Following up properly on the build-to-rent concessions two years in. Capital showed up, I noted that last month. Completed, tenanted apartments have not, not in any meaningful volume yet, and that gap between capital commitment and delivered supply is really the whole story of this policy so far.
Development timelines for projects this size run five to seven years from initial land assembly to first tenants moving in. Two years in, we're still in the early-to-mid construction phase for the earliest movers, and site assembly and approvals for everyone who came later.
I don't think that's a failure of the policy. It's just an honest accounting of how long these things genuinely take. The real test of whether this changes Brisbane's rental supply picture is a 2027 to 2029 question, not a 2025 one.