Matthew Hyder addresses The Illawarra Connection’s dinner meeting. Photo: Brad Chilby.
The man behind Corrimal’s new multi-million dollar housing community, The Works, lives to a simple creed – plan your work and work your plan.
But there’s nothing simple about Elton Matthew Hyder IV, CEO and founder of Legacy Property.
The proud Texan was still in high school when he created a life plan.
“I’ve always been a long-term thinker and it was this simple – work very hard in high school, academically and athletically, secure admission to one of America’s top Ivy League universities, gain as much industry experience as I possibly could in my 20s, and when I turn 30, go into business for myself. Plan your work and work your plan,” he said.
Matthew, 46, addressed this week’s Illawarra Connection’s dinner meeting, sharing his philosophy, business successes and an insight into growing up in one of Texas’ most influential families, who spent generations in oil and gas before diversifying into property.
“I’ve benefited from having grandparents who were really some of the most important people in Texas, some seriously productive, incredible business people, very special business people, but also tremendous philanthropists and tireless patrons for the arts,” he said.
His grandmother Martha was never called grandma or nana, instead insisting on being called by her name.
“More than anything, what Martha Hyder embodied, what she taught me is one of my guiding principles, never take no for an answer. Failure is not an option,” Matthew said.
“You see, as developers, we’re constantly being told we haven’t won, we can’t do what we want to do, or we’re just outright rejected, but we can’t take no for an answer.
“We have to persist. I’ve been told I’m annoyingly persistent. I don’t know any other way to be, it’s in my blood. It’s Martha. But this is what it takes to be successful in a high stakes, challenging, ultra-competitive industry.”
Matthew graduated from high school with high honours and, true to his plan, gained admission to Princeton University, which he describes as “one of the greatest moments of my life”.
His life plan took a slight detour when he met and fell in love with “a beautiful Australian girl” while touring Europe with university friends after graduating.
After a couple of years in Sydney working for Macquarie Bank, he and wife Amy moved back to Texas, where he got a job as a development manager with a Texan branch of a Californian developer called Legacy Partners Residential Development.
However, on the eve of the global financial crisis (GFC), he was laid off. He and his young family moved back to Australia in January 2009, just as he turned 30.
“The GFC was definitely not in the plan but I couldn’t have gotten any luckier. I think there are times in life when there are reasons why things happen. I’m a devout Christian and the Lord’s been very good to me my entire life,” Matthew said.
“Out of that chaotic turmoil, the GFC, Legacy was born. When everyone else in Sydney was dealing with their assets that were underwater, that were struggling, I looked at the market anew, looked at it afresh.
“It was a tremendously opportune time to buy. And we did, and it really set our business up really well.”
True to his life plan, Matthew kicked off Legacy Property four months after his 30th birthday.
The company’s first project 16 years ago was a three-lot subdivision of a single house in Manly Vale. It has since delivered, or is currently delivering, more than 6500 dwellings, worth over $5.95 billion and is now one of the state’s largest private residential developers.
The Works is Legacy’s first venture outside of the Sydney Metropolitan area and one of 10 projects on the books.
“What caught our eye about this project was its scale, the opportunity to rezone the site and its location adjacent to the train station and a short walk to the beach and town centre.
“Every single thing we were looking for, this site had, which is why we ultimately pulled the trigger on it.”
Matthew said there had been strong interest in the project from buyers and although quite a few were from Sydney, the biggest group of buyers were locals.
“This beautiful 18 hectare site has been locked away from the community for more than 100 years, and what we’re doing is opening it up.”
