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."

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