Best affordable housing design for Global Awards shortlisted
LOS ANGELES: The shortlist for the best affordable housing design has been declared.
Over 250 designs have been considered by the awards secretariat. One of the finalists in this category is shown above.
Apartment and house developer Cedar Woods Properties has welcomed the Federal Government’s accelerated home deposit scheme but warns shortages of skilled labour are still restricting supply of new homes.
The WA company reckons its “never been in a stronger position”, entering the 2026 financial year with momentum from $660 million of presales and a 19 per cent jump in annual profit.
Cedar Woods chief executive Nathan Blackburne on Tuesday said he expected the deposit scheme, which provides for Government guarantees to enable first-home buyers to enter the market with just a 5 per cent deposit, would together with recent interest rate cuts “support sales and pricing”.
The group is pursuing new opportunities to add to its pipeline of 35 projects and 9400 lots in WA, Victoria, South Australia and Queensland, with the only clouds the continuing pressure on building costs in and around Brisbane and the skill shortages limiting delivery times in some areas.
Mr Blackburne acknowledged support from government initiatives on immigration and training that are aimed at relieving the labour squeeze, but he noted changes were “just not happening fast enough”.
Cedar Woods’ net earnings for the year to June 30 jumped to $48.1m from $40.5m previously — bettering its guidance to investors — with revenue up 21 per cent to $465.1m.
Profit growth was supported by better prices that translated into stronger margins.
Sales remained particularly strong in Queensland and WA, where the company’s projects include Eglinton Village, Incontro apartments in Subiaco and developments in Baldivis and Madeley.
Cedar Woods’ upbeat comments, together with a forecast for 10 per cent profit growth this year, sent its shares 1.6 per cent higher to $7.66 as at 12.10pm.
The Global Award winner will be announced in December in London. (Globals)