motels, six petrol stations, three wholesale fuel depots and a video shop.

Gold Coast developer Barry Morris is forging ahead with his Koko tower

“The motels, in particular, were ticking over nicely.

“Then the pilots’ dispute hit, knocking the wind out of Australia’s tourism industry and decimating motel occupancy rates.”

Mr Morris, an economics graduate, said he needed a solution and began converting his once-thriving motels into serviced apartments.

He said the 1989 experience honed his ability to roll with the punches, which included a Canberra real estate slump in the mid-90s and the 2008 GFC.

“Each time we bounced back, and so did the property sector.”

The developer said he was adamant there would be light at the end of the pandemic tunnel, too.

“Coronavirus is a worldwide event, like many others before it, but businesses will adapt and the economy will recover.

“There will be opportunities again to rise to the surface for those brave enough to take a risk.”

Gold Coast developer Barry Morris' Opus will overlook Broadbeach bowling greens and sport fields

Mr Morris said the key to coming out of a crisis in strong shape was to remain nimble and ready to change.

“When obstacles present themselves, we look for the opportunities that are certain to be sitting in the shadows.

“The variety of businesses my family and I ran in our early days taught us the value of cashflow, having a low level of borrowings, and focusing on the detail.” 

Mr Morris said strong economic foundations and the ability to make the right decision, no matter how difficult, would see the Morris Property Group through the latest challenge.

“From 1988 onward we’ve run a much trimmer and more focused business.

“Today, everything we do is in the property space – ownership, development, management, right down to construction.”

The Morris group has delivered more than 65 residential and commercial projects across the Gold Coast, Brisbane, Canberra and Geelong.

The Morris group has been involved in seven completed Gold Coast high- rises since 2006, has two under way, and hopes to start a further two before year’s end.

It also has an approved mix-use project, Mermaid Village, in the pipeline at Mermaid Beach.