They are definitely a wealth compounder* going forward for...

They are definitely a wealth compounder* going forward for exactly the reasons you mentioned - they're savvy, patient and I might add, now very risk averse.
If you get a chance to read their ASX releases, you'll see that they generally aren't scared to go for big opportunities, sometimes many multiples larger than AXI's market cap. THAT CAN BE DANGEROUS!! If all goes well, we have fabulous upside. If things don't go well, they've already taken measures (I believe) to offset what could otherwise be total catastrophe for shareholders. But development, which is all about survival, is a hell of a tricky business.
The problem back in 2007 was that they didn't have the right risk management to get them out of a luxury housing project (waterfront if memory serves correctly) at the tail end of a general asset boom period worldwide, in a state (W.A.) whose economy is boom/bust depending on the state of the mining industry. The tide went out, and they were caught swimming naked, to quote Buffett.
*(Re: wealth compounding, Axiom would rather pay out its profits than just keep getting bigger and bigger. That's fine by me.)
Appreciate the company you suggested I take a look at, darp!