NSW and Perth offer the best prospects in what remains a soft residential market, says Lend Lease CEO and managing director Steve McCann.
Speaking as Lend Lease’s interim results briefing today, McCann said there was an expectation of increase residential activity in 2013, but it would be “some time” until there was a recovery in the sector.
“The residential market remains soft,” said McCann.
McCann said NSW and the Perth market are the strongest residential markets with Queensland also showing “small signs” of recovery at particular price points.
But he said other markets remain soft.
McCann added that the Australian economy was still strong “on a relative basis”.
Lend Lease has a backlog of 57,585 zoned residential land lots and just under 12,000 apartments – of which 11,510 are zoned.
The number of Lend Lease residential projects decreased from 39 to 37 over the six month period following the sale of the remaining units at Jackson’s Landing on Sydney Harbour, Forde in the ACT and Caroline Springs in Melbourne, but with the addition of the Coolbellup residential community in Perth.