Mirvac Reports Significant Increase in Residential Sales Year-on-Year

2 min read | October 22, 2024 11:32 AM AEDT | By Team Kalkine Media

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Mirvac Reports Significant Increase in Residential Sales Year-on-Year — Image source: shutterstock

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Highlights

Mirvac residential sales increased by 33% year-on-year.

Positive momentum across Mirvac's commercial and mixed-use development.

Earnings and distribution guidance for FY25 remains on track.

Mirvac Group (ASX:MGR) has reported a significant rise in its residential sales, climbing 33% compared to the same period last year. This growth, highlighted in the company's latest operational update, reflects strong demand across its residential properties.

In addition to the solid sales performance, Mirvac reaffirmed its operating earnings per share (EPS) guidance for FY25, set between 12¢ and 12.3¢. The company also maintained its distribution per security forecast of 9¢, reinforcing its financial stability moving forward.

The CEO of Mirvac, Campbell Hanan, highlighted the company’s strong start to FY25. "We have made a good start to FY25, with positive momentum across our business. This includes solid sales and leasing outcomes in the living sectors, continued progress across our commercial and mixed-use development pipeline, and solid metrics across our cash-flow resilient investment portfolio," he said in a statement to the Australian Securities Exchange (ASX).

Mirvac’s portfolio extends beyond just residential sales, with the company also reporting positive developments in its commercial and mixed-use sectors. Its development pipeline continues to move forward, showcasing the diversity of its real estate activities. Furthermore, its investment portfolio remains resilient, with strong cash flow providing stability amid fluctuating market conditions.

The rise in residential sales is expected to play a pivotal role in driving Mirvac's overall performance in FY25, as the company continues to capitalize on growing demand for housing in key markets. Mirvac’s well-rounded approach, focusing on both residential and commercial projects, is a key driver of its sustained growth in a competitive real estate environment.

The company’s outlook for the rest of the fiscal year remains optimistic as it continues to build on the early successes in both sales and leasing activities across its sectors.

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