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Stockland On Track For Record Residential Sales In FY10Stockland today announced it was on track to deliver record residential sales in FY10, with around 5,000 net deposits achieved in the financial year to the end of April. Speaking at an investor update in Melbourne this morning, Stockland Managing Director Matthew Quinn said Residential Communities sales momentum had remained strong, with net deposits of almost 1,900 between January and April 2010. Stockland started the financial year with 1,215 contracts on hand at 30 June 2009 and expects to end the year with an even greater number on hand as it enters FY11. The company currently has a high level of lots under production, with many off-the-plan sales due to settle next year. "We're on track to deliver record residential sales this financial year. Our Residential Communities margins are expected to increase by between 1% to 1.5% in the second half due to recent price increases, particularly in Victoria and Western Australia, Mr Quinn said. "We've seen our buyer composition shift, with upgraders making up around 44% of FY10 net deposits to April, compared with 36% in FY09. "First home buyers have returned to historic levels in most states, but remain stronger in Victoria, where the first home buyers grant has been lifted to $20,000 and extended to June 2011 for new homes. "With rental vacancies remaining low, we're also seeing continued investor interest. "Affordability continues to deteriorate following six interest rate rises since October 2009. We remain focused on delivering innovative product at affordable price points, which assists us in maintaining and growing our market share through increased lot sales. "We've also extended our market share into new growth corridors in Victoria and Western Australia, with the acquisition of five new residential land parcels to date in FY10. These new sites, totalling 4,750 lots at a cost of around $250 million, will replenish our land bank in line with our growth strategy, Mr Quinn said. Stockland has also reiterated its FY10 earnings per share guidance of 29 cents. Visit us at: http://www.stockland.com.au Stockland is one of Australia's most diversified property groups and a top 50 company listed on the ASX and specialises in residential, apartment developments, commercial and industrial property. Paid Advertisements Below
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