Stockland · ASX:SGP
Stockland — H1 2018 Earnings Presentation
70 slides from Stockland's earnings presentation, Feb 21, 2018
Slide 1: 1H18 Results Annexure
1H18 Results For personal use only Annexure Creating sustainable communities Stockland Green Hills, NSW A 1
Slide 2: Contents
Contents For personal use only SECTION PAGE ABOUT STOCKLAND A3 GROUP FINANCE A11 COMMERCIAL PROPERTY A27 RESIDENTIAL A46 RETIREMENT LIVING A58 RESEARCH A62 Stockland 1H18 Results Annexure A 2
Slide 3: About Stockland
About For personal use only Stockland Brightwater, South East Queensland A
Slide 4: Our strategy for success
Our strategy for success For personal use only Stockland 1H18 Results Annexure A 4
Slide 5: Stockland quick facts
Stockland quick facts For personal use only Trust Corporation RETAIL LOGISTICS & TOWN CENTRE BUSINESS PARKS OFFICE RESIDENTIAL RETIREMENT LIVING Stockland Shellharbour, NSW Ingleburn Logistics Park, Sydney 135 King St, Sydney Aura, Qld Willowdale Retirement Village, Sydney Create market leading Grow
Slide 6: We are well positioned with a diverse portfolio
We are well positioned with a diverse portfolio1,2 For personal use only ALL STATES CP RESI RL TOTAL NSW CP RESI RL TOTAL NUMBER OF NUMBER OF PROPERTIES/ 78 58 74 210 PROPERTIES/ 37 11 22 70 PROJECTS PROJECTS 21% BOOK VALUE $10.6b $3.4b $1.5b $15.5b BOOK VALUE $6.5b $1.1b $0.5b $8.1b Qld 9% SGP PORT
Slide 7: Key Residential projects, located in population growth areas: Sydney
Key Residential projects, located in population growth areas1 For personal use only Sydney 1. Source: Location IQ Stockland 1H18 Results Annexure A 7
Slide 8: Key Residential projects, located in population growth areas: Melbourne
Key Residential projects, located in population growth areas1 For personal use only Melbourne 1. Source: Location IQ Stockland 1H18 Results Annexure A 8
Slide 9: Key Residential projects, located in population growth areas: Brisbane, Perth
Key Residential projects, located in population growth areas1 For personal use only Brisbane (LHS), Perth (RHS) 1. Source: Location IQ Stockland 1H18 Results Annexure A 9
Slide 10: Retirement Living: Strong demand drivers
Retirement Living: Strong demand drivers For personal use only Compelling demand fundamentals Australian population aged 65+1 growing at significantly faster pace than under 65 population Over 65: 2.6% CAGR over next 15 years Under 65: Growth 4.1% 1.5% CAGR over rate next 15 years 3.2% 2.3% 2.5% 2.3
Slide 11: Group Finance
Group For personal use only Finance Tiernan O’Rourke Triniti Business Park, Sydney A
Slide 12: Profit summary
Profit summary For personal use only 1H18 ($M) 1H17 ($M) Residential Communities EBIT (before interest in COGS) 232 176 Commercial Property EBIT 275 280 Retirement Living EBIT 18 28 Consolidated segment EBIT 525 484 Amortisation of lease incentives and lease fees 36 35 Straight-line rent adjustments
Slide 13: FFO and AFFO reconciliation to the PCA guidelines
FFO and AFFO reconciliation to the PCA guidelines For personal use only The table below shows the reconciliation of statutory profit to FFO with reference to the definitions outlined in the Property Council of Australia (PCA) white paper “Voluntary best practice guidelines for disclosing FFO and AFF
Slide 14: Net interest gap
Net interest gap For personal use only 1H18 1H17 Deferred interest – Residential DEFERRED DEFERRED INTEREST INTEREST TOTAL INTEREST INTEREST TOTAL • Non-cash adjustments for ($M) ($M) ($M) ($M) ($M) ($M) INTEREST EXPENSE unwinding of present value Interest income (1) – (1) (2) – (2) discount on land
Slide 15: Strategic mix
Strategic mix For personal use only ASSETS ASSETS OPERATING OPERATING TARGET 31 DEC 2017 31 DEC 2016 PROFIT 1H18 PROFIT 1H17 Recurring Commercial Property 69% 73% 61% 73% Retirement Living 8% 7% 5% 6% Other and unallocated corporate overheads - - (3%) (3%) Total recurring 70 - 80% 77% 80% 63% 76% Tr
Slide 16: Return on assets, return on equity
Return on assets, return on equity For personal use only CY17 CY16 CASH AVG. CASH CASH AVG. CASH PROFIT INVESTED RETURN PROFIT INVESTED RETURN ($M) ($B) (%) ($M) ($B) (%) COMMENTARY Retail Town Centres 408 5.2 7.8% 404 5.0 8.2% Returns impacted by the ongoing development spend Logistics & Business P
Slide 17: Reconciliation between return on equity table values and accounting results
Reconciliation between return on equity table values and accounting For personal use only results Reconciliation of Group return in ROE calculation Reconciliation of capital employed in ROE calculation to underlying profit to statutory net assets AVERAGE AVERAGE FOR CY17 FOR CY16 CY17 ($M) CY16 ($M)
Slide 18: Stockland return on equity methodology
Stockland return on equity methodology For personal use only NUMERATOR (CASH RETURN) DENOMINATOR (AVERAGE CASH INVESTED) Residential EBIT (including cash loss realised on Net funds employed (NFE) (excluding accrued capitalised interest and impairment provision) (incl. MD & Apartments) impaired proje
Slide 19: Cost management
Cost management For personal use only 1H18 $M 1H17 $M Diligent approach to cost management remains embedded Commercial Property1 8 6 across the Group Residential 84 87 Commercial Property growth mainly due to prior year costs Retirement Living 19 19 skewed to 2H17 Unallocated corporate overheads
Slide 20: Long dated, diverse debt
Long dated, diverse debt For personal use only Long-dated drawn debt maturity profile (WADM 5.1 years)1 Diverse debt sources – EMTNs, $M Committed facilities $650m, 16% Bank debt1, $920m, 22% 800 DMTNs, EMTNs USPP, $560m, 13% 700 DMTNs $2,057m, 49% USPP 600 Aus. Bank Debt 500 400 Cost of debt for 1H
Slide 21: Fixed debt/ hedge profile
Fixed debt/ hedge profile For personal use only Historically high fixed hedge rates have been reduced in future years to positively impact the Group’s WACD Billions 4.5 4.5% Forecast Hedge Rate1 4.4% 4.0 4.3% 4.2% 3.5 4.0% 4.1% 3.0 4.0% 3.9% 2.5 3.7% 3.8% 3.6% 3.6% 3.7% 2.0 Hedged Debt 3.6% 1.5 3.4%
Slide 22: Debt summary
Debt summary For personal use only FACILITY LIMIT AMOUNT DRAWN Debt Capital Markets FACILITY ($M)1 ($M)1,2 • A$61m USPP was repaid in October 17 Bank Debt 920 500 • A$286m USPP (10-15 year terms) was transacted Domestic Medium Term Notes 560 560 in December 2017 and settled in January 2018 USPP 2,05
Slide 23: Debt summary (continued)
Debt summary (continued) For personal use only FACILITY ISSUED DEBT ($M)1 FACILITY MATURITY FACILITY ISSUED DEBT ($M)1 FACILITY MATURITY DOMESTIC MEDIUM TERM NOTE FACILITY (MTN) - USPP 250 Jun 2018 - MTN 150 Sep 2019 - USPP 269 Oct 2018 - MTN 160 Nov 2020 - USPP 71 Jul 2019 - MTN 250 Nov 2022 - USPP
Slide 24: Covenant calculations
Covenant calculations For personal use only GEARING STATUTORY COVENANT All lenders have consistent covenants AS AT 31 DECEMBER BALANCE ADJUSTMENTS BALANCE 2017 SHEET ($M) ($M) SHEET ($M) Total liabilities/total tangible assets (TL/TTA): less than 45% Assets no adjustment made for cash held Cash 17
Slide 25: Balance sheet summary
Balance sheet summary For personal use only 31 DECEMBER 2017 30 JUNE 2017 ($M) ($M) Cash 174 238 Real estate related assets - Commercial Property 10,537 10,255 - Residential 3,373 2,453 - Retirement Living 1,394 1,232 - Other - - Retirement Living Gross-Up 2,681 2,616 Intangible assets1 174 156 Othe
Slide 26: Stockland corporation income tax reconciliation
Stockland corporation income tax reconciliation For personal use only 1H18 1H17 STATUTORY STATUTORY PROFIT ($M) PROFIT ($M) Net profit before tax 610 681 Less: Trust profit and Intergroup eliminations (398) (586) Corporation profit/(loss) before tax 212 95 B Prima facie tax expense @ 30% (65) (29) T
Slide 27: Commercial Property
Commercial For personal use only Property John Schroder Stockland Shellharbour, NSW A
Slide 28: Commercial Property: Portfolio weightings and valuation movements
Commercial Property: Portfolio weightings and valuation movements For personal use only Commercial Property assets: $10.2b1 Retail Town Centres: $7.3b Logistics and Business Parks: $2.1b Office: $0.8b 40 properties 27 properties 8 properties 1,070,681 sqm gross lettable area2 1,372,181 sqm gross let
Slide 29: Commercial Property: Funds from operations
Commercial Property: Funds from operations For personal use only LOGISTICS AND NET OVERHEAD RETAIL BUSINESS PARKS OFFICE TRADING PROFIT COSTS TOTAL $M 1H18 1H17 1H18 1H17 1H18 1H17 1H181 1H17 1H18 1H17 1H181 1H17 Operating EBIT 190 191 66 65 19 25 1 5 (8) (6) 268 280 Adjust for: Amortisation of fit
Slide 30: Commercial Property Portfolio: Trend in cap rates over time
Commercial Property Portfolio: Trend in cap rates over time For personal use only Retail 9% 8% 7% 6% 7.3% 7.4% 7.2% 7.1% 7.0% 6.8% 6.3% 6.5% 6.1% 5.9% 5.9% 5% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 1H18 Logistics and Business Parks 9% 8% 7% 8.4% 8.4% 8.3% 8.4% 8.5% 8.3% 8.0% 6% 7.5% 7.3%
Slide 31: Retail Town Centres: Portfolio capitalisation rates
Retail Town Centres: Portfolio capitalisation rates For personal use only % % AS AT 30 JUNE 2006 ALLOCATION AS AT 31 DECEMBER 2017 ALLOCATION Regional 14% Regional 53% Sub-Regional 78% Sub-Regional 37% Neighbourhood and Other 8% Neighbourhood and Other 10% 8.0% 8.0% Retail Portfolio Neighbourhood an
Slide 32: Commercial Property: Revaluation and book value
Commercial Property: Revaluation and book value For personal use only Commercial Property book values: $10.2b1 ($b) 11.0 0.1 (0.1) 0.3 10.0 9.0 10.2 48% by value of all investment 9.9 property assets were independently valued 8.0 at 31 December 2017 7.0 30 June 2017 Dev/Capex Revaluations Disposal 3
Slide 33: Retail Town Centres: Performance
Retail Town Centres: Performance For personal use only Retail FFO movements between 1H17 and 1H18 ($m) KEY METRICS (STABLE PORTFOLIO) 1H18 1H17 1 (1) Occupancy 99.5% 99.5% 2 15.4% 15.1% Specialty occupancy costs1 Regional 17.1% 16.9% Sub-regional 14.2% 13.9% 209 Neighbourhood centres 14.0% 13.8% Spe
Slide 34: Retail Town Centres: Sales growth for comparable centres
Retail Town Centres: Sales growth for comparable centres For personal use only Comparable centres represent 86% of book value for this period Total Moving Annual Turnover (MAT) Growth 12 Month Comparable Growth 6 Month Comparable Growth 2.7% 1.7% 1.4% 1.1% 0.4% 0.0% 1H18 1H17 TOTAL MAT SGP TOTAL 12
Slide 35: Retail Town Centres: Productive centres and diverse income base
Retail Town Centres: Productive centres and diverse income base For personal use only Strong diversity in rental income Gross rent: Total portfolio Retail services – reporting and Other Retail non reporting Apparel and Jewellery 18% Others Mobile Phones and Technology 19% 9% Pad Sites 14% 9% 15% Oth
Slide 36: Retail Town Centres: Significant development pipeline driving growth and returns
Retail Town Centres: Significant development pipeline For personal use only driving growth and returns NEIGHBOURHOOD SUB REGIONAL REGIONAL MAJOR REGIONAL Green Hills Growth Target returns UNDER CONSTRUCTION 9%+ incremental IRR1 Birtinya Wendouree 7%+ incremental yield (FFO & stabilised) Glendale
Slide 37: Retail Town Centres: Development pipeline
Retail Town Centres: Development pipeline For personal use only COMPLETION COST EST. FULLY EST. EST. TOTAL SPENT EST. COST TO LEASED TOTAL SPECIALTY EST. TOTAL INCREMENTAL TO DATE COMPLETE VALUE YEAR ONE INCOME INCOME INCREMENTAL RETURN4 COST ($M) ($M) ($M) DATE ($M) YIELD1 LEASED LEASED2 RETURN3 (%
Slide 38: Logistics & Business Parks and Office: Performance
Logistics & Business Parks and Office: Performance For personal use only Logistics & Business Parks Logistics & Business Parks Logistics & Business Parks FFO movements between 1H17 and 1H18 ($M) assets by book value 1 OCCUPANCY AND 1 LEASE EXPIRY – $2.1b BY INCOME 1H18 1H17 74 Logistics $1.4b $0.7b
Slide 39: Logistics & Business Parks: Growing & activating the development pipeline
Logistics & Business Parks: For personal use only Growing & activating the development pipeline COMPLETED ACTIVE DEVELOPMENT PLANNING UNDERWAY FUTURE WAVE Target returns Land Option 9%+ IRR (Greenfield) Coopers Paddock, Warwick Farm 7%+ incremental (Western Sydney) yield (FFO) Waterside (Land Subdiv
Slide 40: Logistics & Business Parks: Development pipeline
Logistics & Business Parks: For personal use only Development pipeline EST. COMPLETION EST. TOTAL GROSS COST COST TO EST. FULLY EST. DEVELOPMENT INCREMENTAL LETTABLE SPENT TO COMPLETE VALUE LEASED YEAR INCREMENTAL EST. TOTAL TYPE COST ($M) AREA (SQM) DATE ($M) ($M) DATE ($M) ONE YIELD2 RETURN3 RETUR
Slide 41: Logistics & Business Parks: Tenancy retention and new leasing metrics
Logistics & Business Parks: For personal use only Tenancy retention and new leasing metrics TOTAL LEASED1 RETENTION1 - 62%2 NEW LEASES1 GLA WEIGHTED WEIGHTED WEIGHTED WEIGHTED WEIGHTED WEIGHTED LOGISTICS & LEASED AVERAGE BASE AVERAGE RETENTION AVERAGE BASE AVERAGE NEW LEASES AVERAGE BASE AVERAGE BUS
Slide 42: Retail Town Centres: Asset values
Retail Town Centres: Asset values For personal use only BOOK 1H18 VAL. 1H18 BOOK 1H18 VAL. 1H18 VALUE INCR/(DECR) CAP FFO VALUE INCR/(DECR) CAP FFO RETAIL PORTFOLIO ($M) ($M)1 CHANGE RATE ($M) RETAIL PORTFOLIO ($M) ($M)1 CHANGE RATE ($M) Stockland Shellharbour 775.2 11.0 1.5% 5.50% 20.7 Stockland Tr
Slide 43: Logistics & Business Park and Office: Asset values
Logistics & Business Park and Office: Asset values For personal use only 1H18 VAL. 1H18 LOGISTICS & BUSINESS BOOK 1H18 VAL. CAP 1H18 FFO BOOK INCR/(DECR) CAP FFO PARKS PORTFOLIO VALUE ($M) INCR/(DECR) ($M)1 CHANGE RATE ($M) OFFICE PORTFOLIO VALUE ($M) ($M)1 CHANGE RATE ($M) Yennora Distribution Cent
Slide 44: Top tenants by income
Top 20 tenants by income For personal use only RETAIL PORTFOLIO LOGISTICS & BUSINESS PARKS PORTFOLIO OFFICE PORTFOLIO % % % RANK TENANT PORTFOLIO TENANT PORTFOLIO TENANT PORTFOLIO 1 Wesfarmers Ltd 11.8% Optus Administration Pty Ltd 8.4% Jacobs Group 7.2% 2 Woolworths Limited 10.4% ACI Operations Pty
Slide 45: Commercial Property disposals
Commercial Property disposals For personal use only SETTLEMENT DISPOSAL VALUE1 PROPERTY DISPOSED ASSET CLASS TYPE DATE ($M) Stockland Corrimal, NSW Retail Income Producing Oct 2017 69.3 1. Excludes associated disposal costs Stockland 1H18 Results Annexure A 45
Slide 46: Residential
Residential For personal use only Andrew Whitson Arve, Melbourne A
Slide 47: Development pipeline – Major active projects
Development pipeline – Major active projects For personal use only ANTICIPATED SETTLEMENTS STATE APPROXIMATE LOT APPROX. REMAINING STATE PROJECT PERCENTAGE SALES PER ANNUM1 PROJECT LOTS FY18 FY19 FY20 FY21 FY22+ North Shore 80 3,650 Aura 590 18,840# Qld Newport 300 1,460 Pallara 190 410 All Other Pr
Slide 48: Twelve projects with first settlements in next two years
Twelve projects with first settlements in next two years For personal use only TIMING OF FIRST APPROXIMATE TOTAL APPROXIMATE LIFE OF PROJECT SETTLEMENTS LOTS IN PROJECT PROJECTS Edgebrook FY19 790 5 yrs Waterlea (Stamford Park) FY20 190# 2 yrs Orion (Braybrook) FY20 420# 2 yrs Vic Minta Farm FY20 1,
Slide 49: Projects completing prior to FY20
Projects completing prior to FY20 For personal use only TIMING OF FINAL APPROXIMATE LOTS# REMAINING PROJECT SETTLEMENTS TOTAL LOTS# (AS AT 31 DEC 2017) WA Newhaven FY19 2,660 158 Highland Reserve FY19 1,160 30 Stone Ridge 2H18 590 57 Qld Ormeau Ridge 2H18 660 73 Augustine Heights FY19 1,040 97 Vale
Slide 50: Price per Sqm
Price per Sqm For personal use only Retail sales price1 1H18 SETTLEMENTS 1H17 SETTLEMENTS AV. SIZE PER AV. PRICE AV. SIZE PER AV. PRICE STATE NO. LOTS LOT SQM PER LOT $K $/SQM NO. LOTS LOT SQM PER LOT $K $/SQM NSW 642 423 368 871 244 408 433 1,061 Qld 953 398 261 655 929 428 245 572 Vic 892 381 231
Slide 51: Lots settled by location
Lots settled by location For personal use only 3,751 3,364 3,129 3,210 1,123 2,747 526 2,853 2,771 593 705 NSW 178 248 509 778 589 515 693 524 WA 927 719 953 1,015 1,003 1,050 Qld 940 954 751 1,107 1,013 1,098 688 903 792 931 Vic 1H15 2H15 1H16 2H16 1H17 2H17 1H18 Stockland 1H18 Results Annexure A 5
Slide 52: Net deposits by quarter
Net deposits by quarter For personal use only Net deposits by buyer 76.7% 76.5% 78.3% % Owner 75.2% 75.2% 74.7% 75.6% 75.6% Occupier 2,301 2,116 571 1,891 1,864 1,706 1,792 1,672 524 1,561 462 438 398 522 454 408 Retail 338 583 442 452 Investors 443 452 464 464 Upgraders 1,208 865 1009 886 987 974 8
Slide 53: Leads and enquiry levels
Leads and enquiry levels For personal use only High lead volumes for 1H18, strong performance First Home Buyers impacted by timing of state grants 8,000 75% Average Monthly Leads Composition of Stockland new leads 7,000 6,000 51% 51% 54% 47% 47% 50% 46% 46% First home 5,000 43% 43% 42% buyers 36% 4,
Slide 54: Providing affordable product
Providing affordable product For personal use only Stockland pricing relative to local median house and unit price 842k Stockland H&L entry price1 790k 813k 760k Median house price3 557k 550k 565k 541k 541k 544k 535k 540k 546k 516k 508k 455k 475k 469k 457k 416k 408k 366k Elara Willowdale Aura Pallar
Slide 55: Composition of residential landbank
Composition of residential landbank For personal use only Net funds employed : $2.2b Book value: $3.4b Medium Density 12% Aura 14% Aura 9% Qld 19% Qld 21% Active 73% ~58,800 lots WA 14% WA 20% Residential 88% communities VIC 25% VIC 25% Active within 14% ~10,700 two years lots NSW 32% Active beyond
Slide 56: Residential: Acquisitions
Residential: Acquisitions For personal use only ACQUISITION ACQUISITION VALUE APPROXIMATE FIRST SETTLEMENTS PROPERTY ACQUIRED TYPE DATE ($M) NUMBER OF LOTS EXPECTED Elara consolidation, Sydney Masterplanned Community Dec 17 398 2,000 FY22 Willowdale consolidation, Sydney Masterplanned Community Dec
Slide 57: Impairment provision utilisation
Impairment provision utilisation For personal use only IMPAIRMENT PROVISION TOTAL RESIDENTIAL BALANCE 31 DECEMBER FINAL 31 DECEMBER 2017 ($M) 2017 ($M) SETTLEMENT Net decrease in impairment - Projects to be developed 136 ~10 yrs Utilisation of provision (3) Disposal of undeveloped sites 44 ~2 yrs To
Slide 58: Retirement Living
Retirement For personal use only Living Stephen Bull Birtinya, Queensland A
Slide 59: Established portfolio and development pipeline
Established portfolio and development pipeline For personal use only PORTFOLIO STATISTICS 1H18 FY17 Net reservations Established villages 65 65 396 338 Established units 9,653 9,610 95 66 Development Established units settlements 272 731 Established Units removed for redevelopment/alternate use 23 8
Slide 60: Net funds employed; Development pipeline breakup
For personal use only Net funds employed Development pipeline breakup DEVELOPMENT PIPELINE 1H18 Geographically diverse development pipeline Development villages 18 SA $1,469m 5% WA 8% Total development pipeline units 3,175 76 Goodwill $1,307m NSW 212 Revaluation - Greenfield pipeline units 2,120 Qld
Slide 61: Strong project pipeline forecast
Strong project pipeline forecast For personal use only FUTURE CONSTRUCTION TIMEFRAME SETTLEMENTS FY18 FY19 FY20 FY21 FY22+ Selandra Rise, Melbourne Completed (1H18) Highlands, Melbourne Sub-total 35 Mernda, Melbourne Gillin Park, Vic Lightsview, Adelaide Somerton Park, Adelaide Cardinal Freeman The
Slide 62: Research: Economic Overview
Research For personal use only Annexure Economic Overview Aura, Qld A
Slide 63: Australia: Retail drivers
Australia: Retail drivers For personal use only Rate of growth in online retail spend1 steady across 2017 Consumer Sentiment highest in 4½ years2 30% 7.0% 130 ABS Retail Spend Growth (RHS) 25% Online Spend Growth (LHS) 6.0% 120 5.0% 110 20% 4.0% 15% 100 3.0% 10% 90 2.0% 5% 80 1.0% 0% 0.0% 70 2012 20
Slide 64: Dwelling commencements responding to accumulated undersupply
Dwelling commencements responding to accumulated undersupply For personal use only Dwelling commencements are elevated, but reverting to long term Pent up dwelling demand2 averages on a per capita basis and past their peak1 Thousands 250 30 Dwelling Commencements (LHS) 25 200 20 150 15 100 10 50 Dwe
Slide 65: Population growth continues to underpin dwelling demand
Population growth continues to underpin dwelling demand For personal use only AUS population growth – Annual1,2 Vic and Qld - strong positive interstate migration1 Annual Rolling Sum (‘000s) 45,000 500,000 2.5% 30,000 Vic 450,000 15,000 Forecast Qld 0 400,000 2.0% Total Growth WA -15,000 NSW 350,000
Slide 66: National building approvals
National building approvals1 For personal use only NSW house approvals steady; unit approvals off peak but rising Vic house approvals approaching historical highs 4,000 Apartment: 4,000 Apartment: +124% +252% above above long long term 3,000 term average 3,000 average House: 2,000 House: 2,000 +32%
Slide 67: National house and land prices – less than three months of residential trading lots remain
National house and land prices – less than three months of residential For personal use only trading lots remain nationally Land Price per sqm1 Capital City House Prices – Rolling Annual Change2 1400 Sydney 50% 1200 40% 1000 30% 800 Melbourne 20% Perth Melbourne 600 10% SEQ Brisbane 400 0% Sydney Pe
Slide 68: Vacant land market easing on east coast, WA volumes stabilising
Vacant land market easing on east coast, WA volumes stabilising1 For personal use only NSW vacant land sales supply-constrained Vic vacant land sales volumes falling from historic highs Quarterly Sales Quarterly Sales 4,000 7,000 3,500 6,000 3,000 5,000 2,500 4,000 2,000 3,000 1,500 1,000 2,000 500
Slide 69: Household affordability trends
Household affordability trends For personal use only Household Debt-to-Asset ratio falling, Debt-to-Income rising1 Affordability improved in Sydney as house prices eased, continued to deteriorate in Melbourne due to continued house price growth2 200% 30% 60% Debt to Income Ratio (LHS) 50% 150% 20% 4
Slide 70: Important Notice
For personal use only Important Notice While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. This presentation contains forward-