Stockland says enquiries to its residential communities have recovered to pre-COVID-19 levels but its future outlook remains uncertain.
Australia’s largest residential developer said on Wednesday that its sales offices are fully operational in Western Australia, NSW and Queensland over the last week with the easing of government restrictions.
Settlements are completing within a similar timeframe to before the coronavirus outbreak, and defaults in April were “reasonably low” at four per cent, slightly above the company’s long-term average.
But despite these signs of improvement it “is still too early to identify clear trends and we remain cautious about the shape and speed of recovery of the market,” Stockland said.
Stockland said its funds from operation and distribution guidance remains withdrawn until further notice.
At 1155 AEST its shares were flat at $2.72.