- Velocity Property Group posts statutory loss of $3.36M.
- Revenues jump to $30.42M following significant sales.
- Reduced weighted average interest rate of 4.7%, down from previous 6.8%.
- Residential vacancy rate for Inner Brisbane 3.5% (SQM Research).
- Auction clearance rate for 24 January 7.9% (SQM Research).
Boutique, luxury property developer, Velocity Property Group showed strong signs of a healthy Queensland market in its latest half-yearly results.
The Property Tribune recently reported strong growth on the Sunshine Coast, with almost nothing left on the market for keen buyers.
Trends on a healthy market were also reflected in lending figures, with Queensland the second highest for owner-occupier lending growth, up 128% year on year for November 2020.
Inner Brisbane also gave investors confidence, the majority of Velocity’s 18% jump in revenue coming from their Palm Beach development site, and sales from Bulimba Riverfront and Parque on Oxford.
Velocity also posted net increases to cash and cash equivalents for the period after making net debt repayments of $22.98M.
Despite COVID-19 restrictions, the company also:
” … maintained robust sales activity … with high levels of demand experienced for owner occupied apartments and townhouses located in premium south-east Queensland locations.”
The company is also looking to capital raise just under $100M shortly, rename as Dealt Limited.