Worst over for housing: Stockland chief

Stockland CEO upbeat, but warns recovery will be modest, uneven.

Stockland chief executive Mark Steinert is cautiously optimistic about the Australian housing market, predicting that the worst is over while warning a recovery will likely be modest and uneven, according to The Australian.

“The housing market has bottomed and is heading up,” Mr Steinert said, according to The Australian.

Mr Steinert's comments came as Stockland reported a 79% fall in net profit to $105 million for the 2013 financial year, blaming persistently tough conditions and project writedowns.

The company said that residential land lot prices had stabilised after suffering a 4% drop in some areas, while adding that contracts in hand were up 24% from a year ago and that profit margins are improving.  

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles