Stockland lowered its residential settlement target for the year to 5500 lots after weather delays slowed building, and said there would be no material improvement in weaker sales volumes triggered by successive interest rate rises until the outlook for rates stabilised.
And while further adjustment was needed to improve affordability in the residential market in Sydney, where dwelling values needed to come down further and wages needed to rise more, other cities were likely to return to a balanced state next calendar year, Mr Gupta said.“But the other markets are tracking to be in equilibrium in calendar 2024, when demand and affordability metrics are more in equilibrium.”Stockland reported a 3.1 per cent decline in revenue to $1.
“We’ve got double the capital that we would have had because it will be an equal partnership going over the next three, four years.” “It will trickle through to demand,” he said. “In our housing MPC market, we can produce homes in nine to 12 months, whereas apartments may take two to three years. So, naturally, the MPC market will be more conducive to provide the supply that’s required as population growth starts to increase.”Stockland shares fell 12.5¢, or 3.2 per cent, to $3.77 after the earnings announcement that analysts said came in below expectations.
Maybe drop the price ?
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