Australia’s biggest home builder, Metricon, is confident the housing industry has turned a corner, after reporting a financial turnaround of nearly $80.0 million at the close of FY24, landing it confidently back in the black.
With an EBITDA of $42.2 million, compared to the prior year of ($33.5 million), Metricon CEO Brad Duggan said the company is kicking off the new financial year in a position of strength and confidence, representing a wider industry shift to a more positive future.
“After weathering a tumultuous period, our recent results indicate a strong future is on the horizon for the housing construction industry. The Australian housing construction industry is robust, and it is time to look at it more positively.”
“With many Australians on the edge of their build decision, we hope these results will instil confidence in those on that journey that choosing to build now is a good decision,” he said.
Metricon’s results can be attributed to a variety of factors including significant customer demand, improved building efficiency and the hard work and dedication of the Metricon team and its supplier partners.
Over the past year, the business has seen significant increase in demand from customers looking to build their dream home, evidenced by the surge in deposits nationally from 3,303 in FY23 to 5,279 in FY24. Metro Victoria has seen the biggest increase from 1,554 to 2,330, closely followed by Queensland from 706 to 1,443.
Building times have seen a dramatic improvement in efficiency particularly in the last quarter, leading to an upturn in completed projects which have made way for more Australians to kickstart their building journey. Nationally, Metricon handed keys over to 5,319 customers in FY24, with many single storey Metricon homes built in less than 100 business days.
Duggan said increasing stability of labour costs paired with clever design and premium suppliers have also contributed to Metricon’s overall results.
“To engender trust in Australians looking to build their dream home, we have doubled down on strengthening our relationships with the best suppliers in the market to ensure we uphold the great design, quality and efficiency that we are known for.”
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