Jennings upbeat

Buyers are finally returning to the new housing market after an extended slowdown, leaving property developer AV Jennings cautiously optimistic for 2013. Chief executive, Peter Summers, said improvements in affordability, low interest rates, housing shortages, and stable economic conditions all indicated market conditions were improving. "Visitations are up in a lot of our projects. [That] indicates it is an improving market out there, and in some of our projects the sales rates are up as well," Mr Summers said. AV Jennings reported a net loss of $19.1 million for the six months to December 31, compared to a profit of $3.3 million in the previous corresponding period.