While Hines will start construction of three BTR projects in Melbourne next year – the first developments in a $1.5-billion, 2000-plus unit fund it announced last year – land values had not fallen as a result of higher borrowing costs, holding up acquisition of new sites, Mr Lawler said. High land prices are holding up the development of new build-to-rent and office projects in Australia’s largest cities, says developer and fund manager Hines’ Asia Pacific regional chief executive Ray Lawler.