October 2024 Celsius Land Update
What a roller coaster it has been for the land market since Celsius purchased and syndicated its first land projects in 2021. From 2021 to 2023 we experienced very high cost growth in the market which was very challenging to navigate. Leading up to our first sales release at Piara Waters I wrote in this newsletter 12 months ago “The Perth land market performed strongly in the first quarter of this financial year; continuing a noticeable improvement in sales volumes since April 2023. There has been some modest price growth in the land market over this time; however these increases generally have not caught up to the increase in civil construction and capital costs experienced over the past 18 months, which have compressed margins.”
I certainly did not expect what would occur over the last 12 months; which has been an incredibly strong land market for both sales volumes and price increases. While the land market is still strong, and there will be a housing shortage in Western Australia for some time, some of the exuberance has certainly dissipated over the past couple of months and perhaps we are moving in the direction of a more balanced market.
Project Update – Jayes Road, Piara Waters
Construction of civil works in stage 2 is due for completion on 4 October 2024 with titles expected in early November 2024. Landscaping of the stage 1 park is progressing well with completion due in November 2024 and landscaping of the stage 2 park due to immediately follow. 15 lots remain for sale in stage 2 before the project is sold out. It is also exciting to see many of our customers commence construction of their homes over the past few weeks.
Project Update – Lot 102 Arabian Court, Champion Lakes
Construction works are underway in stage 1 with the earthworks complete, sewer works expected to commence in early October 2024 and completion due in February 2025. The detailed landscape design for the park is being finalised and will be submitted to the City of Armadale in early October 2024. Marketing and sales work is continuing with the first sales release to occur in mid October 2024.
Please contact Steve Smith on 0419 903 648 or Tim Grose on 0416 004 492 if you are interested in purchasing land at either our Champion Lakes or Piara Waters projects.
Project Update – Celsius in Exmouth
The Fowler Group, Celsius and Plus Architecture nominated 21 Cooyou Close Exmouth (24 units and apartments completed in September 2023) for the Urban Development Institute (WA) awards which were presented on 14 September 2024. 21 Cooyou Close was a finalist for Best Boutique Development and received a commendation for Best Designed Development. This was a great result for a regional development competing against developments within the Perth metropolitan area. The project has also been nominated for the Property Council (WA) awards which will be presented on 11 October 2024.
Celsius is also excited to be working on another development in Exmouth with the Fowler Group; acting as the project manager for the development of Superlot D. The acquisition of this property recently settled with preparation of the design underway and construction expected to commence in mid 2025. It will consist of approximately 150 homesites with at least 10 new homes to be delivered in the first stage of the development.