October 2023 Celsius Land Update
The Perth land market continued its improved performance during October, with strong sales volumes and more regular price growth being achieved on competing developments. As mentioned in previous updates; this price growth is needed as civil construction cost increases over the past three years have been significant. There are now very few titled lots for sale, with further upward pressure on land prices expected in the coming months.
On our Champion Lakes project, the engineering design is complete and is now being refined to maximise tree retention. This project is being impacted by higher development costs, having been purchased approximately 12 months earlier than our Piara Waters project, and therefore experiencing inflationary pressures over a longer period. We are continuing to progress the project to a position where it can be quickly tendered in the appropriate market conditions.
Celsius Land held its first land release at Piara Waters on 13 October, with 15 lots sold to date and a further five lots on hold pending signing of sales contracts. Earthworks on the first stage are complete with the appointed civil contractor established on site and sewer works due to commence in early November. Further information on the project can be found on the project website https://celsiusliving.com.au/
In conjunction with adjoining landowners, Celsius is continuing to work with key stakeholders in Dunsborough and Busselton to progress preparation of the structure plan for East Dunsborough, being the area to the south-east of Commonage Road. The total structure plan area is expected to yield approximately 1,500 lots along with some commercial uses and will provide much needed housing to the town of Dunsborough.
Celsius is also continuing to work the Fowler Group on due diligence studies for the remaining residential development land within the Exmouth marina Precinct.
Regards,
Brenton