Stockland picked the top of the housing cycle in 2021. But now, with prices falling and buyers nervous, CEO Tarun Gupta is changing course and investing.
. While the company has now cut its full-year target from 6000 lots to 5500 lots, Gupta will need plenty of sunshine to deliver.Sales of new lots were also soft, as rising rates and falling house prices battered buyer confidence.
But Gupta says until interest rates stabilise, the outlook is cloudy. That’s especially the case in Sydney, where house prices need to retreat further, and wages rise higher to get closer to the affordability equilibrium Gupta expects to see in most other capital cities by next calendar year.
The theory here is that Stockland will look past the cyclical housing downturn and focus on the structural positives for the market.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX to fall; BHP, Coles, Stockland, Tabcorp to reportAustralian shares are set to open lower following a lacklustre trading day in Europe. US markets closed. Bitcoin hovers near $US25,000.
Read more »
Rates and rain smash Stockland’s targetsAs new sales halve, the ASX-listed developer says the residential demand won’t recover until there’s stability around interest rates.
Read more »
Access to superannuation before retirement a ‘dangerous thing’: Aware Super CEOAware Super CEO Deanne Stewart says superannuation should not deviate from only being used for retirement, as it is far too easy to consider it as a “huge pool of money that could be used for anything”. “Dipping into superannuation before people retire for all myriads of reasons, whatever the government of the day might want it to be, is a dangerous thing,” Ms Stewart told Sky News Australia. “Ultimately, that is not what the superannuation system or the tax concessions are there for.”
Read more »
How Xero’s new CEO plans to kick-start the company from San FranciscoXero’s new chief executive Sukhinder Singh Cassidy is US-based, but she says it will not see the company obsess about the challenge of expanding its operations there.
Read more »
Kerr Neilson says Platinum CEO Clifford must goKerr Neilson, who left the company’s board in November, says there was not enough “critical assessment” amid poor performance and a slump in share price.
Read more »
Coles sees inflation moderating as it appoints new CEOThere’s relief in sight for shoppers as price growth has been easing since the start of the year, the supermarket giant said as it named the first female boss in its more than 100-year history.
Read more »