March 2024 Celsius Land Update
The strong land market continued through the month of March with a lack of stock and further price increases across the Western Australian land market. The house and land market is being impacted by ongoing building cost increases and building capacity concerns; however remains underpinned by the established market which also remains strong with stock levels across WA remaining at historically low levels with immigration remaining very strong.
Project Update – Lot 102 Arabian Court, Champion Lakes
The stage 1 civil construction of Lot 102 Arabian Court has been tendered with the original prices received within budget. Celsius is awaiting a final assessment of the tenders and recommendation from the project engineer. The Urban Water Management Plan for the project was approved by the City of Armadale in March; with the final engineering design now being updated to reflect this Plan and the amended subdivision application to reduce lot sizes and increase the number of lots from 69 to 72. Work continues on tree retention with the City of Armadale to ensure we can retain as many as reasonably possible. Marketing collateral is being prepared in preparation for a sales release in mid 2024 and debt funding proposals are being considered for construction. The local land market remains strong with competitors increasing their prices and continuing to achieve strong sales during the month.
Project Update – Jayes Road, Piara Waters
40 out of 41 lots are now sold in Stage 1 with one lot on the market for sale. The majority of these sale contracts are now unconditional which should ensure settlements soon after titles issue for this stage. Construction works in stage 1 are progressing, with the site remaining very busy, however completion has been delayed from the end of March to 15 April with titles expected to issue in late May. Landscaping works are due to be tendered in April / May with the works to follow soon after. Densford Civil have recently been appointed as the civil contractor to construct the final stage, stage 2 consisting of 43 lots, with completion due in September 2024 and titles in November 2024. The first sales release for stage 2 will be held in mid 2024.
Regards,
Brenton