- As of 31 May, presales hit $439M - a reocrd
- Up 20% comapred to the end of the last financial year
- South Australia and Queensland in particular experiencing strong growth
ASX-listed property developer Cedar Woods has witnessed strong sales across the board, resulting in presales reaching $439 million as of 31 May – a record.
The presales – which are due for settlement in future financial years – are up more than 20% based on the $360 million balance recorded at the end of the last financial year.
Nathan Blackburne, Cedar Woods Managing Director, said the company’s sales performance demonstrates its portfolio meeting demand for new housing nationally.
“By achieving record presales, Cedar Woods remains well-placed to deliver strong growth in earnings into the medium term”, said Mr Blackburne.
“New stage releases across our portfolio, which are scheduled for the first quarter of FY2022, will extend sales momentum and underpin revenue growth in future financial years.”
Nathan Blackburne, Cedar Woods Managing Director
Projects in both South Australia and Queensland are in particular experiencing very strong sales conditions, with a near-sellout of lots at Ellendale and townhouses at Greville in Queensland, along with townhouses at Glenside and Fletcher’s Slip in South Australia with settlements to occur in the next financial year.
Interest in both apartments and office products – surprising given the current restrictions in place for office capacity – continue to perform strongly.
In Western Australia, despite softer conditions in April due to the ending of the housing stimulus, sales rebounded in May and June, with Cedar Woods also recently announcing strong interest in the latest release of their Bushmead development.
Along with Bushmead, townhouses at Cedar Woods Incontro in Subiaco have near sold old with settlements expected to occur during the 2023 fiscal year.