Mirvac sees uplift in off the plan purchasing interest

Mirvac says its leads for off-the-plan apartments have jumped to their highest level in 2½ years

Mirvac sees uplift in off the plan purchasing interest
Mirvac sees uplift in off the plan purchasing interest

Mirvac says demand for off-the-plan apartments is picking up.

The number of sales leads for new apartment has hit the highest level in 2½ years, the ASX-listed Mirvac advised in a market update.

It advised project-specific leads – phone calls, website registrations and visits to sales offices – rose in the September quarter to the highest number since the same quarter in 2017.

It was driven by owner-occupiers selling their family homes.

Mirvac exchanged 902 lots during the quarter, which saw 75% being exchanged in NSW and Victoria.

Of these 90% were in masterplanned communities (MPC), delivering the highest first quarter of exchanges on record for MPC.

Owner-occupiers continued to drive sales, representing 76% of total sales. Investors represented 24%, with less than 1% being offshore buyers.

Mirvac’s CEO Susan Lloyd-Hurwitz noted the market was "challenging."

"As we expected, government-mandated lockdowns in Sydney and Melbourne have slowed our recovery.

“Nevertheless, Mirvac’s forward momentum continues.

"We maintained strong sales across our residential business, continued to progress our diversified commercial and mixed use development pipeline, and further expanded our funds under management."

Reporting its first quarterly operational update for the financial year 2022, Mirvac achieved 902 residential sales, with pre-sales increasing to $1.3 billion plus its settled 551 residential lots.

The settled Victorian residential lots included 123 apartments at Voyager at Yarra’s Edge in Melbourne, 74 at Smiths Lane, 57 apartments at Folia, Tullamore,
and 53 lots at Woodley.

The overall default rate remains low at 2.3%, it advised.

It is on track to deliver 2,500 lot settlements in FY22.

NINE at Willoughby is set to be launch in the current quarter, along with The Frederick at Green Square which will be launched 2Q22.

The Langley at Waverley sees construction underway.

Its update advised that the launch of Forme at Tullamore in Melbourne was also underpinning future earnings.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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