Financial Year 2022/ 2023 for Celsius Land
Next financial year is shaping up as a big delivery year for Celsius Land. During the year we are targeting the following milestones on the projects we are managing:
– Commence sales and construction of 45 lots in stage 1 of Arabian Court, Champion Lakes
– Commence sales and construction of 47 lots in stage 1 of Jayes Road, Piara Waters
– Commence and complete construction of 24 villas and apartments in Exmouth; and
– Commence the rezoning and structure planning process on a 280 lot development in Quindalup.
We are also working on a new acquisition for a client in regional WA which we expect to commence due diligence on in August 2022.
Whilst the property development market in Western Australia remains difficult; having spoken to colleagues in Melbourne in the past fortnight we would much rather be operating here than the eastern states. With higher debt levels, property values on the east coast are now falling and it is expected they will continue to fall in the coming months. So far, Western Australian prices have held up well in response to interest rate increases thanks to sound fundamentals.
In regard to the housing market, dwelling commencements peaked in Western Australia in mid 2021. Based on this we expect that dwelling completions will increase over the next 6 months resulting in some heat coming out of the residential construction market over the next 6-12 months. This will be an important element of being able to provide affordable house and land packages within the developments we are managing.
Looking forward to an exciting year of delivery at Celsius Land!
Regards,
Brenton