Thursday, December 18, 2008

Stockland Downgrades Residential Portfolio by $105M

"He said two factors in the past two months had prompted the downgrade of its residential inventory.

He said there had been a "massive downturn" in the top end of the residential market.

Secondly, the company had made a "conscious decision" to sell some high-end projects outright at a discount to their carrying value.

Mr Quinn said: "The first home buyers are well and truly back because it is now cheaper to buy than to rent."

Stockland had started to reconfigure some high-end projects to create more affordable products.

"Traditionally, 20-25 per cent of our market is first home buyers. They now represent 45 per cent of our total buyer profile." He said sales had picked up nationwide."

See The Australian

No comments: