. 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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: