April 2024 Celsius Land Update
The land market in Western Australia remained constrained during April 2024, again highlighted by a lack of land for sale. The land releases monitored by Celsius during the month showed increased pricing and have sold quickly. Population growth figures released in March 2024 by the Australian Bureau of Statistics for the 12 month period to 30 September 2023 showed Western Australia as the fastest growing state in Australia (in % terms) with the state’s estimated population increasing to 2,905,000 being 3.3% higher than 12 months earlier primarily due to net overseas migration.
Project Update – Jayes Road, Piara Waters
Celsius Land is pleased to have achieved Practical Completion of its first land development stage in Piara Waters during the month of April, consisting of 41 residential lots. With works complete clearances are being sought to allow settlements to occur from June 2024. Stage 2 earthworks have commenced and the landscaping of the stage 1 public open space is out for tender. All lots in stage 1 are now sold with the next sales release due mid year.
Project Update – Lot 102 Arabian Court, Champion Lakes
The stage 1 civil construction of Lot 102 Arabian Court has been tendered with a preferred civil contractor nominated. Celsius is working with its consultants to obtain the new subdivision approval to increase the yield from 69 lots to 72 lots and obtain approval of its engineering drawings. Marketing collateral is being prepared in preparation for a sale release with new signage to soon be installed on site.
Regards,
Brenton