Leading residential developers Mirvac and Stockland are pushing ahead to deliver thousands of apartments to meet growing demand.
Mirvac will develop 900 apartments this year according to chief executive Susan Lloyd-Hurwitz.
She says the east coast housing market is “increasingly undersupplied” and it will launch projects in Brisbane, Melbourne and Sydney, delivering more than it did in 2021.
It will also develop 2,000 lots in greenfield master-planned communities.
“Our apartment projects are expected to complete into an under-supplied market, positioning us well to capture demand,” she says. “Our brand, focus on owner-occupiers, diversity of product and reputation for quality will help us to remain resilient in a rising interest rate environment.”
Stockland is on track to settle the same number of lots in its land estates this financial year as it did during the boom.
Chief executive Tarun Gupta believes the South-East Queensland market will remain strong as a result of interstate migration.
“We’ve got immigration starting to pick up, more migrants arriving and there is a lot of disposable income that seems to be in consumers hands,” Gupta says.
“Those are all strong fundamentals. And there is really no big oversupply either in the apartments market or the land subdivision market.”