Victor Smorgon Group resets its real estate strategy

The family does not have investments in the Australian office market. Mr Edwards said at the height of their exposure to the Australian residential market, they had a pipeline of about 4000 apartments, but high costs and slow sales had discouraged them from further expansion. "We found that that market became really hard and it hasn't gotten any better since then," he said. "You built 500, you sold 350. You thought you were a hero until you realised you had 150 left." Mr Edwards, who is the son of Victor's daughter Bindy, added that Victor Smorgon Group was now directing…