July 2023 Celsius Land Update
Market Update
At a national level, Colin Keane from Research 4, who is one of Australia’s leading land market researchers, reported in his June 2023 Quarter National Greenfield Update that “The improvement in total activity was driven by an impressive performance from Perth, which can claim to be the nation’s bestselling market for the quarter. No pulled forward demand, excellent pricing and positive population inflows from other states are now beginning to pay dividends.”
The Urban Development Industry (WA) reported sound land sales volumes in the June 2023 quarter, being 25% higher than land sales volumes in June 2022. The median land price for June 2023 was $231,000; which is similar to the prior month and approximately 1.5% lower than the median land price 12 months ago.
In the Perth southern corridor; where two Celsius syndicated projects are located, land sales have been steadily increasing with the three highest total monthly sales figures last financial year being achieved in April, May and June 2023.
Project Updates
At Lot 102 Arabian Court, Champion Lakes Celsius has been working through the conditions of subdivision approval before commencing detailed design. In particular the detail of the Arabian Court road design is being prepared and the retention of trees in public open space and road reserves is also being considered.
At Jayes Road, Piara Waters, the stage 1 earthworks are due for completion in late August 2023. Tenders for the stage 1 civil works have been received and are currently being reviewed. Marketing and sales preparation work is continuing for a sales release in September / October this year.
Construction of stage 2 of the apartments at 21 Cooyou Close, Exmouth is now expected to be completed in mid August 2023, with the majority of the works inside the apartments complete and works to be completed consisting of the carparking and landscaping.
In Dunsborough East, Celsius is working with the landowner group to prepare an initial concept plan for the project.
Regards,
Brenton