The country’s largest property developer says demand for new dwellings is more widespread than that generated by government stimulus measures.
Stockland chief executive Mark Steinert says the company had come through the worst of the coronavirus crisis and expects the current strong buyer demand to continue.
“Importantly, as the economic and business environment has improved towards pre-COVID levels, industry support measures such as the Commercial Code of Conduct and HomeBuilder concluded at the end of the quarter without any evidence of adverse outcomes,” Steinert says. “There‘s a lot of owner occupier demand and first-time buyer demand that ultimately ended up being deferred and it’s that demand that really got stimulated by HomeBuilder.”
Stockland expects to settle 6,300 homes this financial year after a strong March Quarter result of 1,891 lots, up 69% on the same quarter last year.
Steinert notes “the best affordability in all the key markets that we’ve seen in a decade.”